Fitch Ratings had some good news in its U.S. CMBS 2022 Loan Default Study. With all the talk of higher interest rates, bank problems, and a challenging financing front, overall defaults slowed.

“The total annual and cumulative default rates for 2022 were 0.3% and 17.9%, respectively, edging lower from 0.4% and 18.0% in 2021,” the firm wrote, then adding how the news might be no better than the logical result of arithmetic, “due to a 22% reduction in total defaults being offset by a comparable decline in issuance from the prior year.” So, a linear relation between the number of defaults and issued loans, which makes sense.

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Erik Sherman


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