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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 link below enables market participants to sign up to receive future issues of the E-newsletter: