In the EMEA area (Europe, Middle East, and Africa) a slew of commercial mortgage backed securities are maturing this month and the high loan-to-value (LTV) ratios of their collateral will make refinancing these deals exceedingly difficult, said Fitch Ratings in a brief put out Wednesday.

The agency estimates that 35 loans in the sectors are maturing in January. Of these, 22 have LTVs over 80, according to Fitch Associate Director Mario Schmidt. Within that category, 13 are underwater. Schmidt described the chances that those struggling loans will refinance as “grim.”

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