...- The performance of the remaining loan in Elizabeth Finance 2018 DAC, the Maroon loan, continues to weaken. - The underlying property portfolio has been affected by lower rental collections as a result of a challenging operating environment for the physical retail sector, which was exacerbated by the COVID-19 pandemic. - Following our review of the transaction, we lowered our ratings on all classes of notes. - 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) July 15, 2022--S&P Global Ratings today lowered its credit ratings on Elizabeth Finance 2018 DAC's class A to E notes. Today's downgrades follow additional declines in cash flows from the property portfolio backing the Maroon loan, which, combined with a challenging environment for retail tenants, has further weakened the notes' credit metrics....
