We reviewed Elstree 2025-2 1ST PLC under our relevant criteria and considered the good asset performance and increased credit enhancement for the rated notes. Following our review, we raised our ratings on the class B-Dfrd, C-Dfrd, D-Dfrd, and X-Dfrd notes. At the same time, we affirmed our ratings on the class A and E-Dfrd notes. Elstree 2025-2 1ST is a static RMBS transaction that securitizes a portfolio of first-lien buy-to-let (BTL) and owner-occupied residential mortgage loans secured on properties in the U.K. LONDON (S&P Global Ratings) Oct. 30, 2026--S&P Global Ratings today raised its credit ratings on Elstree 2025-2 1ST PLC's class B-Dfrd notes to ‘AA+ (sf)’ from ‘AA (sf)’, C-Dfrd notes to ‘AA (sf)’ from ‘AA- (sf)’, D-Dfrd
