Los Angeles County has proved a reliable bulwark against the rising delinquencies seen in CMBS backed by U.S. industrial properties during the past several years, according to Standard & Poor's research.

As of late 2003, California comprised more than one-fourth of industrial loans and about $4 billion based on allocated loan balance, yet accounted for only 4.5% of industrial loan delinquencies (approximately $9 million in delinquencies). None of these delinquencies were tied to Los Angeles County loans, which make up roughly one-fourth, or $1 billion, of California's industrial loans.

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