Elizabeth Finance 2018 DAC Class A U.K. CMBS Rating Lowered; Other Notes Affirmed

Following our review of Elizabeth Finance 2018 DAC, we lowered our rating on the class A notes due to an interest rate shortfall. At the same time, we affirmed our ratings on the class B to E notes. Elizabeth Finance 2018 is a true sale CMBS transaction that closed in August 2018 and is currently backed by one loan originally secured by three shopping centers in the U.K. LONDON (S&P Global Ratings) Feb. 19, 2025--S&P Global Ratings today lowered its credit rating on Elizabeth Finance 2018 DAC's class A notes to 'D (sf)' from 'CC (sf)'. At the same time, we affirmed our 'D (sf)' ratings on the class B to E notes. We will withdraw our ratings on the

...- Following our review of Elizabeth Finance 2018 DAC, we lowered our rating on the class A notes due to an interest rate shortfall. - At the same time, we affirmed our ratings on the class B to E notes. - Elizabeth Finance 2018 is a true sale CMBS transaction that closed in August 2018 and is currently backed by one loan originally secured by three shopping centers in the U.K. LONDON (S&P Global Ratings) Feb. 19, 2025--S&P Global Ratings today lowered its credit rating on Elizabeth Finance 2018 DAC's class A notes to 'D (sf)' from '## (sf)'. At the same time, we affirmed our 'D (sf)' ratings on the class B to E notes. We will withdraw our ratings on the notes after 30 days. Our ratings in Elizabeth Finance 2018 address the timely payment of interest and the repayment of principal no later than the legal final maturity date in July 2028. Today's downgrade reflects the interest shortfall incurred on the January 2025 interest payment date (IPD). This interest shortfall on the class A notes...

Ratings Action