NEW YORK CITY—The delinquency rate for CMBS took a significant turn for the better in May, with both Trepp and Fitch Ratings reporting double-digit declines in the overall late-pay rate. However, their monthly reports, as well as a Standard & Poor’s update on expected loss projections, make it clear that the rate of improvement continues to vary by property type.

S&P’s study, which includes expanded coverage of 2015-vintage deals the company has rated, addresses losses by transaction, vintage, property type and market type. Not surprisingly, realized and expected losses are highest for CMBS originated between 2006 and 2008.

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