Fitch: U.S. CMBS Delinquencies Edge Lower in March

NEW YORK--(BUSINESS WIRE)-- February's slight uptick in U.S. CMBS loan delinquencies appears to be short-lived as the rate of late-pays fell last month, according to the latest index results from Fitch Ratings.

Loan delinquencies fell four basis points (bps) in March to 4.73% from 4.77% a month earlier. The dollar balance of late-pays fell slightly to $17.8 billion from $17.9 billion in February. New CMBS delinquencies finished March at $357 million, up slightly from $327 million in February. The largest new delinquency was the $58 million Collin Creek Mall (JPMCC 2001-CIBC2), for which a deed in lieu of foreclosure seems likely.

Resolutions in March outpaced new delinquencies, finishing the month at $491 million. The largest resolution was the $54.4 million Radisson Ambassador Plaza Hotel & Casino loan (CGCMT 2006-FL2). Fitch-rated new issuance volume of $6.2 billion (five transactions) outpaced $5.1 billion in portfolio runoff.

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

--Hotel: 6.13% (from 6.36% in February);

--Industrial: 5.57% (from 5.20%);

--Retail: 5.41% (from 5.39%);

--Multifamily: 5.21%* (from 5.23%);

--Office: 5.00% (from 5.08%);

--Mixed Use: 2.69% (3.05%);

--Other: 1.17% (from 1.09%).

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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Fitch Ratings
Mary MacNeill
Managing Director
+1-212-908-0785
Fitch Ratings, Inc., 33 Whitehall Street, New York, NY 10004
or
Scott Pritchard
Director
+1-212-908-9141
or
Media Relations:
Sandro Scenga, +1-212-908-0278
[email protected]

Source: Fitch Ratings

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