A large number of commercial mortgage backed securities (CMBS) are maturing this quarter in the region of Europe, the Middle East and Africa, but only a few are expected to actually repay, according to a release today by Fitch Ratings.

Largely a reflection of the economic crisis that has engulfed much of Europe, loan-to-value (LTV) numbers keep edging higher. As a result, many of the loans backing CMBS are struggling.

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