The 2000 vintage CMBS was an anomaly with higher-than-expected delinquencies but its lackluster performance shows that the real estate cycle still matters, concluded Moody's Investors Service in a report released last week on CMBS loans.

Moody's produced two reports on CMBS loans looking at delinquencies in terms of their place in the real estate cycle as well as their relationship with loan level credit migration.

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