Special assessment and tax-increment financing bonds from regions prone to property bubbles and busts are most vulnerable to the continuing weakness of the commercial real estate market, according to a Fitch Ratings report released Tuesday.

Numerous types of municipal securities are backed by property taxes or fees charged on commercial real estate. As the commercial property sector suffers from sliding real estate values and heightened foreclosures, it threatens the cash flows backing some municipal security structures, Fitch said.

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