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Rating Action:

Moody's assigns provisional ratings to AMB Funabashi Tokorozawa TMK's Specified Loan & Bonds

 The document has been translated in other languages

16 Dec 2010

JPY6.6 billion in specified loan and bonds rated provisionally

Tokyo, December 16, 2010 -- Moody's Japan K.K. has assigned (P)A3 (sf) to the Specified Loan and Bonds financed to and issued by AMB Funabashi Tokorozawa TMK.

The ratings address the expected loss posed to investors by the legal final maturity. The structure allows for ultimate payments of interest and principal by the legal final maturity.

Moody's issues provisional ratings in advance of the final sale of securities. These ratings, however, represent Moody's preliminary credit opinions only. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavor to assign definitive ratings to the securities. Definitive ratings may differ from provisional ratings. The provisional ratings are based on information received as of Dec 15, 2010.

The complete rating actions are as follows:

Deal Name: AMB Funabashi Tokorozawa TMK

Class, Amount, Coupon, Rating, Credit Support*

Specified Loan, JPY4,000 million, Fixed, (P)A3 (sf), 0.0%

Specified Bonds, JPY2,600 million, Fixed, (P)A3 (sf), 0.0%

* The formula used to calculate the credit support in place for this transaction:

Credit support %: A / B, where

A: Total principal amount of the debt subordinate to the rated debt

B: Total debt (JPY6.6 billion)

Scheduled Total Loan and Bonds Amount: JPY6.6 billion

Expected Interest Payments: Quarterly

Expected Closing Date: Dec 20, 2010

Expected Maturity Date: Dec 20, 2017

Legal Final Maturity Date: Dec 20, 2019

Underlying Asset: Beneficiary interests of six distribution facilities in Tokyo Metropolitan area

Issuer/Borrower: AMB Funabashi Tokorozawa TMK

Originator: AMB Property Japan, Inc., Japan Branch, also acting as an asset manager

Bond Purchaser and Lender: Prudential Mortgage Asset Holdings 1 Japan Investment Business Limited Partnership

Fiscal Agent: Deutsche Bank AG, Tokyo Branch (Aa3/P-1)

RATING RATIONALE

Issuer SPC will refinance existing debts with the rated Specified Loan and Bonds. The Specified Loan and Bonds rank pari passu in terms of payment priorities. It will use net cash flow from the underlying properties to pay the interests on and principals of the loan and bonds. The loan and bonds will mature in Dec 2017 with a 2-year tail-period. The tail period gives sufficient time to liquidate the underlying properties.

The ratings are based mainly on 1) the property portfolio's quality and competitiveness ; 2) the waterfalls at the Issuer level; 3) the credit support as illustrated by the loan-to-value (LTV) and stressed DSCR levels; and 4) the legal and structural integrity of the transaction.

Moody's estimated the credit support levels for each of the rated debts based on its estimates for the net cash flow and value of the properties, taking into consideration the characteristics of the rated debts, historical data on the properties, third-party reports, performance data on existing transactions, and industry trends.

The following are Moody's LTVs and Stressed DSCRs for each rated debt. Moody's considers these numbers appropriate for each of the ratings.

Moody's LTV:

Total amount of the subject debt and the debt pari passu to the subject / Moody's Value for the underlying properties

Specified Loan: Closing, 61.2%; Balloon, 57.6%

Specified Bonds: Closing, 61.2%; Balloon, 57.6%

Moody's Stressed DSCR:

Moody's Net Cash Flow / (Total amount of the subject debt and the debt pari passu to the subject × a 6.5% loan constant)

Specified Loan: Closing, 1.68x; Balloon, 1.78x

Specified Bonds: Closing, 1.68x; Balloon, 1.78x

The principal methodology used in this rating was Moody's "Updated: Moody's Approach to Rating CMBS Transactions in Japan," published on September 30, 2010, and available on www.moodys.co.jp. In this rating process, Moody's may have considered other factors.

Moody's received third-party due diligence reports for this transaction, which did not affect the ratings assigned.

The V Score for this transaction is Medium, which is same as the Medium V Score assigned to the Japanese Single Borrower CMBS sector.

Moody's V scores provide a relative assessment of the quality of available credit information and the potential variability of various inputs in a rating determination. The V score ranks transactions by the potential for significant rating changes owing to uncertainty about the assumptions due to data quality, historical performance, the level of disclosure, transaction complexity, modeling, and the transaction governance that underlie the ratings. V scores apply to the entire transaction, not to individual tranches.

If Moody's provides a relative assessment by stressing Moody's Net Cash Flow and Cap Rate with regard to the underlying asset (to determine Moody's Value, we have tested three cases, by applying 5%, 15%, or 25% value cuts respectively), the value cuts give rise to changes in the model indicated Parameter Sensitivity from the initial ratings to Baa1, Baa3, and Ba3 for the Specified Loan, and Baa1, Baa3, and Ba3 for the Specified Bonds.

Parameter sensitivities are not intended to measure how the rating of the security might migrate over time; rather, they are designed to provide a quantitative calculation of how the initial rating might change if key input parameters used in the initial rating process differed. The analysis assumes that the deal has not aged, and does not factor structural features such as a sequential payment effect. Parameter sensitivities reflect only the ratings impact of each scenario from a quantitative/model-indicated standpoint. Qualitative factors are also taken into consideration in the ratings process, so the actual ratings that would be assigned in each case could vary from the information presented in the parameter sensitivity analysis.

The methodologies, Moody's "Updated Report on V Scores and Parameter Sensitivities for Structured Finance Securities," published on September 30, 2010, and "V Scores and Parameter Sensitivities in the Asian CMBS Sector," published on September 30, 2010, are available on www.moodys.co.jp. In addition, Moody's publishes a weekly summary of structured finance credit, ratings, and methodologies, available to all registered users of its website, at www.moodys.com/SFQuickCheck.

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 historical data and third party reports on underlying asset, and contracts.

Information sources used to prepare the credit rating are the parties involved in the ratings; public information; and confidential and proprietary Moody's information.

Measures taken to ensure the quality of this information include representations and warranties, and acquisitions of third party reports, etc.

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 will not disclose information pertinent to this transaction to third parties except through Moody's press release.

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
Mitsuru Sukigara
Vice President - Senior Analyst
Structured Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Tokyo
Tetsuji Takenouchi
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 provisional ratings to AMB Funabashi Tokorozawa TMK's Specified Loan & Bonds
No Related Data.
© 2018 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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