NEW YORK, NY -- After four consecutive months of decline, CREL CDO delinquencies rose slightly last month, according to the latest index results from Fitch Ratings. The full results are featured in this week’s U.S. CMBS newsletter.CREL CDO late-pays rose to 12% from 11.6% in August. ‘Given the instability
in the broader economy, CREL CDOs delinquencies are expected to continue to
seesaw going forward,’ said Director Stacey McGovern.
In September, asset managers reported 11 new delinquent assets. Among the newly delinquent assets were three matured balloon loans, six new credit impaired securities, and two term defaults. Partially offsetting the new delinquencies were six removed assets, which included:
--One real estate-owned (REO) asset, which was sold at 38% of par;
--One mezzanine loan that was foreclosed out at a total loss; and
--Four formerly credit impaired CMBS securities.
Ratings on the most junior classes remain subject to volatility as losses
continue to accumulate. In September, CREL CDO asset managers reported
approximately $60 million in realized losses.
Additional information is available in Fitch's weekly e-newsletter, 'U.S.
CMBS Market Trends', which also contains recent rating actions and an overview of newly released CMBS research, including Fitch presales and Focus reports. 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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