More securitizations backed by commercial mortgages are outstanding than ever before. This has caused a surge in the number of CDOs backed by these loans, putting more pressure on rating agency analysts to review the transactions. Issuers and collateral managers alike have been drawn to the sector because of its recent strong performance and its perceived stability compared to residential mortgage loans. Standard and Poor's said delinquencies and defaults among CMBS are at a seven-year low.

In fact, more than 80% of CMBS investors polled last month by Dominion Bond Rating Service thought that the midterm forecast for the market was either "sunny" or "partly cloudy." More than 75% of those investors said they were most interested in the sector because of the value it offers relative to other asset classes, and because they have a lot of money to put to work, according to DBRS.

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