NEW YORK--(BUSINESS WIRE)--Hurricane Matthew was a powerful storm that brought significant wind and flood damage to four states along the southern part of the Eastern Seaboard. In the wake of the storm, Kroll Bond Rating Agency (KBRA) is monitoring its rated CMBS transactions to identify properties that may have been potentially impacted.
To identify the potentially affected CMBS collateral, KBRA queried its database of rated CMBS transactions, which is comprised of 267 deals with an outstanding balance of $230.9 billion. The location of the CMBS collateral properties were compared to areas that received a disaster declaration from the Federal Emergency Management Agency (FEMA).
KBRA identified a total of 1,307 properties that secure 1,016 mortgage loans with an aggregate allocated loan balance of $14.5 billion spread across 157 transactions that have exposure to Hurricane Matthew. Of these loans, 33 were participated across multiple transactions. Almost 90% of the properties were located in Florida (59%), followed by North Carolina (18%), and South Carolina (12%).
For additional details, please see the related publication, which includes a listing of CMBS transactions with exposure of 10.0% or more to the hurricane.
To view the report, please click here.
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About Kroll Bond Rating Agency
KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).