Fitch: U.S. CMBS Delinquencies Finish 2015 at Six-Year Low

NEW YORK--(BUSINESS WIRE)-- U.S. CMBS delinquencies finished 2015 down 17% from year-end (YE) 2014, according to the latest index results from Fitch Ratings.

CMBS delinquencies finished the year at 4.02%, 14 basis points (bps) lower from the previous month and a 60 bp-drop from 4.62% one year ago. This is the lowest level seen since October 2009. Resolutions again outpaced new delinquencies in 2015, ending the year at $8.5 billion and $5.6 billion, respectively, compared to $11.5 million and $6.5 billion, respectively, in 2014.

The delinquency rate for CMBS 1.0 will continue to face pressure from approximately $62 billion of loans expected to mature in 2016 and $73 billion in 2017. However, Fitch projects delinquencies to fall between 2.5% and 3% by the end of 2016. This after factoring in the ultimate resolution of the Peter Cooper Village/Stuyvesant Town and Riverton Apartments assets and assuming continued strong new issuance this year.

Current and previous delinquency rates are as follows:

--Retail: 5.20% (from 5.27% in November and 5.37% at YE 2014);

--Office: 4.61% (from 4.71% and 5.01%, respectively);

--Hotel: 3.82% (from 4.23% and 6.20%);

--Multifamily: 4.19%* (from 4.27% and 5.22%);

--Industrial: 3.88% (from 4.38% and 5.25%);

--Mixed Use: 2.73% (from 2.99% and not calculated at YE 2014);

--Other: 0.89% (from 0.90% and 1.15%).

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/20160111005874/en/

Fitch Ratings
Mary MacNeill
Managing Director
+1-212-908-0785
Fitch Ratings, Inc., 33 Whitehall Street, New York, NY 10004
or
Melissa Che
Director
+1-212-612-7862
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Media Relations:
Sandro Scenga, New York, +1 212-908-0278
Email: [email protected]

Source: Fitch Ratings

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