Fitch Ratings, New York, expects that in the near to medium term, retail will represent a growing proportion of overall defaults in the commercial mortgage-backed securities sector. The rating agency said, "declining retail performance was chiefly responsible for a 13 basis point increase in delinquencies in February" when Fitch's U.S. CMBS loan delinquency index was 1.28%. "The rate of increase is consistent with Fitch's expectations that loan defaults will increase to at least 3% by year-end 2009," Fitch said.
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