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This datasheet is a supplement to Covered Bonds Surveillance Snapshot January 2020. In 4Q19, there was only one upgrade among ���������ֳ� covered bond ratings. The net trend over the past year has been positive, mainly attributable to bank and sovereign IDR changes. The ratings of the covered bond programmes of six Italian issuers are on Outlook Negative (Banca Popolare di Sondrio-Societa Cooperativa per Azioni, Credito Emiliano S.p.A., Banco di Desio e della Brianza, Mediobanca S.p.A., UniCredit S.p.A. and Banca Popolare dell’Alto Adige). This mirrors the Negative Outlook on Italy’s Long-Term IDR of ‘BBB’. These programmes are directly sensitive to any downgrade of the sovereign IDR as they are all capped at our ‘AA’ Country Ceiling for Italy. However, they are resilient to potential negative rating actions on the respective banks’ IDRs due to unused notches of uplifts ranging from two to four. The other negative or positive rating outlooks and watches on covered bond ratings are derived from the Outlook/Watch status of the corresponding bank’s IDR, except the one on Bank of Cyprus’ covered bonds, which mirrors the Positive Outlook on Cyprus IDR.