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PLEASE READ AND SCROLL DOWN!

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Rating Action:

MOODY'S DOWNGRADES 12 DKB SUPPORTED CP PROGRAMS AND 12 IBJ SUPPORTED CP PROGRAMS; ONE LOC-BACKED CP PROGRAM SUPPORTED BY LTCB IS PLACED ON REVIEW FOR POSSIBLE DOWNGRADE; AND PRIME-1 RATING OF 12 ABCP PROGRAMS CONFIRMED.

29 May 1998
MOODY'S DOWNGRADES 12 DKB SUPPORTED CP PROGRAMS AND 12 IBJ SUPPORTED CP PROGRAMS; ONE LOC-BACKED CP PROGRAM SUPPORTED BY LTCB IS PLACED ON REVIEW FOR POSSIBLE DOWNGRADE; AND PRIME-1 RATING OF 12 ABCP PROGRAMS CONFIRMED. New York, 05-29-98 -- Moody's Investors Service has downgraded the Prime-1 ratings of twenty-four commercial paper programs following Moody's May 27th announcement that the short-term ratings of Dai-Ichi Kango Bank, Ltd. (DKB) and Industrial Bank of Japan, Ltd. (IBJ) have been downgraded to Prime-2 from Prime-1. Of the twenty-four commercial paper programs that were downgraded, nine were programs supported by direct-pay irrevocable letters of credit (LOC) issued by DKB and seven were issued by IBJ. Three of DKB's asset-backed commercial paper (ABCP) programs and five of IBJ's ABCP programs were downgraded.

Moody's is reviewing for possible downgrade the Prime-3 rating of Japan Leasing Finance Corporation's $300 million commercial paper program which is fully supported by a letter of credit from The Long Term Credit Bank of Japan, Limited (LTCB). On May 27th Moody's announced LTCB's Prime-3 short-term rating was placed on review for possible downgrade.

RATINGS DOWNGRADED:

DKB'S RATINGS:

Moody's downgraded the long-term deposit and senior debt ratings of Dai-Ichi Kangyo Bank (DKB) to A3 from A1 and its BFSR to D from C. The Prime-1 rating for its short-term obligations was also lowered to Prime-2. The rating outlook is stable. These rating actions conclude the review commenced on February 13, 1998.

IBJ'S RATINGS:

Moody's downgraded Industrial Bank of Japan's long-term deposit and senior debt ratings
to A3 from A2, its short-term rating to Prime-2 from Prime-1 and its BFSR to D from C.
The rating for non-cumulative preferred stock was lowered to "baa2" from "a3" in conjunction
with the adjustment of its BFSR. The rating outlook is stable. These rating
actions conclude the review commenced on March 20, 1998.

LTCB'S RATING:

Moody's placed under review for possible downgrade the Ba1 subordinated debt
rating, the Baa3 senior debt rating and the long-term LOC obligations,
the Baa2 long-term deposit ratings, and the Prime-3 rating for short-term
deposit and short-term LOC obligations.

ASSET-BACKED COMMERCIAL PAPER PROGRAMS WITH SUPPORT FROM DKB:

The Prime-1 ratings of the following ABCP programs have been downgraded to Prime-2 because of the liquidity and/or credit support provided by DKB:

Anchor Funding Corporation
Atlas Funding Corporation
Jet Funding Corporation

LETTER OF CREDIT-BACKED TRANSACTIONS SUPPORTED BY DKB:

The Prime-1 ratings for the following commercial paper programs supported by direct-pay LOCs provided by DKB have been downgraded:

Bridgestone/Firestone, Inc.
Epson America Inc., Series B
Kobe Steel International (USA), Inc.
Ridge Capital Trust II
Seiko Corporation of America
Shimizu International Finance (USA), Inc.
Shiseido International Corporation
Shoseki International Corporation
Tokyo Leasing (USA), Inc.

RATING CONFIRMED:

The Prime-1 rating assigned to Yamaha Motor Finance Corp.'s commercial paper, which is supported by a direct-pay irrevocable letter of credit provided by DKB, has been confirmed because DKB's obligations under the LOC are supported by The Chase Manhattan Bank
(Chase) through a confirmation agreement. Chase's long-term deposit rating is Aa2, its
short-term deposit rating is Prime-1 and its bank financial strength rating is B+.

ASSET-BACKED COMMERCIAL PAPER PROGRAMS WITH SUPPORT FROM IBJ:

The Prime-1 ratings of the following ABCP programs have been downgraded to Prime-2 because of the liquidity and/or credit support provided by IBJ:

Astro Capital Corporation
Industrial Funding Corporation
Tri-Lateral Capital (USA) Inc.
Working Capital Management Co., L.P.
Working Capital Management Corp. II

LETTER OF CREDIT-BACKED TRANSACTIONS SUPPORTED BY IBJ:

The Prime-1 ratings for the following commercial paper programs supported by direct-pay LOCs provided by IBJ have been downgraded:

Kajima Capital of America, Inc.
Mitsubishi Motors Credit of America Inc. (Series D)
NS Finance, Inc.
Onoda USA Inc.
Orix America Inc.
Showa Leasing (USA) Inc. (Series C)
SRD Finance Inc. I

THE FOLLOWING ABCP PROGRAMS HAVE BEEN CONFIRMED AT PRIME-1

Various ABCP programs have IBJ and/or DKB as liquidity providers, with no other
exposure to either IBJ or DKB. However, because these programs have structural
mechanisms in place, or redundant liquidity or credit enhancement, they are protected
from any adverse rating action due to these two banks being downgraded.
The ratings assigned to the following ABCP programs are, therefore, confirmed at Prime-1:

Atlantic Asset Securitization Corporation
Banner Receivables Corporation
Corporate Asset Funding Company, Inc. (CAFCO)
Ciesco, L.P.
CXC Incorporated
Corporate Receivables Corporation
Eureka Securitization Inc.
Fairway Finance Corporation
Greenwich Funding Corporation
Park Avenue Receivables Corporation
Triple-A One Funding Corp.

The Prime-1 rating for Ascot Capital Corporation has been confirmed. Even though
IBJ acts as servicer, Ascot's credit and liquidity exposure to IBJ is minimal.

For a more detailed description of the ABCP programs mentioned in this press release, see Moody's ASSET-BACKED COMMERCIAL PAPER MARKET REVIEW, which
is published quarterly.




No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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