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Fitch: U.S. CMBS delinquencies continue tumble; reach 3-Year low
March 8 |
March 8 (Reuters) - (The following statement was released by the rating agency) Two large loan modifications helped drive U.S. CMBS delinquencies lower for a ninth straight month, according to the latest index results from Fitch Ratings. CMBS late-pays declined 30 basis points (bps) in February to 7.61% from 7.91% a month earlier. In addition, the dollar balance of delinquent loans fell below the $30 billion mark for the first time since February 2010. The sharp drop was fueled by the impending resolution of two high-profile loans and their removal from Fitch's index: the $195.1 million Babcock & Brown FX 3 portfolio (CSMC 2006-C4) and the $190 million One Congress Street (WBCMT 2007-C30), both of which are being modified. The drop in the delinquency rate was also helped by the largest month for new CMBS issuance in over five years. Seven Fitch-rated transactions totaling $6.62 billion closed in February. This topped the previous post-recession high of $6.57 billion that closed in November of last year. Industrial catapulted into the number one delinquency spot due to the addition of the $148.8 million StratReal Industrial Portfolio II (JPMCC 2007-LDP10) to the index. Rates for all other property types improved month-over-month. Current and previous delinquency rates are as follows: --Industrial: 9.61% (from 8.69% in January); --Multifamily: 9.14% (from 9.73%); --Hotel: 8.32% (from 8.76%); --Office: 8.18% (from 8.33%); --Retail: 7.35% (from 7.43%). Additional information is available in Fitch's weekly e-newsletter, 'U.S. CMBS Market Trends', which also contains recent rating actions and an overview of newly released CMBS research, including Fitch presales and Focus reports. The link below enables market participants to sign up to receive future issues of the E-newsletter: '
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