We have reviewed Elizabeth Finance following the updated market valuation, dated Jan. 31, 2020, for the Maroon loan. Following our review, we have lowered our ratings on all classes of notes. Elizabeth Finance 2018 is a true sale CMBS transaction that closed in August 2018 and is backed by two loans secured by four commercial properties in the U.K. LONDON (S&P Global Ratings) April 6, 2020--S&P Global Ratings today lowered its credit ratings on all classes of notes in Elizabeth Finance 2018 DAC. Today's downgrades reflect the updated market valuation, dated Jan. 31, 2020, for the Maroon loan, which is secured by three U.K. shopping centers. The three properties have been valued at £68.9 million, which is lower than our
