Coronavirus' Short-Term Impact on Canadian Hotel and Retail Loans
With the World Health Organization declaring the Coronavirus Disease (COVID-19) outbreak as a global pandemic, effects on the Canadian economy are beginning to take hold, which will inevitably affect Canadian loans in commercial mortgage-backed securities (CMBS), especially those secured by hotels and retail properties. DBRS Morningstar identified $36.6 million in hotel loans and $191.7 million in retail loans in Canadian CMBS transactions that are at elevated risk of default in the short term, as those industries deal with the economic fallout from the coronavirus.
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