Business & Finance
Fri, September 14, 2012 
NEW YORK--([ BUSINESS WIRE ])--Delinquencies on office loans are still treading higher as overall U.S. CMBS late-pays continue to fall, according to the latest index results from Fitch Ratings.
Overall CMBS delinquencies declined nine basis points (bps) last month to 8.39% from 8.48% in July. In August, approximately $2 billion of loans were resolved and removed from the index compared to $1.7 billion of new delinquencies added to the index.
The largest addition to Fitch's index was the $678 million Skyline Office Portfolio in Falls Church, VA. This loan contributed to office delinquencies rising 29 basis points (bps). A potential loan modification is currently being discussed.
Retail delinquencies rose three bps. The largest retail loans becoming newly delinquent this month are the $71.4 and $18.5 million cross-collateralized and cross-defaulted Algonquin Commons Phase I and Phase II loans, which are secured by two retail properties totaling 564,790 square feet in Algonquin, IL
The latest delinquencies by property type are as follows:
--Hotel: 10.82% (from 11.46% in July);
--Multifamily: 10.18% (from 10.89%);
--Industrial: 8.54% (from 8.68%);
--Office: 8.72% (from 8.43%);
--Retail: 7.43% (from 7.40%).
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: '[ http://forms.fitchratings.com/forms/CM_MAROptinformLayout ]'
Additional information is available at '[ www.fitchratings.com ]'
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: [ HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS ]. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '[ WWW.FITCHRATINGS.COM ]'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
