DBRS Finalizes Ratings on IMSCI 2013-3

DBRS has today assigned final 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 terms of approximately five to ten years 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 debt service coverage ratio (DSCR) and debt yield of 1.36x and 9.1%, respectively.

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

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

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