S&P LOOKS AT 2000 CMBS MARKET.

ACCORDING TO ITS LATEST CMBS QUARTERLY Insights report, Standard & Poor's, New York, expects the commercial mortgage-backed securities (CMBS) market in 2000 to be something of a repeat performance of the stronger-than-anticipated 1999 market. S&P says the following can be expected from the market this year: Domestic issuance to be in the mid-$50 billion range; international issuance approaching $20 billion; rating upgrades exceeding downgrades; a relatively stable economic real estate environment, but with some noted regional stress; delinquencies expected to remain in check and limited to specific events, by property type or borrower rather than broad trends; and no relief in sight for U.S. real estate investment trusts (REITs) to raise equity or unsecured capital, prompting greater use of secured financings and joint ventures.