...- Following our review of Elizabeth Finance 2018, we lowered our ratings on all classes of notes. - Today's rating actions are due to non-recoverable expenses continuing to put pressure on the cash flows of 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) May 29, 2024--S&P Global Ratings today lowered its credit ratings on Elizabeth Finance 2018 DAC's class A to '###- (sf)' from 'A- (sf)', class B notes to 'B- (sf)' from '## (sf)', class C notes to '###+ (sf)' from 'B- (sf)', class D notes to '### (sf)' from '###+ (sf)', and class E notes to '###- (sf)' from '### (sf)'. Today's downgrades are due to the decline in rental income and non-recoverable expenses continuing to put pressures on the properties' cash flows, which has further weakened the notes' credit metrics....
