North American CMBS Interest in Arrears

North American commercial mortgage-backed security (NA CMBS) structures allow for interest shortfalls; as such, there are classes of NA CMBS certificates where interest payments are in arrears, but the cumulative or ongoing interest shortfall is expected to be ultimately recovered and repaid.

As of October 1, 2022, the disclosure for the Interest in Arrears designation for NA CMBS certificates rated B (low) or higher has changed and will be published in a monthly commentary. The commentary will include three tables that list the classes of debt that are continuing to experience interest in arrears/shortfalls, classes of debt that have started to experience interest in arrears/shortfalls, and classes of debt where interest in arrears/shortfalls has been repaid.