April 19 (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.
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