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Rating Action:

Moody's places several consumer finance loan ABS in Japan under review for possible downgrade

14 Nov 2007
Moody's places several consumer finance loan ABS in Japan under review for possible downgrade

Tokyo, November 14, 2007 -- Following Credia's filing for civil rehabilitation proceedings, overpaid interest risk has increased for consumer finance loan ABS transactions. Moody's has placed under review for possible downgrade the ratings of several consumer finance loan ABS in Japan, and will assess the overpaid interest risk and tolerance levels for each ABS.

1. Published ratings placed under review at this time

Name of Trust: Eiwa Trust 2006

Seller / Servicer: Eiwa Co., Ltd.

Issue Date: March 31, 2006

(Program Size JPY 2,000,000,000) Senior Beneficial Interest A due April 2013, rated Aa2, on review for possible downgrade

(Program Size JPY 6,000,000,000) Senior Beneficial Interest B due April 2013, rated Aa2, on review for possible downgrade

(Program Size JPY 2,000,000,000) Mezzanine Beneficial Interest due April 2013, rated A3, on review for possible downgrade

Name of Trust: Eiwa Trust Series 4

Seller / Servicer: Eiwa Co., Ltd.

Issue Date: June 27, 2007

JPY 5,000,000,000 Senior Beneficial Interest due June 2011, rated A2, on review for possible downgrade

Name of Trust: Orient Credit Consumer Loan Receivables Trust

Seller / Servicer: Orient Credit Co., Ltd. (currently NETCARD, Inc.)

Issue Date: January 31, 2005

JPY 4,000,000,000 Class B Senior Beneficiary Interest due December 2012, rated Baa2, on review for possible downgrade

Issuer: Orient Funding II Special Purpose Company

Seller / Servicer: Orient Credit Co., Ltd. (currently NETCARD, Inc.)

Issue Date: June 5, 2003

JPY 8,300,000,000 Floating Rate Secured Notes due June 2011, rated Aa3, on review for possible downgrade

Name of Trust: Kindai Trust 2005

Seller / Servicer: Kindai Inc.

Issue Date: May 25, 2005 (Senior), May 29, 2006 (Mezzanine)

JPY 8,000,000,000 Senior Beneficial Interest due May 2012, rated Aa2, on review for possible downgrade

JPY 1,800,000,000 Mezzanine Beneficial Interest due May 2012, rated A1, on review for possible downgrade

Issuer: Sanwa Capital One Special Purpose Company

Seller / Servicer: Sanwa Finance Co., Ltd.

Issue Date: July 18, 2003

JPY 11,000,000,000 Series 1 Class A Floating Rate Specified Notes (for Eligible Institutional Investors) due January 2012, rated Aa2, on review for possible downgrade

Issuer: Sanwa Capital Genesis Special Purpose Company

Seller / Servicer: Sanwa Finance Co., Ltd.

Issue Date: May 31, 2005

USD 55,000,000 Class A1 Floating Rate Notes due November 2013, rated Aa2, on review for possible downgrade

JPY 11,100,000,000 Class A2 Floating Rate Notes due November 2013, rated Aa2, on review for possible downgrade

Issuer: Pier One Funding Special Purpose Company

Seller / Servicer: Eiwa Co., Ltd.

Issue Date: June 15, 2004

JPY 4,600,000,000 Series 1 Class A Specified Bonds due April 2010, rated Aa2, on review for possible downgrade

Issuer: Pier Two Funding Special Purpose Company

Seller / Servicer: Eiwa Co., Ltd.

Issue Date: June 15, 2004

JPY 9,200,000,000 Series 1 Class A Specified Bonds due March 2011, rated Aa2, on review for possible downgrade

Issuer: Pier Three Funding Special Purpose Company

Seller / Servicer: Eiwa Co., Ltd.

