News that some top-rated CMBS in both the US and Europe are set to make losses is in line with our previous view that distress will ramp up in 2024. But, to date, the troubled securities have all been backed by some of the worst-performing assets across the US and Europe. Claims that those CMBS were mis-rated appear justified and further pockets of distress will show up, but there is little evidence of a more widespread crisis brewing.
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