Fitch: U.S. CMBS Delinquencies Fall Again, Nearing 4.5%

NEW YORK--()--The U.S. CMBS delinquency rate declined for a fourth straight month as it edges closer to the 4.5% mark, according to the latest index results from Fitch Ratings.

CMBS delinquencies fell six basis points (bps) in November to 4.64% from 4.70% a month earlier. November resolutions of $539 million outpaced new delinquencies of $384 million. Meanwhile, Fitch-rated new issuance volume of $4.5 billion edged out $4.4 billion in portfolio runoff.

The largest new delinquency in November was the $42.7 million Cobb Place loan (GSMS 2005-GG4), which was reported as 60-days delinquent for the first time last month. Conversely, the largest resolution in November was the originally $120 million Oasis Net Leased Portfolio (BSCMS 2005-PWR10), which was REO and just saw the sale of the last property in the portfolio.

Current delinquency rates by property type are as follows:

--Hotel: 6.03%;

--Multifamily: 5.44%;

--Retail: 5.36%;

--Office: 4.98%;

--Industrial: 4.94%.

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.

Contacts

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
sandro.scenga@fitchratings.com

Contacts

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
sandro.scenga@fitchratings.com