(The following statement was released by the rating agency)
March 01 - Fitch Ratings says in its latest European CMBS bulletin that like February, March 2012 will be a quiet month for scheduled loan maturities. Only one loan is due to mature, The Zeloof Partnership, securitised in Victoria Funding (EMC-III) plc and serviced by Capita Asset Services (Ireland) Limited. The servicer has indicated that the borrower’s intention is to repay the loan in full at maturity.
Only 10 of the 32 loans that were originally scheduled to mature in 2012 have repaid at maturity. This means a total debt of EUR13.5bn is in workout, in standstill or has been extended since the onset of the credit crisis.
This statistic does not bode well for the April 2012 maturities. Although February and March have only three loans scheduled to mature between them, significant volumes become due in April (EUR2.3bn, 24 loans), a similar amount to January.
There was very little movement on this index during February as only two loans matured. Fitch expects the current index of 40% to start falling as volumes of maturing debt increase in 2012.
Fitch also highlights Dutch CMBS risk following the default of Uni-Invest. Two years after Dutch property manager Uni-Invest failed to repay its EUR602m loan, and having failed to complete the sale of its Dutch portfolio during the tail period, the transaction reached its legal final maturity without repaying outstanding principal amounts on the notes (for more detail see “Fitch: Dutch CMBS Risks Shown by UniInvest, Fleet Street Three”, dated 24 February 2012 at www.fitchratings.com).
Fitch’s Maturity Repayment Indices are incorporated into the agency’s ‘European CMBS Loan Maturity Bulletin’, which provides data and commentary on loans backing European CMBS that are due to mature during the month. The bulletin supplements the agency’s ongoing rating analysis and surveillance services and is available at www.fitchratings.com. It also looks at the status of loans that reached their maturity in previous months. Data on loan maturities is also available for download in Excel format.
Information and analysis of loan, portfolio and note-level information pertaining to all Fitch-rated European CMBS can be downloaded from www.fitchratings.com. Each loan summary in the bulletin will link to this additional data. The loan-by-loan ‘CMBS SMART’ surveillance pages, which are updated quarterly, contain Fitch’s own performance metrics, such as the “Fitch LTV” and “Fitch Property Grade”, alongside reported transaction performance data and ratings. This information is available in spreadsheets with a consistent format that can be downloaded by investors for further analysis.
Fitch’s European CMBS performance tool ‘CMBS SMART’ is available at: www.fitchratings.com under the following headers: > Sectors > Structured Finance > CMBS > Tools > CMBS Surveillance > European
Link to Fitch Ratings’ Report: European CMBS Loan Maturity Bulletin - March 2012