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Fitch: U.S. CMBS Delinquencies Fall for Fourth Straight Month.

New York: Strong new issuance volume and the slowing pace of new delinquencies contributed to the fourth consecutive month of declines in the U.S. CMBS delinquency rate, according to the latest index results from Fitch Ratings.

Loan delinquencies fell three more basis points (bps) to 3.50% in October from 3.53% a month earlier. The Fitch-rated new issuance volume of $8 billion from seven transactions in September more than doubled the $3.2 billion portfolio runoff, resulting in a higher overall index denominator. New delinquencies totaling $503 million remained well below the year-to-date monthly average of $741 million and the rolling 12-month average of $715 million. Total resolution volume was $400 million.

The largest new delinquency was the $80 million Bangor Mall loan (MSCI 2007-IQ16) that defaulted at its October 2017 maturity date. The two largest resolutions were the $59.6 million Miracle Mile SC (CGCMT 2007-C6) and the $55.5 million Rosemont Commons (GSMS 2007-GG10) loans.

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

--Retail*: 6.12% (from 6.10% in September);

--Office: 5.76% (from 5.84%);

--Industrial: 4.10% (from 4.24%);

--Mixed Use: 3.24% (from 3.32%);

--Hotel: 2.72% (from 2.85%);

--Multifamily: 0.68% (from 0.68%);

--Other: 0.97% (from 0.87%).

Additional details are 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.

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Date:Feb 2, 2018
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