Issue Date: April 27, 2005

JPY 10,200,000,000 Series 1 Class A Specified Bonds due January 2012, rated Aa2, on review for possible downgrade

Name of Trust: Vega

Issue Date: August 2, 2007

JPY 19,700,000,000 Class A Senior Beneficial Interest due July 2018, rated A1, on review for possible downgrade

JPY 2,500,000,000 Class B Senior Beneficial Interest due July 2018, rated Baa2, on review for possible downgrade

We continue the review for possible downgrade of the ratings of Pylos Limited Secured Fixed Rate Notes and Pylos II Limited Secured Fixed Rate Notes, which were placed under review for possible downgrade on March 9, 2007.

2. Credia's filing for civil rehabilitation proceedings

On September 14, 2007, CREDIA CO., LTD. ("Credia") -- an originator of consumer finance loan ABS - filed for civil rehabilitation proceedings. Currently, the issue of claims for overpaid interest is likely to be handled in the rehabilitation process. How the claims for overpaid interest will be treated under the proceedings will command significant public attention, as this issue is substantially pressuring the financial strength of the consumer finance companies.

In addition, we need to pay attention to the proactive movements taken by the solicitor associations.

a) Movements in Shizuoka Prefecture

For the purpose of providing all eligible borrowers who have overpaid interest claims the opportunity to take part in the civil rehabilitation proceedings, the Solicitor Association of Shizuoka Prefecture ("Shizuoka Association") is requesting the Tokyo District Court the following:

- Re-calculation of principal for all loan obligors -- including those with outstanding debts, as well as those who have already paid out all their debts -- using the maximum interest rate under the Interest Rate Restriction Law, in order to assure opportunities for all loan obligors to take part in the civil rehabilitation proceedings.

- Sending notification pursuant to Paragraph 2, Article 24 of the Money Lending Business Law, to obligors of loans that are not currently held by Credia (i.e., borrowers of loans transferred to a trust or special purpose vehicles for the purpose of securitization).

- Disclosure of debt records at the request of loan obligors, as well as the disclosure of the current owner of the loans (i.e., whether the loans are securitized or not).

- Extension of the deadline to register as creditor against Credia.

In addition, the Shizuoka Association is providing free telephone consultation services for Credia's loan obligors, and is offering advice to those who have overpaid interest claims. The Shizuoka Association has sent inquiries to Credia and has disclosed the company's responses on the Shizuoka Association's website. The information garnered from the inquiries includes the number of borrowers by prefecture, the number and amount of receivables entrusted for the purpose of securitization, as well as the name of the owner of the loans and who should be responsible for reimbursing any related overpaid interest.

b) Movement spreading out across the country

Through the Japan Federation of Solicitor Associations, the Shizuoka Association has called for cooperation from similar associations around the nation. In response, associations nationwide have jointly set up a hotline for Credia's borrowers. The Japan Federation of Solicitor Associations has expressed its intention to regard this collaboration as a test case, which may help set up procedures to deal with any other consumer finance company defaults that may ensue.

3. How Credia's filing for civil rehabilitation proceedings affects Japanese consumer finance loan ABS

There are three important aspects to Credia's case in the light of consumer finance loan ABS:

(1) The possibility that Credia's borrowers claiming refunds for overpaid interests may make similar claims against other consumer finance companies.

(2) The possibility that borrowers who had not been interested in filing claims for overpaid interest to be motivated to do so.

(3) The possibility of a cycle acceleration that a funding squeeze for some of the consumer finance companies may lead to a tightening of their credit policies, increasing the number of debt-workouts as well as heightening the risk of claims for overpaid interest.

Credia's case has raised the risk of claims for refunds of overpaid interest for all of the securitized pools of consumer finance loan ABS.

Moody's is paying careful attention to Credia's filing for civil rehabilitation proceedings, as well as the ensuing social phenomena. At the same time, Moody's is revisiting the risk of overpaid interest claims for each of the underlying pools of the transactions placed under review, and assessing each one's tolerance level. In addition to the information currently available on the portfolios, we will request for further data if necessary.

Moody's will publish a special report focusing on the overpaid interest risk in ABS transactions shortly.

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

Tokyo
Shunsuke Ishihara
Managing Director
Structured Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

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