Fitch: U.S. CMBS Delinquencies Fall despite Lagging Retail

NEW YORK--(BUSINESS WIRE)-- U.S. CMBS delinquencies fell last month despite retail late-pays trending slightly higher, according to the latest index results from Fitch Ratings.

Loan delinquencies fell six basis points (bps) in September to 4.46% from 4.52% a month earlier. The dollar balance of late-pays fell $87 million to $16.8 billion from $16.9 billion in August.

Resolutions of $688 million in September edged out new delinquencies of $624 million. Meanwhile, Fitch-rated new issuance of $8.7 billion in August (10 transactions) exceeded $5.3 billion in portfolio runoff, causing an increase in the index denominator.

The overall delinquency rate has fallen 31 bps over the past 12 months led by hotel and multifamily improvements. However, retail is the lone laggard, this despite healthy retail new issuance.

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

--Retail: 5.58% (from 5.48% in August);

--Office: 4.95% (from 5.04%);

--Hotel: 4.64% (from 5.27%);

--Multifamily: 4.47% (from 4.55%);

--Industrial: 4.35% (from 4.90%);

--Mixed Use: 4.17% (from 3.58%);

--Other: 0.96% (from 1.04%).

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/20151012005592/en/

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

Source: Fitch Ratings

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