By Jessica Cavallero and Deegant Pandya Delinquency rates in Standard & Poor’s-rated U.S. commercial mortgage-backed securities (CMBS) declined in September 2014. The delinquency rate dropped 14 basis points month over month to 6.79 percent, offsetting two consecutive months of increases. A decrease in newly delinquent loans and the steady pace of property liquidations contributed to the previous month’s positive performance. Overall, Standard & Poor’s CMBS delinquency levels have declined across the major CMBS property types as a result of improving commercial real estate market fundamentals and ongoing liquidity in the refinance market. We expect an uptick in loan defaults and…