Of the $22.5 billion in commercial mortgage-backed securities loans set to mature in 2011, roughly 30% do not pass the Fitch Ratings refinance test, the credit rating agency said Friday. More than half of the loans, $12.9 billion, are set to mature in the back half of the year, and most are on retail properties. Fitch said the majority of the loans that do pass the test have 10-year maturities and are not experiencing leverage issues. "Borrowers of maturing five-year interest only loans will need to contribute additional equity to reduce debt levels," Fitch Senior Director Adam Fox said. "Five-year loans will face more difficulty in refinancing, especially office loans with significant upcoming lease rollover." Another credit rating agency Moody's Investors Service said in a recently released report the commercial real estate markets are making their way toward recovery, but most still have not reached a point of stability. "Loans that pass Fitch's refinance test will be in a better position to be refinanced as liquidity continues to return to the CMBS market," Fox said. Write to Jon Prior. Follow him on Twitter: @JonAPrior