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. All currencies are in Canadian dollars (CAD).

The certificates represent the beneficial ownership in the trust, primary assets of which are 35 loans secured by 40 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 2016 remittance, the pool has had no delinquent or specially serviced loans. The pool's aggregate principal balance has been paid down by approximately 10.5% since issuance. There are no partial or full-term interest-only loans in the pool. Approximately 90.3% of the pool has full or partial recourse to the loans' borrowers and sponsors.

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 seven loans located in Alberta, representing 18.9% of the pool. However, the six largest of the seven loans have full or partial recourse to the guarantors and/or sponsors; the other loan is part of a crossed U-Haul self-storage portfolio. The three Fort McMurray multifamily properties (8.8% of the pool), which are not crossed, have institutional REIT sponsorship. The two Calgary office properties have granular tenancy.

The largest loan of the pool (10.8% 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 (9.1%) is secured by the Merivale Mall, a 225,082 square foot (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. Discount retailer Marshalls opened in 2015.

The third largest loan (8.8%) 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. Lease expirations for the portfolio range from 2021 to 2031.

RATING SENSITIVITIES
Although all rated classes maintain Stable Outlooks, Fitch will continue to monitor the properties exposed to the energy sector in addition to reviewing the year-end 2015 reporting when provided by the servicer.

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

Fitch has affirmed the following ratings:

--$11.1 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.

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