S&P Global Ratings assigned its 'AAA (sf)' credit rating to Holmes Master Issuer PLC's series 2023-2 class A1 notes. The issuer has also altered the size of the unrated class Z-VFN (variable funding notes). The pool comprises owner-occupied mortgage loans secured against properties in the U.K. We consider the collateral to be prime, based on the overall performance of Santander UK PLC's (the originator) residential mortgage book and its lending criteria, and the low level of loans in arrears in the trust.