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'03 Stressed CMBS Loan Performance.(Brief Article)
The most stressful year for commercial mortgage loans since the early '90s was 2003, according to a Standard & Poor's study of commercial mortgage loans.
The rating agency reports that defaults among commercial mortgage loans originated between 1993 and 2002, and rated by S&P, reached a total of 399 for last year.
This also represents 30% of all S&P-rated mortgage loans that defaulted as of Dec. 31, 2003.
However, the study found that credit support levels for "existing CMBS transactions are at comfortable multiples of the expected base-case loss."
Joseph Hu, managing director of research in the S&P structured finance group, noted, "Going forward, the study results imply that the credit performance of newly originated loans will be more resilient. The base-case loss is ...
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Source: HighBeam Research, '03 Stressed CMBS Loan Performance.(Brief Article)