The  recent weakness in the credit markets means European CMBS issuance isn't  likely to pick up significantly anytime soon, according to Standard & Poor's report.

At the same time, legacy European CMBS transactions continue to deal with the surge of loan maturities that began last year. "Borrowers' refinancing options remain limited, so as these maturity dates approach, special servicers are bound to have their work cut out for them," said analysts at S&P.

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