RATINGS RATIONALE
The Notes are backed by a revolving pool originated by a complete of 26 banks, 11 Banques Populaires and 15 Caisses d’Epargne, which all belong to the BPCE group (A1/P-1 & Aa3(cr)/P-1(cr)). The belongings supporting the Notes encompass French prime residential house loans backed by first financial lien mortgages or equal third-party eligible ensures “pret cautionné”, hereafter known as “caution-loans”. The utmost quantity of Class A Notes that may be excellent beneath this system is EUR 50.0 billion.
The portfolio of belongings quantity to roughly EUR 40.3 billion as of April 2022 pool deadline. The reserve fund can be funded to 0.28% of the full Notes stability at closing and the full credit score enhancement for the Class A Notes can be 11.78%.
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