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Increase in 'Specially Serviced But Current Loans' Poses Question of Future

NEW YORK, NY (March 5, 2002) -- As 2001 came to a close, an increasing number of domestic CMBS borrowers began positioning themselves for some form of debt relief. Given this trend, Standard & Poor's initiated a survey of several of the market's major loan servicers and found that specially serviced but current loans (SSCL) outnumbered delinquent loans by a ratio of seven-to- four. The results of the survey are described in an article Standard & Poor's has published entitled "Do CMBS Borrowers Need Relief or Are They Crying Wolf."

The volume of serviced loans in the surveyed group totaled $150 billion. Of this amount, approximately 1.5% are at special servicing. However, of the loans transferred in the year ending December 2001, there were about $2.25 billion of specially serviced loans, comprised of $1.4 billion SSCL and $.84 billion in delinquent loans.

Given the large amount of SSCL, the question has been raised as to whether the CMBS market will experience a rapid acceleration in delinquencies. "While a loan that is in special servicing may not be delinquent, it is likely to involve serious borrower or property issues, which is a harbinger of more delinquencies down the road," said Larry Kay, a director in the CMBS Surveillance group.

This information is contained in the article entitled "Do CMBS Borrowers Need Relief or Are They Crying Wolf." The article is available on RatingsDirect, Standard & Poor's Web-based credit analysis system, and http://www.standardandpoors.com. Go to Forum, select Structured Finance and under Ratings Commentary, select the article under Commercial Mortgage-Backed Securities Ratings.

Larry Kay, New York (1) 212-438-2504; Roy Chun, New York (1) 212-438-2430; Pramit Sheth, New York (1) 212-438-1470

Standard & Poor's

Mimi Barker of Standard & Poor's, New York
[email protected]
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