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NEW YORK CITY-August was a good news/bad news month for legacy CMBS. On the one hand, the month’s tally of new defaults pushed the delinquency rating up by 21 basis points or more; on the other hand, this was offset by a record number of loan resolutions, says Fitch Ratings.

The ratings agency said Friday that $2.1 billion of CMBS loans disappeared from its delinquency index last month through a combination of liquidations, repayments upon refinancing, corrections and modifications. Resolutions from the index included three loans with balances of more than $100 million, according to Fitch.

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