...- Following our review of Elizabeth Finance 2018, we lowered our ratings on the class A, B, and C notes, and affirmed our ratings on the Class D and E notes. - Today's rating actions are due to the increase in non-recoverable expenses putting pressure on the cashflows for the properties. - Elizabeth Finance 2018 is a true sale CMBS transaction that closed in August 2018 and is currently backed by one loan secured by three shopping centers in the U.K. LONDON (S&P Global Ratings) June 1, 2023--S&P Global Ratings today lowered to 'A- (sf)', '## (sf)', and 'B- (sf)' from 'A (sf)', '###- (Sf)', and 'B (sf)' its credit ratings on Elizabeth Finance 2018 DAC's class A, B and C notes. We also affirmed our '###+ (sf)' and '### (fs)' ratings on the class D and E notes. Today's rating actions follow the increase in non-recoverable expenses, which has further weakened the notes' credit metrics....
