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Rating Action:

Moody's assigns (P)Aaa rating to Frasers Centrepoint Trust's first CMBS

29 Aug 2006
Moody's assigns (P)Aaa rating to Frasers Centrepoint Trust's first CMBS

S$[260,000,000] of CMBS Notes Rated

Hong Kong, August 29, 2006 -- Moody's Investors Service has assigned a provisional rating of (P)Aaa to the first CMBS transaction originated by Frasers Centrepoint Trust (FCT) and backed by three retail shopping centres in suburban areas in Singapore. The transaction is arranged jointly by Oversea-Chinese Banking Corporation Ltd. (OCBC, rated Aa3/P-1) and Standard Chartered Bank (SCB, rated A2/P-1).

The complete rating action is as follows:

Issuer: Star Topaz Limited

S$ [260,000,000] Series 2006-1 Secured Floating Rate Notes due 2013, rated (P)Aaa

The rating addresses the expected loss posed to investors by the legal maturity date. The structure allows for timely payment of interest and ultimate repayment of principal with respect to the notes by their legal maturity date.

Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks, such as those associated with the timing of principal prepayments, have not been addressed and may have a significant impact on the yield to investors.

When assigning the provisional rating, Moody's considered, among other things, the following factors as the transaction's key strengths:

1. the quality and location of the 3 retail properties (the Properties): most are located within established high-density housing estates and are easily accessible via public transportation, such as the MRT and bus interchanges;

2. strong tenancy demand and high occupancy rates: the Properties have strong tenancy demand as evidenced by their high historical occupancy rates;

3. the cross-collateralization of the Properties and security interest for the benefit of the issuer and noteholders; and

4. the track record of the sponsor, Frasers Centrepoint Limited (FCL), the asset management expertise of the key personnel of the Frasers Centrepoint Asset Management Ltd., the FCT Manager, and property management expertise of Frasers Centrepoint Retail Concepts Pte. Ltd., the property manager, in the management of retail properties in Singapore.

Moody's also believes that the major concerns associated with the transaction would be sufficiently addressed by the overall LTV ratio, the stressed DSCR coverage, the security package for the benefits of the noteholders, and other structural features, such as the existence of the cash-trapping mechanism, interest rate swap arrangement, and an 18-month tail period.

TRANSACTION SUMMARY

The issuer will establish a multi-currency secured medium term note program (the MTN program) pursuant to which it may issue a series of notes from time to time. The issuance proceeds will be extended to HSBC Institutional Trust Services (Singapore) Limited (the Borrower, acting as the trustee of FCT) to fund FCT's financing needs. On the closing date, S$260 million Secured Floating Rate Notes (the Notes) will be issued to fund the mortgage loan facility under the Portfolio 1 master facility agreement.

Payments to the noteholders will depend ultimately on the cash flows generated from the Properties. Interest on the mortgage loan facility will be paid monthly, while the principal must be fully repaid by the expected maturity date of the Notes. If the borrower fails to do so, an 18-month tail period will come into force for the completion of the enforcement of the security over the Properties. The proceeds from this enforcement will then be used to pay the accrued but unpaid interest on, and the outstanding principal of the mortgage loan facility, and consequently, the Notes.

The underlying loan facility will bear a fixed interest rate before its payment date and a floating rate thereafter. The Notes will pay floating interest, and the floating rate will be indexed to 3-Month SGD SOR, and the issuer will enter into an interest rate swap with SCB to mitigate any interest rate mismatches.

Furthermore, if the actual DSCR ratio of the mortgage loan facility, calculated based on the higher of the fixed rate or the SOR rate drops below 2x, then the Borrower is required to deposit excess funds into a DSCR reserve account of an amount up to the sum of nine months of senior fees, expenses and interest payable under the mortgage loan facility.

The mortgage loan facility will be secured by mortgages over the Properties and a charge over the rental collection account relating to the Properties. The issuer will also benefit from the assignment of FCT's rights, titles and interest in and to the tenancy documents, insurance policies and insurance proceeds as well as property management agreements related to the Properties. Fixed and floating charges will also be placed over other assets of FCT related to the Properties.

As security for the Notes, the issuer will charge its interest in and rights over the mortgage loan facility and the security documents and also the swap arrangements to the note trustee for the benefit of the noteholders and other secured parties.

A more detailed analysis of the transaction is available at Moody's web site in the Pre-Sale Reports section: http://www.moodys.com.

THE COMPANIES

The issuer, Star Topaz Limited, is a newly established special purpose, bankruptcy-remote company incorporated with limited liability under the laws of Singapore and its objective is to issue notes under the MTN program.

FCT is a Singapore listed real estate investment trust constituted on 5 June 2006 under the laws of Republic of Singapore with the objective of generating stable returns to unit holders by owning and investing in a portfolio of quality real estate that are predominantly used for retail purposes.

The sponsor, Frasers Centrepoint Limited, is a multinational real estate company with strong foothold in the property sector in Singapore. Both the FCT manager, Frasers Centrepoint Asset Management Ltd., and the property manager, Frasers Centrepoint Retail Concepts Pte. Ltd., of FCT are wholly-owned subsidiaries of the sponsor. They have experienced professionals in asset and fund management, retail property operations, maintaining and investing in a high quality real estate portfolio throughout Singapore.

Moody's Investors Service is a publisher of rating opinions and research. It is not involved in the offering or sale of any securities, nor is it acting on behalf of the offering party. This release is not a solicitation or a recommendation to buy, hold or sell securities.

Hong Kong
Min Ye
Managing Director
Structured Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121

Hong Kong
Li Ma
Vice President - Senior Analyst
Structured Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121

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