OREANDA-NEWS. U. S. CMBS delinquencies climbed slightly higher last month largely due to a shrinking index denominator, according to the latest results from Fitch Ratings.

Loan delinquencies rose three basis points (bps) in September to 3.18% from 3.15% a month earlier. Resolutions of $541 million edged out new delinquencies of $511 million. However, delinquencies rose overall due to a $9 billion portfolio runoff that significantly exceeded Fitch-rated new issuance volume of $5 billion from six transactions in August.

The largest resolution was the $51.9 million Merritt Square Mall asset (MSCI 2006-IQ11), a 478,040 sf regional mall located in Merritt Island, FL, which became real-estate owned in June 2016. The largest new delinquency, which contributed to the majority of the 13-bp increase in the office delinquency rate, was the $68.75 million Dulles Executive Plaza loan (BSCMS 2006-TOP24).

Current and previous delinquency rates by property type are as follows:

--Retail: 4.77% (from 4.79% in August);

--Office: 4.68% (from 4.55%);

--Hotel: 3.88% (from 3.85%);

--Multifamily: 0.79% (from 0.79%);

--Industrial: 4.17% (from 4.05%);

--Mixed Use: 3.94% (from 4.01%);

--Other: 0.75% (from 0.72%).