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S&P Credit Research6558 word report
published May 07, 2009
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S&P Credit Research
| Abstract: | The recession appears to be affecting all commercial real estate property sectors, and we believe job losses, reduced consumer spending, and the rapid decline in wealth have reduced demand for commercial real estate space. In our opinion, the confluence of these negative events combined in the first quarter of 2009 to drive vacancy rates higher for all of the major property types. Consequently, the performance of the collateral backing Standard&Poor's Ratings Services rated commercial mortgage-backed securities (CMBS) continues to show signs of stress, as property fundamentals weaken and credit conditions remain difficult. The CMBS delinquency rate is now only 11 basis points away from its peak of 1.96%, which was recorded in December 2003. Significant credit contraction has,
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| Brief Excerpt: | RESEARCH Ratings Definitions CMBS Quarterly Insights: Delinquency Rate Is On The Verge Of Passing Previous Peak Publication date: 07-May-2009 Primary Credit Analyst: Larry Kay, New York (1) 212-438-2504; larry_kay@standardandpoors.com...
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| Report Type: | Commentary
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| Sector: | Structured Finance
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
