It follows from regulation 2015/35/EC article 176 and 214 (1) c) that a reduced stress factor is available for secured bonds (and loans) if there is "no material positive correlation" between the credit quality of the counterparty and the value of the collateral.
Is the fact that a bond issuer only owns one asset (typically commercial real estate with tenants on long leases) and that asset serves as collateral to the benefit of bond holders, in itself sufficient to conclude that there is "material positive correlation" between the credit quality of the issuer and the value of the collateral? Or is it necessary to perform a concrete assessment of material correlation on a case by case basis, which include (but is not necessarily limited to) factors such as the terms of the lease contract,  the duration of the lease, the duration of the bond, the creditworthiness of the tenant and other concrete factors?