DBRS Assigns Provisional Ratings to Institutional Mortgage Securities Canada Inc., Series 2013-4

DBRS has today assigned provisional ratings to the following classes of Commercial Mortgage Pass-Through Certificates, 2013-4 issued by Institutional Mortgage Securities Canada Inc., Series 2013-4.

-- 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 X at AAA (sf)

The collateral for the transaction consists of 33 fixed-rate loans secured by 37 properties. The 33 loans in the transaction have approximately five- to ten-year terms and are subject to remaining amortization schedules ranging from 20 years to 30 years. In addition, 66.2% of the pool (by dollar balance) has partial or full recourse to the respective sponsor.

A cash flow underwriting review of 22 of the 33 loans in the transaction was completed by DBRS, resulting in a DBRS weighted-average term DSCR and debt yield of 1.39x and 9.3%, respectively.

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.

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

The Rule 17g-7 Report of Representations and Warranties is hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.