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Japan CMBS: Recovery Of Defaulted Loans Update (As Of The End Of December 2011) Mar 12 Product Image

Japan CMBS: Recovery Of Defaulted Loans Update (As Of The End Of December 2011) Mar 12

  • ID: 2084890
  • March 2012
  • Region: Japan
  • Standard & Poors

Abstract
Although loans backing Japanese commercial mortgage-backed securities (CMBS) continue to default on an ongoing basis, servicers are progressing with collection procedures faster than the occurrence of defaults. As a result, the number of remaining defaulted loans in Japan's CMBS sector is decreasing. The simple average recovery rate for defaulted, collected loans has fallen slightly over the past six months, to 90%, but remains at a relatively high level. Meanwhile, the ratio of loans that incurred principal losses to total defaulted, collected loans is rising. As such, Standard & Poor's Ratings Services believes that the recovery rate from defaulted loans may fall in the future. A default on an underlying loan is not directly linked to a default on the rated...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

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.

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