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CMBS Overdue Rates Continue to Improve.
The good news continues on the commercial mortgage delinquency front, with both Fitch Ratings and Standard & Poor's reporting a further decline on commercial mortgage-backed securities delinquencies. Fitch has seen the delinquencies drop to 1.07% in July from 1.10% for June, based on a delinquency index maintained by the rating agency. And S&P reports that in the second quarter the delinquency rate on S&P-rated CMBS dropped below 1%, finishing at its lowest level in almost five years.
The industrial sector especially saw a big 12% drop in delinquencies, reports Fitch, thanks to a resolution on six Green Bay, Wis., assets. "The credit quality of seasoned CMBS transactions continues to improve as delinquencies decline and distressed assets are resolved quickly," said Adam Fox, a Fitch Ratings director.
S&P analysts Roy Chun and Larry Kay expect the delinquency rate to continue going down "as CMBS issuance is projected to remain strong through year-end." (Issuance of the securities was $72.3 billion for the first half of the year, compared to $93.8 billion for all of 2004). However, the rating agency doesn't believe that the amount delinquent will go down from current levels considering that "new delinquencies are being created as quickly as old ones are being resolved."
The amount delinquent will be "greatly influenced" by the multifamily sector, which represents 33% of total delinquencies, the rating agency expects. S&P also attributes the decline in the amount delinquent at the end of the second quarter to loan resolutions. Delinquencies on multifamily-backed CMBS ended the second quarter at 1.75%, S&P reports, up 0.05% from the first quarter rate. And multifamily accounted for 47% of the second quarter's new delinquencies. On all other property types, except health care, the rating agency has seen declines in delinquency. On health care, delinquencies have "bounced around" over the past few quarters.
In a sign of improving performance for the office and multifamily sectors, which have both heavily ...
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Source: HighBeam Research, CMBS Overdue Rates Continue to Improve.