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Announcement:

Moody's continues to review 5 gray-zone ABS for possible downgrade

18 Jun 2010

Tokyo, June 18, 2010 -- Moody's Investors Service continues to review the following securitizations for possible downgrade:

Deal Name: LC Trust 3

Seller/Servicer: Life Co., Ltd.

Senior Beneficial Interest Certificate: Aa1, remains under review for possible downgrade

Underlying Asset: Card loan receivables

Deal Name: Guardian Program

Aaa, remains under review for possible downgrade

Underlying Asset: Consumer loan receivables

Deal Name: Golden Gate One, LLC.

Class A: Aaa, remains under review for possible downgrade

Underlying Rating: Aaa, remains under review for possible downgrade

Class X: Aaa, remains under review for possible downgrade

Underlying Asset: Credit card shopping receivables and cash advance receivables

Deal Name: Project Golden Gate One

Senior Card Cashing Receivables Beneficial Interests Certificate: Aaa, remains under review for possible downgrade

Underlying Asset: Credit card cash advance receivables

Deal Name: Eiwa Trust 2006

Seller/Servicer: Eiwa Co., Ltd.

Senior Beneficial Interests B: Aa2, remains under review for possible downgrade

Mezzanine Beneficial Interests: Baa1, remains under review for possible downgrade

Underlying Asset: Consumer loan receivables

These transactions are backed by loan receivables, the payments for which are subject to gray-zone interest. In Japan, interest rate caps are regulated by two statutes: the Interest Rate Restriction Law and the Capital Subscription Law in Japan, each of which stipulates a different cap. The difference in the interest rate charged between the two caps is called "gray-zone interest."

On June 17, 2010, Japan's Ministry of Justice published a summary of public comments on its proposed revision to the operational guidelines for the inspection and supervision of servicer firms. Back-up servicing on the transactions under review had been delegated to servicer firms, which are regulated under the Act on Special Measures concerning the Business of Management and Collection of Claims -- Servicer Law (the "regulated servicers").

The ratings on the five transactions remain under review for possible downgrade due to Moody's concerns over

1) the possibility of servicers being replaced by back-up servicers due to the low credit quality of current servicers

2) the related uncertainty over back-up servicing, due to the revised guidelines, that a) the regulated servicers may change their back-up servicing policies, which could result in the recalculation of principal amounts, and b) the availability of back-up servicers may decline, given the low credit quality of the current servicers.

As part of its ongoing review, Moody's will examine the regulated servicers' back-up servicing policies as well as each asset trustee's policies with regard to the consignment of back-up servicing. Moody's is also looking into the availability of back-up servicers.

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.

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

Tokyo
Mitsuteru Masuoka
VP - Senior Credit Officer
Structured Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Moody's continues to review 5 gray-zone ABS for possible downgrade
No Related Data.
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