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Related Issuers
Rating Action:

Moody's downgrades JLOC XXVIII Trust (CMBS)

 The document has been translated in other languages

16 Feb 2011

Class B and C Senior Trust Certificates affected

Tokyo, February 16, 2011 -- Moody's Japan K.K has downgraded the ratings on the Class B and C Senior Trust Certificates issued by JLOC XXVIII Trust.

Details follow:

Class B, Downgraded to Aa2 (sf); previously on Dec 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class C, Downgraded to Ba3 (sf); previously on Dec 3, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Deal Name: JLOC XXVIII Senior Trust

Class: Class A through D Senior Trust Certificates

Issue Amount (initial): JPY 88.9 billion

Dividend: Floating

Issue Date (initial): October 20, 2005

Final Maturity Date: October, 2012

Underlying Asset (initial): Two senior specified bonds backed by commercial real estates

Entrustor: Morgan Stanley Japan Limited (as of issue date)

Trustee: Mitsubishi UFJ Trust and Banking Corporation

Arranger: Morgan Stanley Japan Limited (as of issue date)

The JLOC XXVIII Senior Trust, issued in October 2005, is a liquidating CMBS transaction.

The Entrustor entrusted the two senior specified bonds to the Asset Trustee (originally backed by 567 properties) and received the Class A through D Senior Trust Certificates in return, which were then sold to investors.

The Senior Trust Certificates are rated by Moody's.

In this transaction, principal payments resulting from the sale of the underlying properties of each bond will be used to make sequential payments on the most senior class.

In the event of a breach of the transaction's fast-pay trigger, dividend payments will cease, and principal payments will be made from the proceeds of property sales as well as cash flow from the underlying properties. The losses will be allocated in reverse sequential order, starting with the most subordinate class of the trust certificates.

The specified bond issued by Nakano Holding TMK was redeemed in full in July 2006.

The specified bond issued by Harajuku Holding TMK was originally backed by 329 properties or property trust certificates. As of end-January, 212 properties had been sold.

The Class A Senior Trust Certificates were redeemed in full by sequential payment.

Ten properties (based on Moody's current value) comprise 53% of the portfolio, while residential properties outside Tokyo comprise 43%.

RATING RATIONALE

Given that approximately 20 months are left before final maturity for so many -- 117 -- of the properties, Moody's has decided to re-assess -- and add further stress to -- its recovery assumptions for the property disposal prices before the final maturity. Thus, the current rating action reflects the following factors:

(1) The new estimate for disposal prices is approximately 36% lower than Moody's initial value.

(2) The credit support for the Class B Senior Trust Certificates has thus decreased.

(3) In addition, losses on the remaining bond are highly likely and could negatively affect the Class C Senior Trust Certificates.

Moody's will continue to monitor the properties' operating status and the progress of the asset advisor's activities.

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. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

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 Trustee Reports, Performance Reports, Disposition Reports and Disposition Plans.

Information sources used to prepare the credit rating came the following: parties involved in the ratings (such as the asset advisor), parties not involved in the ratings (such as the Trustee), 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
Takahiro Okubo
Vice President - Senior 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 downgrades JLOC XXVIII Trust (CMBS)
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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