Fitch: Specially Serviced U.S. CMBS Loans Climb Another 6%

NEW YORK--(Business Wire)--
Fitch Ratings reported a 6% increase in U.S. CMBS loans entering special
servicing this past month in their latest edition of 'What's in Special
Servicing'.

While Fitch's latest U.S. CMBS loan delinquency index remained unchanged from
July to August, this past month's increase in specially serviced loans (103
loans, totaling $1.8 billion) brings the total percentage within Fitch's rated
CMBS portfolio to 14%. The largest new addition is the $375 million One Park
Avenue Loan, which is secured by a 924,501 square-foot office property in New
York, NY. The loan transferred to special servicing on Aug. 12, 2009 due to
imminent default following the announced vacancy of the second largest tenant.

Performing specially serviced loans continue to outweigh non-performing loans
(59% to 41%), with the trend likely to persist through the remainder of the
year, according to Senior Director Adam Fox. "More borrowers will seek loan
modifications since recent U.S. Treasury regulations allow servicers increased
flexibility to modify performing loans," said Fox.

The September 2009 edition of 'What's in Special Servicing?' is available at
'www.fitchratings.com' under the following headers:

Sectors >> Structured Finance >> CMBS >> Research

Additional information is available at 'www.fitchratings.com'.

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Fitch Ratings, New York
Adam Fox, +1-212-908-0869
Mary MacNeill, +1-212-908-0785
Sandro Scenga, +1-212-908-0278 (Media Relations)
sandro.scenga@fitchratings.com

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