Fitch: U.S. CMBS Delinquencies Edge Up in June

NEW YORK--(BUSINESS WIRE)-- U.S. CMBS delinquencies climbed slightly last month led by two large newly delinquent loans, according to the latest index results from Fitch Ratings.

Loan delinquencies rose six basis points (bps) in June to 4.54% from 4.48% a month earlier. The dollar balance of late-pays increased $65 million to $17.17 billion from $17.10 billion in May.

The delinquency rise was driven by new delinquencies of $876 million exceeding resolutions of $780 million, as well as a reduction in the index denominator. Fitch-rated new issuance volume of $1.6 billion in May (one U.S. transaction) was outpaced by $5.4 billion in portfolio runoff.

The largest new delinquency was the $199.5 million NGP Rubicon GSA Pool (mixed use; WBCMT 2005-C20 and WBCMT 2005-C21), which failed to pay off at its June 11, 2015 maturity and is now reported as a non-performing matured balloon. The second largest new delinquency was the $122.6 million IRET Portfolio (office; CGCMT 2006-C5), which has been in special servicing since July 2014 and fell 60 days delinquent in June.

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

--Retail: 5.44% (from 5.26% in May);

--Hotel: 5.20% (from 5.18%);

--Multifamily: 5% (from 5.03%);

--Office: 4.69% (from 4.77%);

--Industrial: 4.65% (from 4.97%);

--Mixed Use: 3.68% (from 2.61%);

--Other: 1.15% (from 1.19%).

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/20150713005673/en/

Fitch Ratings
Scott Pritchard
Director
+1-212-908-9141
Fitch Ratings, Inc., 33 Whitehall Street, New York, NY 10004
or
Mary MacNeill
Managing Director
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Media Relations:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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