The following is an excerpt from a larger report, "CMBS Quarterly Review: Fourth Quarter 2002." The entire report can be found on Standard & Poor's RatingsDirect, or on the Web at

Overall, Standard & Poor's expects a stable year in 2003 for U.S. CMBS. Issuance levels and delinquency performance are unlikely to deviate from those seen in 2002. Here are the forecasts for 2003, made with the realization that all predictions must be qualified by the significant uncertainty in the current economy.

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