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BPCE Home Loans FCT 2018 -- Moody's assigns Aaa (sf) to French RMBS Notes issued by BPCE Home Loans FCT 2018

Moody's does not rate the EUR 125.0 million Class B Asset-Backed Fixed Rate Notes due October 2053. The rating of the Class A Notes is based on an analysis of the characteristics of the underlying pool of home loans, sector wide and originator specific performance data, protection provided by credit enhancement, the roles of external counterparties and the structural integrity of the transaction. The expected portfolio loss of 1.0% of the original balance and the MILAN required Credit Enhancement ("MILAN CE") of 8.5%, served as input parameters for Moody's cash flow model, which is based on a probabilistic lognormal distribution.