Fitch: Quiet July for U.S. CMBS Delinquencies

NEW YORK--(BUSINESS WIRE)-- U.S. CMBS delinquencies remained steady last month, according to Fitch Ratings in its latest weekly U.S. CMBS newsletter.

Loan delinquencies increased two basis points (bps) in July to 3.20% from 3.18% a month earlier. The portfolio runoff of $7.6 billion exceeded Fitch-rated new issuance volume of $4.1 billion from four transactions in June, causing a decrease in the overall index denominator.

There was no significant activity in terms of resolutions or new delinquencies in July. In terms of loan count, 76 loans were resolved in July, slightly above the year to date average of 71. New delinquencies of $440 million in July reached the lowest level in 2016 after averaging $755 million per month year to date.

The largest resolution in July was the $31.6 million Lakeside Market asset (MLCFC 2007-6; Retail; Plano, TX), which was disposed with no losses. The largest new delinquency was the $27 million Yankee Candle Company (MLCFC 2007-5; mixed-use property in South Deerfield, MA).

Current and previous delinquency rates by property type are as follows:

--Retail: 4.73% (from 4.64% in June);

--Office: 4.56% (from 4.59%);

--Hotel: 4.30% (from 4.22%);

--Multifamily: 0.86% (from 0.83%);

--Industrial: 3.98% (from 4.13%);

--Mixed Use: 4.03% (from 3.94%);

--Other: 0.76% (from 0.79%).

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: 'http://pages.fitchemail.fitchratings.com/CMBSMktOptin/'

Additional information is available at www.fitchratings.com.

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View source version on businesswire.com: http://www.businesswire.com/news/home/20160815005612/en/

Fitch Ratings
Mary MacNeill
Managing Director
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Fitch Ratings, Inc., 33 Whitehall Street, New York, NY 10004
or
Melissa Che
Director
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Media Relations:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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