Fitch: U.S. CMBS Delinquencies Set to Finish 2015 Below 4%

NEW YORK--(BUSINESS WIRE)-- Continued strong new issuance and active specially serviced loan resolutions brought about another month of decline in the U.S. CMBS delinquency rate last month, according to the latest index results from Fitch Ratings.

Loan delinquencies fell 21 basis points (bps) in November to 4.16% from 4.37% a month earlier. The dollar balance of late-pays fell $696 million to $15.7 billion from $16.4 billion in October.

November resolutions of $1 billion were nearly triple the amount of new delinquencies of $325 million. In addition, Fitch-rated new issuance volume of $7.3 billion in October (eight transactions) surpassed $4.7 billion in portfolio runoff, causing an increase in the index denominator.

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

--Retail: 5.27% (from 5.51% in October);

--Office: 4.71% (from 4.80%);

--Hotel: 4.23% (from 4.57%);

--Multifamily: 4.27%* (from 4.42%);

--Industrial: 4.38% (from 4.22%);

--Mixed Use: 2.99% (from 4.08%);

--Other: 0.90% (from 0.93%).

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'.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151214006094/en/

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

Source: Fitch Ratings

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