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S&P: CMBS Lodging Delinquencies Expected to Rise in 4Q 2001

NEW YORK (Standard & Poor's) Oct. 24, 2001--Standard & Poor's announced today that it expects CMBS lodging delinquencies to increase during fourth-quarter 2001 due to reduced occupancies stemming from the initial reaction to the World Trade Center attacks.

"While there is a strong likelihood that these delinquencies will lead to some CreditWatch actions, any downgrades will be more dependent on how quickly, and by how much, the occupancy levels will bounce back," said Roy Chun, a director in Standard & Poor's Structured Finance group. "We are currently identifying all of the lodging loans in our rated portfolios so that the weaker-performing loans and properties can be reviewed for any potential rating actions." "In the long term, restoring confidence in the safety of travel, particularly air travel, is critical to improving demand," said Peter Kozel, Ph.D., also a director in the group, "but evidence indicates that general economic conditions are probably even more important determinants."

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]

Peter P Kozel, Ph.D., New York
John Kemp, New York
Roy Chun, New York
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