OREANDA-NEWS. Fitch Ratings has affirmed all rated classes of Institutional Mortgage Securities Canada Inc.'s (IMSCI) commercial mortgage pass-through certificates, series 2014-5. A full list of rating actions follows at the end of this press release.

KEY RATING DRIVERS
The affirmations reflect the transaction's stable performance since issuance. As of the July 2015 distribution date, the pool's aggregate principal balance has been reduced by 9.6% to $281.9 million from $311.8 million at issuance. No loans are defeased or delinquent. There are no classes experiencing interest shortfalls. Three loans have paid in full since issuance.

In addition, the ratings reflect strong historical Canadian commercial real estate loan performance, including a low delinquency rate and low historical losses, as well as positive loan attributes, including short amortization schedules and recourse to the borrower and additional guarantors. Of the pool, 83.8% of the loans feature full or partial recourse to the borrowers and sponsors.

The largest loan in the pool is Milton Crossroads West (8% of the pool), which is secured by an anchored retail center located in Milton, Ontario. The property was originally three buildings, with two additional buildings to be developed. Major collateral tenants include SportChek, Indigo and Michael's. The loan is sponsored by Calloway REIT and First Gulf Development Corporation.

The second largest loan is Les Galeries Richelieu (7.1% of the pool), which is secured by a two-building, 227,161-sf shopping center located in Saint-Jean-sur-Richelieu (SJR), Quebec. SJR is located approximately 50 kilometers southeast of Montreal. The major tenants are Le CSSS Haut-Richelieu-Rouville (CSSS), a community health center run by the provincial government, Provigo Distribution (operating as Maxi) and Bureau en Gros (part of the Staples chain). The loan sponsor is BTB Real Estate Investment Trust.

RATING SENSITIVITIES
The Rating Outlook remains Stable for all classes. 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 2014-5' (July 2, 2014), available at www.fitchratings.com.

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

A comparison of the transaction's Representations, Warranties, and Enforcement (RW&E) mechanisms to those of typical RW&Es for the asset class is available in the following report:

--'IMSCI 2014-5 -- Appendix' (July 2, 2014).

Fitch has affirmed the following ratings:

--$122.4 million class A-1 at 'AAAsf'; Outlook Stable;
--$119 million class A-2 at 'AAAsf'; Outlook Stable;
--$6.2 million class B at 'AAsf'; Outlook Stable;
--$9.4 million class C at 'Asf'; Outlook Stable;
--$8.2 million class D at 'BBBsf'; Outlook Stable;
--$4.7 million class E at 'BBB-sf'; Outlook Stable;
--$3.1 million class F at 'BBsf'; Outlook Stable;
--$3.1 million class G at 'Bsf'; Outlook Stable.

Fitch does not rate the interest-only class X or the non-offered $5.8 million class H certificate.

All currencies are in Canadian dollars (CAD).