(Repeat for additional subscribers)
June 16 (The following statement was released by the rating agency)
Resolutions from a single 2007-vintage deal brought
U.S. CMBS delinquencies down to a level not seen in over four years, according
to the latest index results from Fitch Ratings.
CMBS delinquencies declined 16 basis points (bps) in May to 4.97% from 5.13% a
month earlier. This marks the first time the rate has stood below 5% since
December 2009. The decline was led by a handful of dispositions from the JPMCC
2007-LDP10 transaction, including two loans over $50 million.
The largest new delinquency was the $60 million Clark Tower loan (JPMCC
2007-CIBC20), which fell 60-days delinquent last month. By property type,
industrial experienced the largest decline in delinquencies last month (24 bps).
Current and previous delinquency rates are as follows:
--Industrial: 6.43% (from 6.67% in April);
--Multifamily: 5.92% (from 5.97%);
--Office: 5.22% (from 5.43%);
--Hotel: 5.12% (from 5.18%);
--Retail: 4.98% (from 5.11%).
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
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