NEW YORK, NY--Cumulative average loss severities for Fitch-rated U.S. CMBS will continue to exceed historical averages through the end of next year, according to Fitch Ratings in its latest U.S. CMBS Loss Study, which was published today.
Fitch expects higher loss severities for all property types this year. Annual loss severities by property type for 2009 were as follows:
--Multifamily: 58%;--Retail: 48.2%
--Office: 56.9%;
--Industrial: 48.8%;
--Hotel: 81.9%.
Fitch’s overall view of the CMBS sector remains negative. Ratin actions on transactions are prospective in nature and take into account its views on current and future default probabilities and loss expectations for the individual loans.
Additional information is available in a press release published earlier today (‘Fitch: High Loan Loss Severities to Continue for U.S. CMBS through 2011’), which along with the full Loss Study, is available at
http://www.fitchratings.com/.
Contact: Richard Carlson +1-312-606-2373, Chicago or Mary MacNeill, +1-212-908-0785, New York.
Media Relations: Sandro Scenga +1-212-908-0278, New York; sandro.scenga@fitchratings.com
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