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Commercial delinquencies rise

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NEW YORK (AP) -- Fitch Ratings said delinquencies among commercial loans rose slightly in February from the historic low recorded the previous month.

Delinquencies among commercial mortgages packaged into securities rose to 0.3 percent in February, from a record low of 0.27 percent in January, according to Fitch's latest loan delinquency index.

Multifamily residences account for 60 percent of all delinquent commercial mortgages, despite representing less than 15 percent of total loans Fitch reviews. Delinquency rates among multifamily loans was 1.4 percent in February.

Among the other sectors of commercial loans, loans secured by office buildings had the lowest delinquency rate in February, with just 0.12 percent of payments past due.

Fitch determines the delinquency rates by reviewing about 42,000 commercial mortgage loans that were packaged into securities and rated by Fitch. Loans at least 60 days past due are considered delinquent.

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