Performance of loans in European commercial mortgage-backed securities vary significantly by conduit program, according to Fitch Ratings. Fitch noted wide differences in average interest coverage ratio, debt service coverage ratios and loan-to-value ratios. It found that Deutsche Bank’s DECO program had the most outstanding CMBS loans at 15.5%, followed by Credit Suisse’s Titan (12.6%) and Barclays Capital’s Eclipse (10.6%). Merrill Lynch’s Taurus had among the lowest at 4.1%

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