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By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

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Rating Action:

Moody's assigns Aa2 (sf) to BTMU Mortgage Trust 7 (JHF guarantee)

 The document has been translated in other languages

28 Feb 2011

Approximately JPY 6.0 billion of Mortgage Beneficial Interests Rated

Tokyo, February 28, 2011 -- Moody's Japan K.K. has assigned a definitive rating to the BTMU Residential Mortgage Loan Trust Beneficial Interests Series 7 (JHF guarantee) transaction ("Mortgage Beneficial Interests").

The Mortgage Beneficial Interests are backed by residential mortgages originated by The Bank of Tokyo-Mitsubishi UFJ, Ltd. and are insured by the Japan Housing Finance Agency ("JHF").

The scheduled dividends and principal payments on the Mortgage Beneficial Interests are also guaranteed pursuant to a Credit Support and Liquidity Support Agreement by JHF.

The rating addresses the expected loss posed to investors by the final maturity date. The structure allows for timely payments of dividends (in scheduled amounts, on scheduled payment dates), and full repayment of principal by the final maturity date.

Although payments of the residual dividends to the Mortgage Beneficial Interests could be made, JHF guarantees the scheduled dividends and principal payments on the Mortgage Beneficial Interests and therefore the rating does not address payments of such residual dividends.

The complete rating actions are as follows:

Transaction name: BTMU Residential Mortgage Loan Trust Beneficial Interests Series 7 (JHF guarantee)

Class, Issue Amount, Scheduled Dividend Rate, Payment Frequency, Rating

Mortgage Beneficial Interests, JPY 6,028,028,317, Fixed, Monthly, Assigned Aa2 (sf)

Credit Enhancement: JHF's guarantee of the scheduled dividends and principal payments on the Mortgage Beneficial Interests pursuant to a Credit Support and Liquidity Support Agreement

Underlying Assets: Residential mortgage loan receivables (entitled "Flat 35 [Guarantee Program]," originated under the JHF Guarantee Model, a JHF Securitization Support Activities Scheme) and cash reserve

Entrustment Date: February 18, 2011

Closing Date: February 28, 2011

Final Maturity Date: October 10, 2046

Seller/Servicer: The Bank of Tokyo-Mitsubishi UFJ, Ltd. (Aa2/P-1, "Bank of Tokyo-Mitsubishi UFJ")

Asset Trustee: Mitsubishi UFJ Trust and Banking Corporation

Housing Loan Insurance Underwriter: Japan Housing Finance Agency (Aa2, "JHF")

Credit and Liquidity Support Provider: Japan Housing Finance Agency

Arranger: BNP Paribas Securities (Japan) Limited, Tokyo Branch

RATING RATIONALE

The scheduled dividends and principal payments on the Mortgage Beneficial Interests are guaranteed pursuant to a Credit Support and Liquidity Support Agreement by JHF (Aa2). Moody's assigned the rating to the Mortgage Beneficial Interests based solely on JHF's guarantee capability. The rating of the Mortgage Beneficial Interests is linked to that of JHF in principle. The rating does not factor in the credit quality of the underlying residential mortgage loan pool.

Bank of Tokyo-Mitsubishi UFJ ("Seller") entrusted a pool of its residential mortgage loans -- as originated by itself -- as well as cash to Mitsubishi UFJ Trust and Banking Corporation ("Asset Trustee") and received the Mortgage Beneficial Interests and the Reserve Beneficial Interests.

The Seller sold the Mortgage Beneficial Interests to investors, but holds the Reserve Beneficial Interests.

The entrusted receivables are insured by Housing Loan Insurance provided by JHF. The Seller's rights and its position as the insurance policy holder were entrusted to the Asset Trustee.

JHF and the Asset Trustee entered into a Credit Support and Liquidity Support Agreement under which JHF will be obliged to guarantee the principal of and scheduled dividend payments on the Mortgage Beneficial Interests.

The Seller acts as the Servicer.

The Seller/Servicer, The Bank of Tokyo-Mitsubishi UFJ Ltd., headquartered in Tokyo, has branch offices in principal cities nationwide in Japan. It is one of the main Japanese city banks. In addition to banking, it provides various services through its associated companies, including leasing, securities, credit cards, etc.

