OREANDA-NEWS. Fitch Ratings has affirmed Institutional Mortgage Capital, LP's (IMSCI) commercial mortgage pass-through certificates, series 2013-3. A detailed list of rating actions follows at the end of this release.

The certificates represent the beneficial ownership in the trust, primary assets of which are 38 loans secured by 43 Canadian commercial properties. The loans were contributed to the trust by Institutional Mortgage Capital, LP.

KEY RATING DRIVERS

The affirmations are based on the stable performance of the underlying collateral pool since issuance. As of the January 2015 remittance, the pool has had no delinquent or specially serviced loans. The pool's aggregate principal balance has been paid down by approximately 4.34% since issuance. There are no partial or full-term interest-only loans in the pool.

Given the current low price of oil and the dependence of Alberta on the oil industry, Fitch is cognizant of the potential risks real estate in Alberta may have. The pool has eight loans located in Alberta, representing 20.8% of the pool. However, the seven largest of the eight loans have full or partial recourse to the guarantors and/or sponsors. The two largest Calgary office properties have granular tenancy and the three Fort MacMurray multifamily properties have institutional REIT sponsorship. No additional loss expectations were therefore attributed to the Alberta properties.

RATINGS SENSITIVITIES

All rated classes maintain Stable Outlooks. Due to the recent issuance of the transaction and stable performance, Fitch does not foresee positive or negative ratings migration until a material economic or asset level event changes the transaction's portfolio-level metrics. Additional information on rating sensitivity is available in the report 'IMSCI 2013-3' (March 19, 2013), available at www.fitchratings.com.

The largest loan of the pool (10.3% of the pool balance) is secured by a 362,577 square foot (sf) enclosed shopping center located in Dollard-des-Ormeaux (Montreal), Quebec. The property is anchored by Canadian Tire and Super C grocery. The pari passu loan is full recourse to the borrowing entity and its owner and is partial recourse to the sponsor.

The second largest loan (8.8%) is secured by the Merivale Mall, a 225,082 sf enclosed shopping center located in Ottawa, Ontario. The property, which was built in 1977 and renovated in 1994, is anchored by Farm Boy and Sport Chek. The pari passu loan is full recourse to the borrowing entity and partial recourse to the sponsor.

The third largest loan (8.6%) is the Shoppers Drug Mart Portfolio which consists of eight cross-collateralized and cross-defaulted loans. Each loan is secured by a retail property fully leased by Shoppers Drug Mart. The portfolio consists of 141,093 sf and is located across Ontario in Ottawa, London, and Windsor.

Fitch affirms the following classes as indicated:

--\$26.5 million class A-1 at 'AAAsf'; Outlook Stable;
--\$96.4 million class A-2 at 'AAAsf'; Outlook Stable;
--\$81.6 million class A-3 at 'AAAsf'; Outlook Stable;
--\$5.3 million class B at 'AAsf'; Outlook Stable;
--\$8.5 million class C at 'Asf'; Outlook Stable;
--\$6.9 million class D at 'BBBsf'; Outlook Stable;
--\$3.8 million class E at 'BBB-sf'; Outlook Stable;
--\$3.1 million class F at 'BBsf'; Outlook Stable;
--\$2.5 million class G at 'Bsf'; Outlook Stable.

All currencies are in Canadian dollars (CAD).

Fitch does not rate the \$5 million class H and the interest-only class X.