In its most recent conduit and default study, Fitch Ratings said that the CMBS cumulative default rate may reach 5% by year-end, up from the 2003 default rate, which totaled 3.95%.

"Consistent with previous findings, the cumulative amount of CMBS losses remains remarkably small -- only 0.38% of CMBS collateral has been lost over the past 11 years," said analysts from the rating agency.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.