DBRS Assigns Provisional Ratings to IMSCI 2012-2

DBRS has today assigned provisional ratings to the following classes of Institutional Mortgage Securities Canada Inc., Series 2012-2.

– Class A-1 at AAA (sf)
– Class A-2 at AAA (sf)
– Class B at AA (sf)
– Class C at A (sf)
– Class D at BBB (sf)
– Class E at BBB (low) (sf)
– Class F at BB (sf)
– Class G at B (sf)
– Class XP at AAA (sf)
– Class XC at AAA (sf)

The collateral for the transaction consists of 31 fixed-rate loans secured by 33 properties. The 31 loans in the transaction have five- to ten-year terms and are subject to amortization schedules ranging from 20 to 30 years. In addition, 74.9% of the pool (by dollar balance) has partial or full recourse to the respective sponsor.

A cash flow underwriting review was completed by DBRS of 29 of the 31 loans in the transaction, which resulted in a DBRS weighted-average term DSCR and debt yield of 1.36x and 9.2%, respectively.

For more detail on the transaction and the DBRS analysis, please see the Presale Report on the DBRS website at www.dbrs.com

Notes:
All figures are in Canadian dollars unless otherwise noted.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodology is CMBS Rating Methodology (January 2012), which can be found on our website under Methodologies.