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NEW YORK CITY-Special servicers have been able to handle moreCMBS loan resolutions each year since 2009, andFitch Ratings expects that trend to continuethroughout 2012. At the same time, loss severities appear to be onthe wane after hitting a high water mark of 45%, the ratings agencysaid in its annual US CMBS Loss Study issued earlier this week.

Throughout 2011, loss severities actually declined in most majorproperty types, aside from hotels, where severities rose to 55.4%,coming in second behind retail with 56.4%. Looking ahead, Fitch hasa wary eye on office, currently the only CMBS asset type that it’sassigned a negative outlook. "Office loans and properties alongwith tertiary markets are Fitch’s chief concerns with respect toloss severities in 2012,” says senior director AdamFox in a release.