KBRA Affirms the Ratings for Credit Suisse ABS Repackaging 2018-PS1
25 Jul 2024 | New York
KBRA affirms the rating to 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 of CSRT 2018-PS1 at closing consisted of 32 collateral obligations from 30 obligors totaling $271.7 million. There has been no prepayments since the 2023 surveillance. The current portfolio as of the date of surveillance comprises 25 assets and has a notional value of $229.74 million. The K-WARF of the portfolio increased from 174 as of July 2023 compared to 217 as of April 2024 and remains within the BBB / 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.
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