RPT-Fitch: U.S. CREL CDO Delinquencies Remain Stable

Fri Apr 19, 2013 9:04am EDT

April 19 (Reuters) - (The following statement was released by the rating agency)

Delinquencies for U.S. CREL CDOs remained in a virtual holding pattern for March, according to the latest index results from Fitch Ratings.

CREL CDO late-pays increased minimally last month to 13.2% from 13.1% in February. Only five new delinquencies were reported in March totaling $79 million. Among them were one term default, one matured balloon, an REO interest, and two newly credit impaired securities.

The largest new delinquency was a whole loan secured by an office building located in Farmington, MI.

The borrower stopped making debt service payments after the largest tenant (68% of the NRA) vacated in December 2012. Assets that are no longer delinquent included one modified loan, one loan repaid in full, and three assets disposed of at prices below par.

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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