KBRA Releases Research – CMBS Loan Performance Trends: November 2021

Kroll Bond Rating Agency (KBRA) releases a report on U.S. commercial mortgage-backed securities (CMBS) loan performance trends observed in the November 2021 servicer reporting period. The November delinquency rate fell to 3.8%, down from 4.1% in October. This is the 17th consecutive month where the rate has declined or was flat from the previous month since peaking in June 2020, at 8.2%.

Lodging recorded the largest decrease in delinquency rates, to 8.6% from 9.3%, followed by mixed-use (4.4% from 4.9%) and retail (6.1% from 6.5%). Similar to recent months, the decline in lodging delinquencies continued to be sizable, where rates have been dropping 60 to 90 basis points (bps) month-over-month (MoM). For the conduit universe, delinquencies declined to 4.8%, down 30 bps from the October delinquency rate of 5.1%. In November, the amount of conduit loans in special servicing decreased for the seventh consecutive month, to $17 billion from $17.3 billion in October 2021.

Click here to view the report.

Related Publications

• 2022 Sector Outlook—CMBS: Full Steam Ahead
• Conduit CMBS Default and Loss Study: Default Volatility, Loss Stability
• CMBS Trend Watch: October 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211130006036/en/