KBRA releases a report on U.S. commercial mortgage-backed securities (CMBS) loan performance trends observed in the March 2022 servicer reporting period. The delinquency rate remained unchanged from the previous month, at 3.3%. The rate has been following a downward trend since a June 2020 peak of 8.2%.

The delinquency rate for lodging and industrial improved month-over-month (MoM), to 6.3% from 7.1% and 0.1% from 0.3% in February, respectively. Retail and mixed-use recorded the highest delinquency increases (60 bps and 50 bps, respectively), followed by multifamily (10 bps). Looking at the percentage of all specially serviced loans (delinquent and current), lodging (9.8%) and other (2.6%) had the largest MoM drops (90 bps and 60 bps, respectively) while retail (7.5%) and mixed-use (6.1%) had a 50-bp increase.

Click here to view the report.

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• KBRA CMBS Loss Compendium Update: December 2021

About KBRA

KBRA is a full-service credit rating agency registered in the U.S., the EU, and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.

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