The troubled health-care market, in which a new issuer seems to declare bankruptcy every day, is sparking investor and underwriter fears in a sector that at first blush seems far removed from health care's woes - commercial mortgage-backed securities.

In particular, because some CMBS are backed by properties owned by the defaulting health-care providers, investors are concerned that such defaults could have a detrimental impact on the CMBS market this year. So far, the rating agencies have affirmed their ratings on CMBS backed by the troubled health-care providers, but fears remain that downgrades are still possible.

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