“With more and more loans turning delinquent after their maturity dates, another monthly increase in the CMBS delinquency rate has become par for the course,” says Manus Clancy, senior managing director at Trepp. “This will not last forever, but there is so much debt coming due in the immediate future that cannot be refinanced via CMBS because not many loans are making their way into new deals.”

As measured by both Fitch and Trepp, industrial withstood the biggest increase in CMBS delinquencies during March. Among Fitch-rated loans, the increase was 47 bps to 4.77, while Trepp's measurements reported a whopping 109-bp increase to 7.03%. At the other end of the spectrum, both Fitch and Trepp reported that multifamily continues to be the best-performing property type, with a declining late-pay rate in March.

NEW YORK CITY—CMBS delinquencies crept up again in March, Fitch Ratings said Monday. The ratings agency's explanation for the four-basis point increase to 3.41%—a shrinking overall index denominator and moderately higher late-pays across four of the major property types—augments last week's report on CMBS delinquencies from Trepp LLC, which also charted an uptick in late-pays.

Fitch says the first three months of this year have borne out its prediction from late last year of a slow rise in delinquencies on Fitch-rated CMBS loans. Much of the increase is coming from 2007-vintage loans, and Fitch says that assuming current market refinancing rates for maturing loans and new issuance trajectory, overall CMBS delinquencies will range between 5.25% and 5.75% by the end of 2017.

As Trepp measures them, CMBS delinquencies are already in that range, with March seeing a six-bp increase to 5.37%. Trepp's measurements encompass nearly $2 billion in new delinquencies during March, compared to $668 million of Fitch-rated CMBS falling behind during the month.

Trepp attributes the increases mainly to peak-vintage securitizations from 2006 as well as '07 continuing to reach their maturity dates without being paid off via refinancing.

“With more and more loans turning delinquent after their maturity dates, another monthly increase in the CMBS delinquency rate has become par for the course,” says Manus Clancy, senior managing director at Trepp. “This will not last forever, but there is so much debt coming due in the immediate future that cannot be refinanced via CMBS because not many loans are making their way into new deals.”

As measured by both Fitch and Trepp, industrial withstood the biggest increase in CMBS delinquencies during March. Among Fitch-rated loans, the increase was 47 bps to 4.77, while Trepp's measurements reported a whopping 109-bp increase to 7.03%. At the other end of the spectrum, both Fitch and Trepp reported that multifamily continues to be the best-performing property type, with a declining late-pay rate in March.