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New Issue: BPCE Master Home Loans FCT (A2023-01 Through A2023-06)

S&P Global Ratings has assigned 'AAA (sf)' credit ratings to the €45.0 billion class A2023-01 through A2023-06 notes from BPCE Master Home Loans FCT, a securitization of a pool of €84.3 billion of French prime residential home loans originated by Groupe BPCE. The issuer is a French securitization fund ("Fonds Commun de Titrisation" [FCT]), which is bankruptcy remote by law. BPCE Master Home Loans is a multi-issuance, French RMBS program originally issued in 2014 with a 10-year revolving period (see "Ratings Assigned To French Prime RMBS Transaction BPCE Master Home Loans," published on May 28, 2014). The outstanding class A notes cannot exceed the maximum program size set at €100 billion of class A notes. In May 2023, the program