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U.S. commercial real estate loan collateralized debt obligations (CREL CDOs) late-pays fell for a second straight month to 12.7% in January, from 13.4% the prior month, according to data from Fitch Ratings.

New delinquent assets in January consisted of two term defaults, one matured balloon loan and one credit impaired security. The largest new delinquency was a term default on a B-note and mezzanine debt backed by a 410,000 square foot office building in Atlanta.

In January, asset managers reported approximately $50 million in realized principal losses from the disposal of several assets. The largest reported loss was a 33% realized loss on the discounted sale of a 350,000 square foot real estate owned office property located in San Diego that was foreclosed on in December 2011; the loss was anticipated at last rating action for the transaction.

A total of 28 CREL CDOs rated by Fitch Ratings reported delinquencies ranging from 0.3% to 66.4% last month.  In total, 41% of the rated CREL CDOs were failing at least one over-collateralization test in January.


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