Though an initial spike in delinquencies is possible, Fitch Ratings anticipates no long-term effects from Hurricane Charley on the universe of Fitch-rated commercial mortgage backed securities (CMBS).

"While there will likely be an uptick in CMBS delinquencies as borrowers come out of pocket to pay the deductibles and access to properties is limited, this should generally be a short-term phenomenon," says Mary MacNeill, senior director at Fitch.

Florida — which received the most damage from Charley — is the fourth largest contributor of U.S. CMBS collateral. According to Fitch, borrowers of commercial properties are required to carry insurance — including wind damage — that generally carries a 5% deductible. Borrowers are also required to carry property interruption insurance.