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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