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TEXT-Fitch:U.S. CREL CDO delinquencies close out 2012 at 13.4%
January 18, 2013 / 2:06 PM / 5 years ago

TEXT-Fitch:U.S. CREL CDO delinquencies close out 2012 at 13.4%

Jan 18 - Though a decline since last month, late-pays for U.S. CREL CDOs finished the year higher than at year-end 2011, according to the latest index results from Fitch Ratings.

CREL CDO delinquencies for December came in at 13.4%, down from 13.7% in November. However, they are higher than the 12.5% observed in December 2011. The historical high-water mark for CREL CDO delinquencies remains 14.8% in April 2011.

As of year-end 2012, only two Fitch rated CREL CDOs were still in their reinvestment periods, both of which are currently failing overcollateralization (OC) tests. Total CREL CDO collateral is down by $2.9 billion since 2011.

Loans secured by land remained the property type with the highest delinquency rate at 43% to close out 2012. However, hotel loans now have the second highest delinquency rate at 20%. The most significant decline is attributable to multifamily properties, which have dropped to a 7% delinquency rate from 14% in 2011.

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:


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