US CMBS underwriting deteriorated in Q1, says S&P

After improving last year, credit metrics in the US CMBS market have worsened in the first quarter of 2018, according to S&P Global Ratings, with new deals showing higher leverage, more interest only loans and lower debt service coverage than last year.

  • By David Bell
  • 03 Apr 2018

“Most headline metrics like loan-to-value ratios and [debt service coverage] modestly deteriorated on a quarter-on-quarter basis,” wrote S&P analysts on Tuesday.

Borrowers are increasing the amount of debt secured on buildings that are being financed by conduit CMBS, the firm said.

The rating agency’s assessment of LTV ratios ...

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2 Bank of America Merrill Lynch (BAML) 9,637 29 10.97
3 Citi 8,093 21 9.22
4 Lloyds Bank 7,329 24 8.35
5 JP Morgan 6,580 10 7.49

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