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Rating Action:

Moody's takes rating actions on Japanese repackaged deals following Japanese sovereign and bank downgrades

 The document has been translated in other languages

25 Aug 2011

80 deals downgraded; 5 deals downgraded and on further review; 1 deal confirmed

Tokyo, August 25, 2011 -- Moody's Japan K.K. has downgraded its ratings on the following deals, including repackaged deals and credit linked notes.

The rating actions follow the downgrade of the ratings of the Japanese sovereign, regional and local governments (RLGs), and Japanese banks.

For a list of the deals click this link: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF259712

RATING RATIONALE

The downgrades and a confirmation of deals from 1 to 85 follow the downgrade of entities or assets relevant to the credit quality of the deals, such as swap counterparties and obligors on loans backing the deals. The downgraded entities include the Japanese sovereign, RLGs, and Japanese banks.

Moody's based the ratings on the credit quality of the collateral assets, the underlying assets, the reference entities, the swap counterparties, and the strength of transaction structures.

- Moody's downgraded deals 1 to 75 because of the declining credit quality of the downgraded collateral assets.

- Deal 75 remains on review because the counterparty remains on review.

- Moody's downgraded deal 76, which includes a cash flow swap with a downgraded entity that affects payments under the transaction.

- Moody's downgraded deals from 77 to 78 because of the declining credit quality of the collateral assets, which are loans to 8 RLGs.

- Moody's confirmed deal 79 because its current rating level is sufficient to counter the declining credit quality of the downgraded collateral asset and reference entity.

- Moody's downgraded deals 80 and 81 because of the declining credit quality of the downgraded collateral asset and reference entity.

- Moody's downgraded deals 82 to 85 because of the downgrade of a swap counterparty and our reassessment of the credit quality of the counterparties. The counterparty has not been successful in replacing itself with another eligible rated counterparty or procuring a sufficiently rated guarantor to guarantee the counterparty's obligations. These four deals remain on review because each reference entity remains on review.

The downgrade of deal 86 follows the downgrade of the asset backed loan (ABL) rating to Aa3(sf). Deal 86 is subject to Japan's regulatory requirements on disclosure for transactions with initial ratings assigned on or after October 1, 2010.

Details of deal 86 follow:

Scheduled Dividend Rate/Interest Rate: Fixed

Payment Frequency: Semi-annual

Entrustment Date: March 4, 2011

Transfer Date of Beneficial Interests: March 9, 2011

Loan Funding Date: March 9, 2011

Final Maturity Date: May 20, 2039

Underlying Asset: ABL, rated Aa3 (sf), backed by loans to Japanese regional and local governments (RLGs)

Originator/Arranger: Development Bank of Japan Inc.

In this case, Moody's based the ratings on the credit quality of the underlying asset and strength of the transaction structure. This transaction's underlying assets are repackaged loans and beneficial interests backed by the ABL, the security for which is loans to Japanese RLGs.

If the credit quality of the ABL declines, then the rating on these loans declines. For example, if the rating on the ABL Aa3 falls to A1, the ratings of Investor Loan I-1, Investor Loan I-2, and the Class II Beneficial Interest would also fall to A1.

Based on the transaction's structure, Moody's considers that the risk of interruption to cash flow from the asset -- in the event of the bankruptcy of the seller, or entruster, or trustee -- is sufficiently minimized to achieve the rating level equivalent to that of the ABL.

The principal methodology used in ratings on deals from 1 to 86 above was "Moody's Approach to Rating Repackaged Securities", published on September 30, 2010, and available on www.moodys.co.jp.

Moody's has not received or taken into account third-party due-diligence reports on the underlying assets or financial instruments, as related to the monitoring of transactions 1 to 86 in the past six months.

REGULATORY DISCLOSURES

For deals 77, 78, and 86, Moody's applies its (sf) indicator.

For deals 79 to 85, the ratings address the expected loss on the notes, which Japanese law considers to be structured finance products. These transactions are not instruments to which Moody's applies its (sf) structured finance indicator.

Regarding the application of the (sf) indicator and an explanation of the meaning and limitations of credit ratings on structured finance instruments, please see "Moody's Structured Finance Rating Scale" on www.moodys.com.

The principal information used to prepare the credit rating comprised contracts and public rating information.

Information sources used to prepare the credit rating are the following: parties involved in the rating, public information, and confidential and proprietary Moody's information.

Measures taken to ensure the quality of this information include representations and warranties and using public rating information.

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
Shinichi Takeda
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 takes rating actions on Japanese repackaged deals following Japanese sovereign and bank downgrades
No Related Data.
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