...S&P Global Ratings today assigned credit ratings to Elizabeth Finance 2018 DAC's class A to E notes. At closing, Elizabeth Finance 2018 also issued unrated class X1 and X2 certificates (the class X certificates). The transaction is a securitization of two loans originated by Goldman Sachs International Bank (Goldman Sachs) to facilitate the refinancing of commercial real estate in December 2017 (the Maroon loan) and April 2018 (the MCR loan). The current balance on the Maroon loan is ú69.59 million. It is secured by three regional town-center shopping malls in the U.K. Two of the properties are in England, and one is in Scotland. The MCR loan has a current balance of ú21.12 million, and is secured on a single office property in Manchester, England. Goldman Sachs, as original lender for the loans, will retain a net economic interest of not less than 5% of each class of notes, in accordance with the EU's risk retention requirements. Our ratings on the notes reflect our assessment of the underlying...
