Morningstar DBRS Confirms Credit Ratings on All Classes of Institutional Mortgage Securities Canada Inc., Series 2015-6

DBRS Limited (Morningstar DBRS) confirmed its credit ratings on all classes of the Commercial Mortgage Pass-Through Certificates, Series 2015-6 issued by Institutional Mortgage Securities Canada Inc., Series 2015-6 as follows:

-- Class B at AAA (sf)
-- Class C at AAA (sf)
-- Class X at AAA (sf)
-- Class D at AA (high) (sf)
-- Class E at AA (sf)
-- Class F at A (sf)
-- Class G at BB (low) (sf)

All trends are Stable.

The credit rating confirmations and Stable trends reflect the overall stable performance of the transaction since Morningstar DBRS' last review in July 2024 and Morningstar DBRS' view that the remaining 15 loans are generally well positioned to be successfully repaid at their respective maturity dates. The largest five of which, comprising 71.2% of the pool, are scheduled by June 2025. The transaction benefits from a significant concentration of self-storage collateral (28.8% of the pool), which has historically exhibited strong fundamentals with favourable refinancing prospects. The remaining five loans are secured by retail collateral, four of which (33.0% of the pool) are single-tenant, grocery-anchored shopping centres with leases that extend to 2030.

As of the May 2025 remittance, the 15 remaining loans reported an aggregate principal balance of $39.2 million, representing an 87.9% collateral reduction since issuance, with 10 loans repaid since the last review. There are no loans in special servicing and seven loans, representing 53.7% of the pool, on the servicer's watchlist, all of which are being monitored for outdated financials.

The largest loan in the pool, South Hill Shopping Centre (Prospectus ID#2, 38.2% of the pool), is secured by a grocery-anchored shopping centre in Richmond Hill, Ontario. The loan has been monitored on the servicer's watchlist since February 2024 for failure to submit financials and its March 2025 maturity date has passed. According to the most recent rent roll on file from April 2022, the property was 97.9% occupied, with its largest tenant, Loblaw Companies Limited (Loblaws; 50.2% of net rentable area), scheduled to expire in April 2025. Morningstar DBRS has inquired about the status of Loblaws' lease and has not received a response as of the date of this press release; however, online searches show the tenant still in occupancy as of June 2025. The borrower continues to remit the scheduled monthly principal and interest due and, according to the servicer, is currently working on securing refinancing.

Morningstar DBRS' credit ratings on the applicable classes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. Where applicable, a description of these financial obligations can be found in the transactions' respective press releases at issuance.

Morningstar DBRS' long-term credit ratings provide opinions on risk of default. Morningstar DBRS considers risk of default to be the risk that an issuer will fail to satisfy the financial obligations in accordance with the terms under which a long-term obligation has been issued. The Morningstar DBRS short-term debt rating scale provides an opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS  
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.
 
A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (May 16, 2025), https://dbrs.morningstar.com/research/454196.

Class X is an interest-only (IO) certificate that references a single rated tranche or multiple rated tranches. The IO rating mirrors the lowest-rated applicable reference obligation tranche adjusted upward by one notch if senior in the waterfall.

All credit ratings are subject to surveillance, which could result in credit ratings being upgraded, downgraded, placed under review, confirmed, or discontinued by Morningstar DBRS.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The principal methodology is North American CMBS Surveillance Methodology (February 28, 2025) https://dbrs.morningstar.com/research/448963.

Other methodologies referenced in this transaction are listed at the end of this press release.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info-DBRS@morningstar.com.

The credit rating was initiated at the request of the rated entity.

The rated entity or its related entities did participate in the credit rating process for this credit rating action.

Morningstar DBRS had access to the accounts, management, and other relevant internal documents of the rated entity or its related entities in connection with this credit rating action.

This is a solicited credit rating.

For more information on Morningstar DBRS' policy regarding the solicitation status of credit ratings, please refer to the Credit Ratings Global Policy, which can be found in the Morningstar DBRS Understanding Ratings section of the website: https://dbrs.morningstar.com/understanding-ratings

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the credit rating process.

DBRS Limited
DBRS Tower, 181 University Avenue, Suite 600
Toronto, ON M5H 3M7 Canada
Tel. +1 416 593-5577

The credit rating methodologies used in the analysis of this transaction can be found at: https://dbrs.morningstar.com/about/methodologies.

-- North American CMBS Multi-Borrower Rating Methodology (April 9, 2025)/North American CMBS Insight Model v 1.3.0.0, https://dbrs.morningstar.com/research/451739
-- Morningstar DBRS North American Commercial Real Estate Property Analysis Criteria (September 19, 2024),
https://dbrs.morningstar.com/research/439702
-- Legal and Derivatives Criteria for Canadian Structured Finance (August 12, 2024),
https://dbrs.morningstar.com/research/437761
-- North American Commercial Mortgage Servicer Rankings (August 23, 2024),
https://dbrs.morningstar.com/research/438283

A description of how Morningstar DBRS analyzes structured finance transactions and how the methodologies are collectively applied can be found at: https://dbrs.morningstar.com/research/410863.

For more information on this credit or on this industry, visit https://dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.