There has been a sharp increase in European CMBS loans entering special servicing according to Standard & Poors.
The rating’s agency found the increase – noted in the loans it services – is due to a combination of the steady reduction in the number of outstanding European CMBS transactions that it rates and the increased number of loans entering special servicing.
At present, by loan count, the number of European CMBS transactions in special servicing, as a percentage of its outstanding European CMBS universe is 45.9%.
With an additional €9bn of loans due to mature in 2014, S&P said it appears likely that this trend will continue.
S&P analyses performance data for the European CMBS transactions including maturities, delinquencies, specially serviced loans, as well as rating and note-level matters.
Bridget.O’Connell@estatesgazette.com
