US CMBS Delinquencies Edge Higher In October - Fitch
Monday November 17th, 2008 / 19h44
DOW JONES NEWSWIRES Fitch Ratings said delinquencies of U.S. commercial mortgage-backed securities rose in October, citing an uptick in nonperforming matured loans, and projected further increases by the end of the year. The delinquency rate edged up to 0.51% from 0.45% in September. "With CMBS issuance at a standstill and portfolio lenders cautiously managing their balance sheets, borrowers are facing increased difficulty accessing capital to refinance maturing loans," Fitch Managing Director Susan Merrick said. "Given the illiquidity in the market, we expect the proportion and dollar balance of maturity defaults to continue to grow at a fast pace." For the month, nonperforming matured loans made up 42% of new delinquencies and 15% of the overall index, up drastically from 16% of new delinquencies and 4% of the overall index in the same month last year.