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S&P: 3Q 2001 U.S. CMBS Delinquencies Increase 12%

NEW YORK (Standard & Poor's) Oct. 24, 2001-- Standard & Poor's announced today that the third quarter 2001 delinquency rate for pooled CMBS transactions for the third quarter of 2001 increased 12% over the previous quarter. Moreover, the overall delinquency rate of 1.21% is slightly higher than the average delinquency rate of the past four quarters.

"New delinquencies in the current quarter, coupled with several large unresolved delinquent loan carryovers from previous quarters, accounted for the current delinquency level," said Roy Chun, director of CMBS Surveillance at Standard & Poor's.

As in the past, many of the delinquencies were driven by lodging and nursing home loans. These categories account for 32% and 18% of all outstanding 60-plus-day delinquent loans, respectively. Most notably, lodging delinquencies increased at their fastest rate over the first six months of 2001, reflecting the conditions in the lodging sector.

Bucking the trend, office property delinquency rates decreased to an extremely low level of 0.17%. Also surprising is the fact that retail delinquencies remain relatively flat.

This information is contained in the new issue of "CMBS Quarterly Insights," which covers significant rating activity across all segments of the real estate finance market. It is available on RatingsDirect, Standard & Poor's Web-based credit analysis system, and www.standardandpoors.com. Click on Resource Center; then, under Reference Tools, click on Structured Finance.

For additional information, members of the media may contact Lisa Tibbitts, media relations manager in New York, at (1) 212-438-7530, or [email protected]

Larry Kay, New York
Roy Chun, New York
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