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Rating Action:

Moody's downgrades/reviews Harvest Trust Certificates (CMBS)

 The document has been translated in other languages

Global Credit Research - 12 Nov 2010

Class C through G Trust Certificates affected

NOTE:On October 15, 2012, the press release was revised as follows: corrected the final maturity date to November 20, 2012 from October 2012.

Tokyo, November 12, 2010 -- Moody's Japan K.K has today downgraded to C (sf) from Ca (sf) its rating on the Class G trust certificate issued by Harvest Trust and has placed the Class C through F trust certificates under review for possible downgrade.

The complete rating actions follow.

Class C, Baa2 (sf) placed under review for possible downgrade; previously on June 2, 2009 downgraded to Baa2 (sf) from A2 (sf)

Class D, Ba2 (sf) placed under review for possible downgrade; previously on June 2, 2009 downgraded to Ba2 (sf) from Baa2 (sf)

Class E, Ba3 (sf) placed under review for possible downgrade; previously on June 2, 2009 downgraded to Ba3 (sf) from Baa3 (sf)

Class F, B3 (sf) placed under review for possible downgrade; previously on June 2, 2009 downgraded to B3 (sf) from B2 (sf)

Class G, downgraded to C (sf) from Ca (sf); previously on June 2, 2009 downgraded to Ca (sf) from Caa3 (sf)

Deal Name: Harvest Trust

Class: Class A through G trust certificates

Issue Amount (initial): JPY 53.3 billion

Dividend: Floating

Issue Date (initial): September 28, 2007

Final Maturity Date: November 20, 2012

Underlying Asset (initial): Eight non-recourse loans and three specified bonds and cash

Originator/Entrustor: Shinsei Bank, Limited

Arranger: Shinsei Securities Co., Ltd.

Harvest Trust, effected in September 2007, represents the securitization of eight non-recourse loans and three specified bonds, with all 11 hereinafter referred to as "the loans."

The Originator entrusted the loans to the Asset Trustee, and received the Class A through G trust certificates, which it then sold to investors. The trust certificates are rated by Moody's.

In this transaction, modified pro-rata principal payments are to be made at maturity, as are prepayments resulting from the sale of the underlying properties or refinancing of the loans.

Sequential payments from the most senior class are applied in the event of amortization of the loans; recovery collection, in the event of default; and fast pay, in the event of a breach of the DSCR trigger.

The losses incurred by defaulting loans are allocated in reverse sequential order from the most subordinate class of the trust certificates.

Four of the loans have been paid down in full so far, and special servicing for two of the defaulted loans has been completed, one of which incurred a loss on the remaining principal balance as a result of the special servicing.

Currently, five loans, which are backed by office, residential, and retail properties in Tokyo and its surrounding areas as well as in Osaka, are under special servicing.

RATING RATIONALE

The current rating action and review reflect the following factors:

(1) In light of the progress in special servicing thus far, recovery of the remaining five loans under special servicing may well be lower than Moody's recovery assumptions at the last rating action (June 2009).

(2) Thus, losses on the remaining loan balances of the specially serviced loans are highly likely.

In its analysis of the Class C through F trust certificates, Moody's will examine the special servicer's plans as well as the occupancy rates and cash flow of the properties. Moody's will decide on the ratings after reviewing its recovery assumptions for the 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. In this rating process, Moody's may have considered other factors. 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 a third party due diligence report on the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

REGULATORY DISCLOSURES

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.

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 a Property Summary Report and a Defaulted Loan Payment Report.

Information sources 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 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.

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.

Please see ratings tab on the issuer/entity page on Moodys.com 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 Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service 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 our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

Tokyo
Meishuku Ohno
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
Moody's downgrades/reviews Harvest Trust Certificates (CMBS)

No Related Data.
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