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.The disclosure for the Interest in Arrears designation for NA CMBS certificates rated B (low) or higher is published in a monthly commentary. The commentary includes 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 removed or repaid.
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