Special servicers modified a record $2.1 billion in loans backing commercial mortgage-backed securities (CMBS) in August, but delinquencies continue to grow, according to the credit-rating agency Fitch Ratings. The delinquency rate on CMBS loans reached 8.48%, a 23 basis point increase from July. There were $3.1 billion in new delinquencies, driven mostly by five loans recent defaults of loans worth more than $100 million. Another credit-rating agency Moody's reported the CMBS delinquency rate increased 21 bps to 8.1% in August. "Delinquency rate increases have moderated over the past three months, but the overall rate itself is expected to continue rising over the near term, with the potential for an occasional spike given the large reservoir of troubled loans in special servicing," said Moody's Managing Director Nick Levidy. An analytics firm Trepp also reported the delinquency rate on CMBS at 8.92%. "Though special servicers are working out loans at an increased rate, the volume of new delinquencies has not yet subsided," Fitch Senior Director Adam Fox said. "Highly levered loans originated at the market’s peak continue to default as borrowers seek modifications or hand back the keys to underperforming assets." New delinquent loans in August included the Innkeepers Portfolio, worth more than $825 million. The Hyatt Regency in Bethesda, Md. worth $140 million also fell into delinquency in August. The delinquency rate on hotels passed 20% in August, up from 18.6% in July. Multifamily was second with 14.18% delinquency rate, and retail third with a 6.11% rate. Industrial properties had a 5.55% delinquency rate, and delinquencies on office properties was just over 5%. Write to Jon Prior.