In the face of a crippled corporate bond market, investors have had to increasingly keep their eyes on alternative investments, and if recent default data is any indication, commercial mortgage-backed securities might be the relative value they are looking for.

A Fitch study released last week showing relatively low default rates for CMBS compared to corporates over the 10-year period from 1990 to 1999 only serves to bolster analysts' assertions that CMBS credits are as good or better than similarly rated corporate credits.

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