We reviewed our ratings on BANK 2018-BNK14, a U.S. CMBS conduit transaction backed by 58 fixed-rate loans and one real estate-owned asset. We lowered our ratings on four classes and affirmed our 'AAA (sf)' ratings on five classes from the transaction. The rating actions primarily reflect our lower revised net cash flows and expected-case values for the properties securing three performing loans (totaling 14.0% of the pool trust balance) that have exhibited deteriorating performance since our last published review in November 2020, our loss assumptions on two (4.3%) of the three specially serviced assets (4.9%), and our higher revised capitalization rate assumptions for five loans secured by class B office properties (7.6%). NEW YORK (S&P Global Ratings) May 6, 2025--
