Fitch Ratings is concerned with the spike in issuance of large-loan commercial mortgage-backed securities (CMBS) in the U.S. The agency believes that the credit protection in these deals is not enough to justify the ratings sought by their issuers.

In a report, the agency said collateral and underwriting standards are starting to deteriorate as more deals come out. Issuance in this segment is expected to hit $11 billion in the first four months of 2013, nearly on par with the $11 billion placed during all of 2012.

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