The CMBS delinquency rate increased by 5 basis points (bps) in April, the same as the increase in March. The delinquency rate ended April at 9.17%, and the amount of delinquent loan collateral backing rated CMBS totaled $49.34 billion. Two new transactions ($2.52 billion principal balance) that Standard & Poor's Ratings Services rated in April partially diluted the overall delinquency rate by 7 bps. In total, approximately $3.53 billion in loans became delinquent in April, while $2.38 billion returned to current status and $1.09 billion was liquidated. Delinquency trends were mixed by property type: delinquencies increased for multifamily, retail, and lodging, but they declined for office and industrial. Retail was the only property type to record a new delinquency rate...
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Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.