The delinquency rate among US commercial mortgage-backed securities (CMBS) jumped in November, according to separate surveys by Moody's Investors Service
and Fitch Ratings
Moody's saw a 46bps increase over last month's delinquency rate -- the largest monthly increase of the current downturn -- bringing CMBS conduit and fusion loans to 4.47% delinquent.
The balance of delinquent CMBS loans, which stood at $6.7bn in December 2008, rose by more than $23bn in the last 12 months, Moody's found.
"The delinquency rate has now increased 29-fold over its low point of 0.22% reached in July 2007," said Moody's managing director Nick Levidy. "Most of this increase has occurred in 2009, as delinquencies started the year at 0.95%."
Meanwhile, Fitch saw late pays climb 43bps to 4.29% of US CMBS, led by hotel and multifamily defaults. As of November, 9.16% of the Fitch-rated universe of US CMBS was in special servicing.
"Transfers to special servicing of larger loans are occurring before borrowers default on payments," said Fitch managing director and US CMBS group head, Susan Merrick. "Newly delinquent large loans are rarely a surprise."
Write to Diana Golobay