Fitch: Specially Serviced U.S. CMBS Loans Climb Another 6%.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. reported a 6% increase in U.S. CMBS CMBS See: Commercial Mortgage Backed Securities loans entering special servicing this past month in their latest edition of 'What's in Special Servicing'. While Fitch's latest U.S. CMBS loan delinquency index remained unchanged from July to August, this past month's increase in specially serviced loans (103 loans, totaling $1.8 billion) brings the total percentage within Fitch's rated CMBS portfolio to 14%. The largest new addition is the $375 million One Park Avenue Loan, which is secured by a 924,501 square-foot office property in New York, NY. The loan transferred to special servicing on Aug. 12, 2009 due to imminent default following the announced vacancy of the second largest tenant. Performing specially serviced loans continue to outweigh non-performing loans (59% to 41%), with the trend likely to persist through the remainder of the year, according to Senior Director Adam Fox. "More borrowers will seek loan modifications since recent U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. regulations allow servicers increased flexibility to modify performing loans," said Fox. The September 2009 edition of 'What's in Special Servicing?' is available at 'www.fitchratings.com' under the following headers: Sectors >> Structured Finance >> CMBS >> Research 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 HTTP in full HyperText Transfer Protocol Standard application-level protocol used for exchanging files on the World Wide Web. HTTP runs on top of the TCP/IP protocol. ://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. 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 Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. |
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