S&P Credit Research



Title:

Default Study: North American CMBS Defaults Rise In 2007, With More Defaults Expected In 2008 And 2009

Price:$750.00
Publication Date:Jul 17, 2008
Report Type:Commentary
Abstract:For North American commercial mortgage-backed securities (CMBS), 2007 was a year of split behavior. Given the abundant capital and tight trading spreads in the first six months, it looked like issuance would break previous records by a wide margin. The second half was the polar opposite, however, as issuance slowed to a crawl, capital dried up, and credit spreads widened to levels they hadn't reached since the collapse of the Long Term Capital Management hedge fund and the Russian debt default in the autumn of 1998. North American CMBS performed well in 2007, but credit performance was not as strong as in 2006. Last year saw 257 new loan defaults, up from 195 in the previous year. Despite the rise
Brief Excerpt:RESEARCH Ratings Definitions Default Study: North American CMBS Defaults Rise In ####, With More Defaults Expected In #### And #### Publication date: ##-Jul-#### Primary Credit Analysts: James M Manzi, CFA, New York (###) ###-####;...
Word Count:8904
Sector:Public Finance, Global Issuers, Structured Finance, Asset-Backed Commercial Paper, Commercial MBS, Residential MBS, Financial Institutions, Insurance, Sovereigns, Corporations, International Public Finance, Utilities, Servicer Evaluations, Asset-Backed Securities, Collateralized Debt Obligations, Real Estate Companies
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S&P Credit Research

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.

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