OREANDA-NEWS. Fitch Ratings has affirmed seven classes of Real Estate Asset Liquidity Trust's (REAL-T) commercial mortgage pass-through certificates, series 2014-1. A detailed list of rating actions follows at the end of this press release. All currencies are in Canadian dollars (CAD).

KEY RATING DRIVERS

The affirmations of REAL-T 2014-1 are based on the stable performance of the underlying collateral since issuance. As of the October 2015 distribution date, the pool's aggregate principal balance has been reduced by 2.2% to $274.4 million from $280.6 million at issuance. There are currently no delinquent or specially serviced loans.

The certificates represent the beneficial ownership in the trust, primary assets of which are 34 loans secured by 46 commercial properties located in five provinces of Canada. The loans were originated or acquired by Royal Bank of Canada, IMC Limited Partnership, and Trez Commercial Mortgage Limited Partnership.

Additionally, the ratings reflect strong historical Canadian commercial real estate loan performance, including a low delinquency rate and low historical losses of less than 0.1%, as well as positive loan attributes, such as short amortization schedules, recourse to the borrower, and additional guarantors.

There are no partial or full interest-only loans. The pool's scheduled maturity balance represents a paydown of 14.4% of the October 2015 balance. Approximately 91% have full or partial recourse to the sponsor and/or guarantor.

RATING SENSITIVITIES
The Rating Outlooks remain Stable for all classes due to stable performance of the pool since issuance. 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 'REAL-T 2014-1' (Aug. 21, 2015), available at www.fitchratings.com.

DUE DILIGENCE USAGE
No third-party due diligence was provided or reviewed in relation to this rating action.

Fitch has affirmed the following ratings:

--$235.4 million class A at 'AAAsf'; Outlook Stable;
--$7 million class B at 'AAsf'; Outlook Stable;
--$9.1 million class C at 'Asf'; Outlook Stable;
--$7.7 million class D at 'BBBsf'; Outlook Stable;
--$3.5 million class E at 'BBB-sf'; Outlook Stable;
--$3.2 million class F at 'BBsf'; Outlook Stable;
--$2.8 million class G at 'Bsf'; Outlook Stable.

Fitch does not rate the interest-only class X or the non-offered $5.6 million class H certificate.