The credit quality of CMBS loans appears to be slipping a bit, according to a Moody's Investors Service report Friday.

The company's third quarter review shows credit metrics of conduit loans generally remain comparable to those of 2004, which was one of the last years before the credit crisis, said Tad Philipp, Moody's director of commercial real estate research, in a report on U.S. CMBS credit quality during the period.

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