NEW YORK, NY--Continued resolutions and extensions of non-performing loans resulted in a second-straight decline for U.S. CREL CDO Delinquencies, according to the latest index results from Fitch Ratings.
The full results are featured in this week’s U.S. CMBS newsletter.
Delinquencies fell to 12.2% in November from 12.8% in October.
‘Though CREL CDO delinquencies have lingered between 12% and 13% over the last year, realized losses have continued to accumulate,’ said Director Stacey McGovern.
‘Though CREL CDO delinquencies have lingered between 12% and 13% over the last year, realized losses have continued to accumulate,’ said Director Stacey McGovern.
Approximately $890 million (or 4% of total collateral) of realized losses have taken place over the last 12 months.
Nevertheless, CREL CDO investment grade ratings are expected to remain relatively stable while some volatility in the below investment grade rated tranches is likely.
New delinquencies in November included only one new term default while
seven delinquent assets were removed, including:
--Four extended matured balloons;
--Two loan interests disposed of at a loss; and
--One loan payoff.
Additional information is available in Fitch's weekly e-newsletter, 'U.S.
CMBS Market Trends'. The link below enables market participants to sign up
to receive future issues of the E-newsletter:
Contact:
Stacey McGovern
Director
+1-212-908-0722
Fitch Inc., 1 State Street Plaza, New York, NY 10004
Karen Trebach
Senior Director
+1-212-908-0215
Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278:
Additional information is available at http://www.fitchratings.com/
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