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Recovering office market may not move CMBS office credit needle: Despite a slowly healing U.S. office property market, the commercial mortgage-backed securities (CMBS) office sector continues to struggle, according to S&P Structured Finance Research. Office collateral packaged as part of a CMBS loan, which accounts for 30% of the total outstanding principal balance of rated CMBS, has struggled in comparison with other major property types. Office CMBS delinquencies accelerated in the first half of 2012, even as several large office loans underwent modifications.
