SAN FRANCISCO — Despite apparently alarming drops in many regional real estate markets around the country, most jurisdictions have built-in structural cushions that will offset the impact of lower assessed values on bond issuers, according to a report Fitch Ratings will release today.

“There’s fear out there because of dramatic declines in the real estate market nationwide; there’s a perception that falling real estate values will translate directly into property tax revenues,” said Fitch analyst Eric Friedland, one of the authors.

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