NEW YORK CITY—Performance metrics for legacy CMBS are doing just fine. As Trepp reported last week and as Fitch Ratings notes in its own report, delinquencies for these securities continue to fall.
However, some new issuance measures are worsening—namely the leverage metrics, according to Fitch Ratings' latest quarterly index report.
It reported that credit enhancement levels for US CMBS rose in first quarter of 2014, as underlying loan leverage increased.
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