MU Frontier Servicer Co., Ltd., which will service part of the asset pool under the responsibility of the Servicer, is the succeeding entity of Frontier Servicer Co., Ltd. and Tokyo Diamond Servicing and Revitalization Co., Ltd., which were subsidiaries of UFJ Group and Mitsubishi Tokyo Financial Group, respectively.

Moody's met on-site with Bank of Tokyo-Mitsubishi UFJ and MU Frontier Servicer Co., Ltd., focusing on their business franchises and policies, and the bank's role as an originator. Moody's also reviewed their servicer operations and considers both to be sufficiently capable of servicing the pool.

Japan Housing Finance Agency, acting as Housing Loan Insurance Underwriter as well as Credit and Liquidity Support Provider for this transaction, was founded on April 1, 2007, succeeding the Governmental Housing Loan Corporation. As of April 1, 2010, staff totaled 955. The governmental agency will have capital of JPY 927.655 billion. JHF's securitization support activities, which help private financial institutions execute housing loans, are some of its key businesses.

For more details on this transaction, please see the new issue report which is available at www.moodys.co.jp.

The principal methodology used in this rating was "Updated: Moody's Approach to Rating RMBS Transactions in Japan" published on September 30, 2010, and available on www.moodys.co.jp.

Moody's did not receive or take into account a third-party due diligence report on the underlying assets or financial instruments in this transaction.

Two out of the four factors to determine V scores, relevant to historical data and performance variability, are not applicable to our ratings analysis therefore, we are not assigning a V score to this transaction.

Moody's assigned the rating to the Mortgage Beneficial Interests based solely on JHF's capability to perform its guarantee obligation. The rating of the Mortgage Beneficial Interests is linked to that of JHF in principle. For instance, if the rating of JHF changed to Aa3 or A1, the rating of the Mortgage Beneficial Interests would change from Aa2 to Aa3 and A1, respectively.

The methodology, "V Scores and Parameter Sensitivities in the Asia/Pacific RMBS Sector" ,published on September 30, 2010, is available on moodys.co.jp.

REGULATORY DISCLOSURES

For an explanation of the (sf) indicator, please see "Moody's Structured Finance Rating Scale" on www.moodys.com.

The principal information used to prepare the credit rating comprised loan-by-loan data and contracts.

Information sources used to prepare the credit rating are the following parties involved in the ratings (such as the Arranger, the Originator, etc.); public information; and confidential and proprietary Moody's information.

Measures taken to ensure the quality of this information include representations and warranties and reviews by a third party.

Moody's considers the quality of information available on the issuer or obligation satisfactory for the purposes of assigning a credit rating.

Moody's encouraged rating-related entities to disclose any information that may be pertinent to this transaction, including items described in "Information Considered Important in Evaluating the Appropriateness of a Credit Rating" on www.moodys.co.jp, or to take other measures to enable third parties to verify the appropriateness of the credit rating.

Rating-related entities have responded to us that they would disclose the related information pertinent to this transaction through Moody's press release and its new issue report.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Credit ratings are Moody's current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. Moody's 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. Credit ratings do not address any other risk, including but not limited to: liquidity risk, market value risk, or price volatility. Credit ratings do not constitute investment or financial advice, and credit ratings are not recommendations to purchase, sell, or hold particular securities. No warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such rating or other opinion or information is given or made by Moody's in any form or manner whatsoever. The credit risk of an issuer or its obligations is assessed based on information received from the issuer or from public sources. Moody's may change the rating when it deems necessary. Moody's may also withdraw the rating due to insufficient information, or for other reasons.

Moody's Japan K.K. is a credit rating agency registered with the Japan Financial Services Agency and its registration number is FSA Commissioner (Ratings) No. 2. The Financial Services Agency has not imposed any supervisory measures on Moody's Japan K.K. in the past year.

Please see ratings tab on the issuer/entity page on the Moody's website for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on the Moody's website for further information.

Please see the Credit Policy page on the Moody's website for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

Tokyo
Shinichiro Kan
Asst Vice President - Analyst
Structured Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Tokyo
Yusuke Seki
Senior Vice President - Team Leader
Structured Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Moody's assigns Aa2 (sf) to BTMU Mortgage Trust 7 (JHF guarantee)
No Related Data.
© 2019 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 ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S 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 RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S 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. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S 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 rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS 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.

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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 rating, agreed to pay to MJKK or MSFJ (as applicable) for 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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