OREANDA-NEWS. February 16, 2015. Fitch Ratings expects to assign the following ratings and Rating Outlooks to Institutional Mortgage Securities Canada Inc.'s (IMSCI) Commercial Mortgage Pass-Through Certificates, Series 2015-6:

--\\$208,852,000 class A-1 'AAAsf'; Outlook Stable;
--\\$73,817,000 class A-2 'AAAsf'; Outlook Stable;
--\\$7,321,000 class B 'AAsf'; Outlook Stable;
--\\$8,947,000 class C 'Asf'; Outlook Stable;
--\\$9,355,000 class D 'BBBsf'; Outlook Stable;
--\\$4,067,000 class E 'BBB-sf'; Outlook Stable;
--\\$3,660,000 class F 'BBsf'; Outlook Stable;
--\\$3,254,000 class G 'Bsf'; Outlook Stable.

All currencies are in Canadian dollars (CAD).

Fitch does not expect to rate the \\$325,375,073 (notional balance) interest-only class X or the non-offered \\$6,102,073 class H certificate.

The certificates represent the beneficial ownership in the trust, primary assets of which are 47 loans secured by 64 commercial properties located in Canada having an aggregate principal balance of approximately \\$325.4 million as of the cutoff date. The loans were originated or acquired by Institutional Mortgage Capital, LP.

Fitch reviewed a comprehensive sample of the transaction's collateral, including site inspections on 66.6% of the properties by balance, cash flow analysis of 100%, and asset summary reviews on 100% of the pool.

The transaction has a Fitch stressed debt service coverage ratio (DSCR) of 1.18x, a Fitch stressed loan-to-value (LTV) of 100.7%, and a Fitch debt yield of 9.24%. Fitch's aggregate net cash flow represents a variance of 5.3% to issuer cash flows.

KEY RATING DRIVERS

Moderate Fitch Leverage: The pool has a Fitch DSCR and LTV of 1.18x and 100.7%, respectively. This represents similar leverage as the IMSCI 2014-5 deal, which had a Fitch DSCR and LTV of 1.16x and 98.2%. The leverage is slightly lower than the 2014 average for Canadian multiborrower deals, which was a DSCR and LTV of 1.13x and 104.8%.

Canadian Loan Attributes and Historical Performance: 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. For more information on prior Canadian CMBS securitizations, see Fitch Research on 'Canadian CMBS Default and Loss Study,' dated October 2013, available on Fitch's website at www.fitchratings.com.

Significant Amortization: The pool has a weighted average amortization term of 25.2 years, which represents faster amortization than U.S. conduit loans. There are no partial or full interest-only loans. The pool's maturity balance represents a paydown of 28.6% of the closing balance, which represents significantly more paydown than the 2014 averages for Canadian and U.S. multiborrower deals of 16.6% and 12%, respectively.

Credit Opinion Loans: Twelve loans representing 16.6% of the pool have credit characteristics consistent with investment-grade obligations. The second largest loan in the pool, South Hill Shopping Centre (6.6%), has a standalone credit opinion of 'BBB-sf*'; Markham Town Square (4.3%) has a standalone credit opinion of 'AAAsf*'; and the ten U-Haul crossed loans (5.8%) have a standalone credit opinion of 'BBB-sf*'.

RATING SENSITIVITIES

Fitch performed two model-based break-even analyses to determine the level of cash flow and value deterioration the pool could withstand prior to \\$1 of loss being experienced by the 'BBB-sf' and 'AAAsf' rated classes. Fitch found that the IMSCI 2015-6 pool could withstand a 58.2% decline in value (based on appraised values at issuance) and an approximately 33.6% decrease to the most recent actual cash flow prior to experiencing a \\$1 of loss to the 'BBB-sf' rated class. Additionally, Fitch found that the pool could withstand a 62.1% decline in value and an approximately 39.9% decrease in the most recent actual cash flow prior to experiencing \\$1 of loss to any 'AAAsf' rated class.

Key Rating Drivers and Rating Sensitivities are further described in the accompanying transaction report.

The master and special servicer is Midland Loan Services, a Division of PNC Bank, National Association, rated 'CMS1' and 'CSS1', respectively, by Fitch.

The presale report is available at 'www.fitchratings.com' or by clicking on the link.