Press Release|Structured Credit
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KBRA Affirms Ratings for Credit Suisse ABS Repackaging Trust 2018-PS1

11 Jun 2025   |   New York

Contacts

KBRA affirms the ratings for two classes of notes issued Credit Suisse ABS Repackaging Trust 2018-PS1 (“CSRT 2018-PS1”). CSRT 2018-PS1 is a static cash flow CDO. The collateral consists of trust preferred securities (TruPS) issued by community and regional banks and their holding companies.

The initial portfolio at closing consisted of 32 assets from 30 obligors with a total collateral par value of $271.7 million and liabilities of $244.5 million. It now contains 25 obligors with a total performing par value of $229.7 million and liabilities of $202.5 million. The balance and liabilities did not drop and no defaults were recognized in the past year. The deal maturity is on 01 Jan 2037. The K-WARF of the portfolio slightly increased from 217 as of April 2024 to 229 as of April 2025 and is within the BBB- range.

The ratings on the Class A, and Class B Notes consider the timely payment of interest and ultimate payment of principal by the applicable stated maturity date.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1009859

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