KBRA Downgrades Class B of Credit Suisse ABS Repackaging Trust 2018-PS1 (CSRT 2018-PS1) to ‘D (sf)’; Withdraws All Ratings
22 Jan 2026 | New York
KBRA downgrades the rating on the Class B Notes to D (sf) from BB- (sf), following the optional redemption of the Class B Notes at a redemption price of $0 on the December 19, 2025 redemption date. The downgrade reflects a default under KBRA rating definitions resulting from an elective, unanimous action by the Class B Noteholders to redeem their securities below par. As such, it is not indicative of the transaction’s performance or underlying credit quality. Additionally, the Class A Notes were redeemed at their full outstanding principal balance plus accrued and unpaid interest. Simultaneously, KBRA withdraws its ratings on all classes following their redemption.
The transaction documents permit the optional redemption of notes at their respective redemption price, which is the sum of the total outstanding par amount of such note plus accrued and unpaid interest thereon or a lower amount that is agreed to by 100% of any class of noteholders. As such, even though 100% of the Class B Noteholders elected to receive a redemption price of $0 per the Notice of Optional Redemption dated December 5, 2025, this did not constitute an Event of Default under the transaction documents.
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