NEW YORK--(BUSINESS WIRE)--Fitch Ratings has issued a presale report on Institutional Mortgage Capital, LP's commercial mortgage pass-through certificates, series 2013-3.
Fitch expects to rate the transaction and assign Outlooks as follows:
--$37,370,000 class A-1 'AAAsf'; Outlook Stable;
--$96,370,000 class A-2 'AAAsf'; Outlook Stable;
--$81,600,000 class A-3 'AAAsf'; Outlook Stable;
--$5,321,000 class B 'AAsf'; Outlook Stable;
--$8,451,000 class C 'Asf'; Outlook Stable;
--$6,886,000 class D 'BBBsf'; Outlook Stable;
--$3,756,000 class E 'BBB-sf'; Outlook Stable;
--$3,129,941a class F 'BBsf'; Outlook Stable;
--$2,503,953a class G 'Bsf'; Outlook Stable.
a Non-offered certificates. All currencies are in Canadian dollars (CAD).
The expected ratings are based on information provided by the issuer as of Jan. 27, 2013. Fitch does not expect to rate the $250,395,295 (notional balance) interest-only class X or the non-offered $5,007,401 class H certificate.
The certificates represent the beneficial ownership in the trust, primary assets of which are 38 loans secured by 43 Canadian commercial properties having an aggregate principal balance of approximately $250.4 million as of the cutoff date. The loans were contributed to the trust by Institutional Mortgage Capital, LP.
Fitch reviewed a comprehensive sample of the transaction's collateral, including site inspections on 80.5% of the properties by balance, as well as cash flow analysis, and asset summary reviews on 100% of the pool.
The transaction has a Fitch stressed debt service coverage ratio (DSCR) of 1.15 times (x), a Fitch stressed loan-to-value (LTV) of 99.5%, and a Fitch debt yield of 9.25%. Fitch's aggregate net cash flow represents a variance of 4.9% to issuer cash flows.
The Master Servicer and Special Servicer will be Midland Loan Services, N.A., rated 'CMS1' and 'CSS1', respectively, by Fitch.
The presale report is available at 'www.fitchratings.com'.
Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
--'Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions' (Aug. 8, 2012);
--'Global Structured Finance Rating Criteria' (June 6, 2012);
--'U.S. Commercial Mortgage Servicer Rating Criteria' (Feb. 18, 2011);
--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 18, 2012);
--'Counterparty Criteria for Structured Finance Transactions' (May 30, 2012).
Applicable Criteria and Related Research: IMSCI 2013-3 (US CMBS)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=699929
Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685995
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923
U.S. Commercial Mortgage Servicer Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696969
Counterparty Criteria for Structured Finance Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678938
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