KBRA releases a report on U.S. commercial mortgage-backed securities (CMBS) loan performance trends observed in the April 2022 servicer reporting period. The delinquency rate declined 19 basis points (bps) to 3.13% in April after holding steady in March. The rate continued its downward trend since it peaked at 8.2% in June 2020.
Lodging and mixed-use recorded the highest month-over-month (MoM) delinquency reductions (92 bps and 47 bps, respectively), followed by retail (14 bps). The delinquency rate for industrial and office increased MoM in April, to 0.33% from 0.13% and 1.5% from 1.44%, respectively. Looking at the percentage of all specially serviced loans (delinquent and current), lodging (8.82%, -100 bps) and mixed-use (5.59%, -48 bps) logged the largest MoM contractions, while retail (8.19%) rose 72 bps.
Click here to view the report.
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KBRA is a full-service credit rating agency registered in the U.S., the EU, and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.
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