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New Issue: FCT Elide II Compartiment 2022-01

S&P Global Ratings has assigned its 'AAA (sf)' credit rating to FCT Elide II Compartiment 2022-01's €2.260.0 billion senior class A residential mortgage-backed floating-rate notes. At closing, the issuer also issued unrated subordinated class S, R1, and R2 notes. The issuer is a French securitization fund ("Fonds Commun de Titrisation" [FCT]), which is bankruptcy remote by law. This is the second Compartiment created under this issuer, Elide II FCT. BRED Banque Populaire S.A. (A/Stable/A-1), the transaction's originator and servicer, is part of the second-largest retail banking group in France, Groupe BPCE. This originator has previously executed several private and public cash and synthetic securitizations.

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