Abridged from "An Update of the Credit Profile of Standard & Poor's Rated U.S. Commercial Mortgage Loans"

For the credit performance of commercial mortgage loans, 2003 was the most stressful year since the early 1990s. It witnessed a sharp increase in the incidences of default. Among commercial mortgage loans originated between 1993 and 2002 that were pooled for Standard & Poor's rated CMBS issued in the U.S. (hereafter, the S&P's mortgage loans), defaults in 2003 reached 399. They accounted for 30% of all S&P mortgage loans that defaulted as of Dec. 31, 2003.

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