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Rating Action:

Moody's revises Saizen's outlook to stable from negative

25 Jun 2010

Hong Kong, June 25, 2010 -- Moody's Investors Service has today revised the outlook of Saizen REIT's Caa1 corporate family rating to stable from negative. At the same time, Moody's has affirmed Saizen's Caa1 rating.

The outlook revision follows the REIT's announcement that it has completed the refinancing of a JPY5.9 billion loan with Societe Generale. The new loan has a term of 3 years and will mature in June 2013.

"The change in outlook reflects the fact that Saizen's liquidity position -- except for its defaulted YK Shintoku JPY7.1 billion CMBS obligation -- has accordingly improved," says Kaven Tsang, a Moody's AVP/Analyst.

"The completion of the recent refinancing means that Saizen will not have any material loan repayments in the next 2-3 years," says Tsang.

"The headroom for covenant compliance (LTV at or below 57%) has also increased as the addition of more properties as security of the new loan has reduced the LTV to 48.7%," adds Tsang.

"Additionally, the risk of further substantial declines in asset values is lower with the property market stabilizing," says Tsang.

For instance, Saizen conducted a revaluation of 44 of its 161 properties in April 2010, and assessed that they had only recorded a 3% fall from valuations as of 30 June 2009.

At the same time, Saizen's Caa1 rating continues to reflect its small operating scale, and the default of its special purpose vehicle (SPV) YK Shintoku -- with its JPY7.1 billion CMBS -- on November 2, 2009. Discussion with the loan servicer of YK Shintoku is continuing and a course of action has not yet been finalized.

The Caa1 rating also reflects Saizen's narrow banking relationship, though Moody's notes that the REIT has been making progress in establishing new banking relationships in the past few months.

Saizen operates 9 different individual ring-fenced SPVs. Thus the default of YK Shintoku's CMBS obligation will not have any direct impact on the other SPV's operations.

However, in the event of the liquidation of YK Shintoku, Saizen will lose control of over 21.6% of the assets in its portfolio, and will also lose 22.4% of its rental income.

Therefore, the rating is unlikely to be upgraded, given the uncertainties and potential impact on Saizen's operations with the maturity default of YK Shintoku remained unresolved.

On the other hand, the rating could be further downgraded if there is material asset devaluation that substantially impairs the asset coverage positions of lenders.

The last rating action was on 3 November 2009, when Saizen's Caa1 corporate family rating was affirmed with a negative outlook.

The principal methodology used in rating Saizen was Moody's Rating Methodology for REITs and Other Commercial Property Firms, published in January 2006 and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab.

Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

Saizen REIT is a multi-family REIT investing in Japanese regional residential properties. It listed on the Singapore Stock Exchange in November 2007. Its portfolio has 161 residential properties in 13 Japanese regional cities. The total value of properties under management is around JPY42 billion (US$460 million). By revenue, Sapporo is the largest contributor, representing 25%, followed by Hiroshima (18%), and Kumamoto (15%).

Hong Kong
Kaven Tsang
Asst Vice President - Analyst
Corporate Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Hong Kong
Peter Choy
VP - Senior Credit Officer
Corporate Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's revises Saizen's outlook to stable from negative
No Related Data.
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