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Rating Action:

Moody's confirms/downgrades JLOC XXX Trust and JLOC XXX Satellite Trust

 The document has been translated in other languages

24 Feb 2011

Seven classes of trust certificates affected

Tokyo, February 24, 2011 -- Moody's Japan K.K. has today confirmed/downgraded the ratings on the Class A through X Trust Certificates issued by JLOC XXX and the Class 1 through 2 Trust Certificates issued by JLOC XXX Satellite Trust.

Details follow:

Class A, downgraded to Baa2 (sf); previously, on January 13, 2011, A2 (sf) placed under review for possible downgrade

Class B, downgraded to Ba3 (sf); previously, on January 13, 2011, Baa3 (sf) placed under review for possible downgrade

Class C, downgraded to B3 (sf); previously, on January 13, 2011, Ba3 (sf) placed under review for possible downgrade

Class D, downgraded to Caa3 (sf); previously, on January 13, 2011, Caa1 (sf) placed under review for possible downgrade

Class 1 and Class 2, confirmed at Caa3 (sf); previously, on January 13, 2011, Caa3 (sf) placed under review for possible downgrade

Class X, downgraded to Baa2 (sf); previously, on January 13, 2011, A2 (sf) placed under review for possible downgrade

Deal Name: JLOC XXX Trust/ JLOC XXX Satellite Trust

Class: Class A through X Trust Certificates (JLOC XXX Trust), Class 1 and Class 2 Trust Certificates (JLOC XXX Satellite Trust)

Issue Amount (initial): JPY 333.8 billion (JLOC XXX Trust), JPY 9.3 billion (JLOC XXX Satellite Trust)

Dividend: Floating/Fix

Issue Date: May 9, 2006

Final Maturity Date: April, 2014

Underlying Asset (initial): Five TMK bonds and JLOC XXX Trust Certificate backed by properties (JLOC XXX Trust), One TMK bond baked by properties (JLOC XXX Satellite Trust)

Originator: Morgan Stanley Japan Securities Co., Ltd. (as of the issue date)

Arranger: Morgan Stanley Japan Securities Co., Ltd. (as of the issue date)

JLOC XXX Trust, affected in May 2006, represents the securitization of five TMK bonds and the JLOC XXX Satellite Trust Certificates. The JLOC XXX Satellite Trust, effected in May 2006, represents the securitization of one TMK bond.

The originator transferred one TMK bond to the issuer trust, which issued the Class 1 through 2 Trust Certificates and then sold them to investors (JLOC XXX Satellite Trust).

Also, the originator transferred five TMK bonds and one Trust Certificate to the issuer trust, which issued Class A through X Trust Certificates and then sold them to investors (JLOC XXX Trust). These trust certificates are rated by Moody's.

This transaction constitutes a multi-borrower CMBS backed by six Bonds that were respectively issued by different TMKs. The trust vehicle is designed to use interest and principal collections from the Bonds separately to pay dividend/principal on the rated Trust Certificates.

Four of the bonds have been paid down in full, and the transaction is currently secured by two bonds. One of the two is a liquidating bond backed by office buildings; the other (non-liquidating) bond is backed by hotels.

According to the Asset Disposition Report dated December 27, 2010, for the bond backed by hotels, the individual target sales prices were changed and the backing properties are scheduled to be sold at substantially lower prices than the previous targets.

RATING RATIONALE

The recovery of a bond backed by hotels and under special servicing may well be lower than Moody's assumptions in June 2010 (the last rating action on these trust certificates), as the individual target sales prices were changed and the backing properties are scheduled to be sold at substantially lower prices than the previous targets.

Moody's has thus re-assessed and lowered by 43% (from its initial estimates) its recovery assumptions.

In this rating action, Moody's has not changed the recovery of a TMK bond backed by office properties. A part of Class A Trust Certificate -- which was corresponded to TMK bond backed by office properties -- was redeemed because of the disposal of many backing properties.

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

Moody's did not receive or take into account any third party due diligence reports on the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

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 included the asset disposition report, and special servicer and trustee reports.

Information used to prepare the credit rating came the following: parties involved in the ratings (such as the arranger), parties not involved in the ratings (such as the servicer), public information, confidential and proprietary Moody's information.

Measures taken to ensure the quality of this information include preparation or reviews by a third party.

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

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
Kiyosei Sugioka
Analyst
Structured Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Tokyo
Koji Kumamaru
MD - Structured Finance
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 confirms/downgrades JLOC XXX Trust and JLOC XXX Satellite Trust
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.

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. 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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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 appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.

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

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