DBRS Assigns Provisional Ratings to IMSCI 2013-3

DBRS has today assigned provisional ratings to the following classes of Institutional Mortgage Securities Canada Inc., Series 2013-3.

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 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 X at AAA (sf)

The collateral for the transaction consists of 38 fixed-rate loans secured by 43 properties. The 38 loans in the transaction have approximately five- to ten-year terms and are subject to remaining amortization schedules ranging from 16 to 30 years. In addition, 90.7% of the pool (by dollar balance) has partial or full recourse to the respective sponsor.

A cash flow underwriting review of 35 of the 38 loans in the transaction was completed by DBRS, resulting in a DBRS weighted-average term DSCR and debt yield of 1.36x and 9.1%, 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.

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