Even as the overall CMBS delinquency rate falls, deals issued in 2004 have experienced rising overdue rates, according to Fitch Ratings.The 2004 CMBS vintage delinquency rate climbed 34 basis points to 0.39% in 2006, even as the overall CMBS delinquency rate has improved by 28 basis points to 0.51%, Fitch said. The 2004 delinquency rate is higher than that for the more seasoned 2002 and 2003 vintages, Fitch noted, adding that vintage delinquency rates typically rise for the first eight years of seasoning. Fitch attributed the vintage 2004 problems to several large loans in Tennessee and Texas that have had an impact on the entire vintage year. Fitch Ratings can be found on the Web at www.fitchratings.com

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