Feb 14 (The following statement was released by the rating agency)
U.S. CMBS delinquencies are set for a sizable
decline once assets sold as part of CWCapital's bulk sale are reported,
according to Fitch Ratings.
In January, CMBS delinquencies declined nine basis points (bps) to 5.89% from
5.98% a month earlier. However, CMBS late-pays are poised to fall by
approximately 40 bps over the next two months due to CWCapital bulk asset sales
being finalized and reflected in the February and March remittances. The
CWCapital distressed sales would likely bring the overall rate of CMBS
delinquencies below 5.5% by the end of the first quarter.
The largest addition to the index last month was the $74 million One HSBC Center
in Buffalo, NY (GSMS 2005-GG4). Meanwhile, the largest resolution in January was
the sale of the real estate owned (REO) Metropolis Shopping Center (BACM
Current and previous delinquency rates are as follows:
--Industrial: 8% (from 8.45% in December);
--Office: 6.77% (from 6.89%);
--Multifamily: 6.38% (from 6.48%);
--Hotel: 6.26% (from 6.50%);
--Retail: 5.44% (from 5.63%).
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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