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Announcement:

Moody's takes rating actions on repackaged notes and Japanese RMBS, but some RMBS unaffected

 The document has been translated in other languages

01 Jun 2011

122 deals placed under review and 11 deals unaffected

Tokyo, June 01, 2011 -- Moody's Japan K.K. has placed under review for possible downgrade its ratings on the following 122 transactions, including repackaged transactions, credit linked notes, and Japanese RMBS.

The review follows the placement of under review for possible downgrade of the ratings of Japan government bonds (JGBs), government-related issuers (GRIs), regional and local governments (RLGs), Japanese banks, and several Japanese corporate entities.

The ratings of the above entities may affect the ratings of the following transactions either directly or indirectly.

In its rating review and determination, Moody's will take into account the impact of the possible rating migration of those entities to the transactions.

At the same time, Moody's says it does not need to take rating actions on the ratings of some RMBS deals, which can be affected by the credit quality of GRIs or banks.

That reflects the fact that the deals' increased credit enhancements, etc. could mitigate the negative effect of the possible negative rating actions on the ratings of the GRIs, etc.

Details of repackaged transactions and credit linked notes follow:

Deal Name: Arch Finance Limited Series2004-1

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arch Finance Limited Series2004-2

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arch Finance Limited Series2004-3

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arch Finance Limited Series2004-4

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arch Finance Limited Series2004-5

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arch Finance Limited Series2004-6

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arch Finance Limited Series2005-1

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arch Finance Limited Series2005-2

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arch Finance Limited Series2005-3

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arch Finance Limited Series2005-4

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arch Finance Limited Series2005-5

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arch Finance Limited Series2005-6

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arch Finance Limited Series2005-7

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arch Finance Limited Series2005-8

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arch Finance Limited Series2005-9

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arch Finance Limited Series2005-10

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arch Finance Limited Series2005-11

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arch Finance Limited Series2005-12

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arch Finance Limited Series2005-13

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arch Finance Limited Series2005-14

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arch Finance Limited Series2005-15

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arch Finance Limited Series2005-16

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arch Finance Limited Series2005-17

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arch Finance Limited Series2005-18

JPY5.0 billion Loan, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 30

JPY16.0 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 31

JPY19.0 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 32

JPY10.0 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 33

JPY3.0 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 34

JPY18.0 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 35

JPY15.0 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 36

JPY10.0 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 37

JPY25.0 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 38

JPY25.0 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 39

JPY32.5 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 40

JPY20.0 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 41

JPY20.0 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 42

JPY14.0 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 43

JPY6.0 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 44

JPY13.4 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 45

JPY6.6 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 46

JPY8.7 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 47

JPY13.9 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 48

JPY6.1 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 49

JPY23.6 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 50

JPY12.0 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 51

JPY13.0 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 52

JPY12.0 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 53

JPY13.0 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 54

JPY12.5 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 55

JPY12.5 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls two Limited Series 56

JPY13.2 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 57

JPY11.8 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 58

JPY13.0 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 59

JPY12.0 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 60

JPY13.0 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 61

JPY12.0 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 62

JPY12.8 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 63

JPY12.2 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 64

JPY12.5 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 65

JPY12.5 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 66

JPY11.8 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 67

JPY13.2 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 68

JPY8.5 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 69

JPY16.5 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 70

JPY19.8 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 71

JPY5.2 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 72

JPY4.9 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 73

JPY20.1 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 74

JPY6.1 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 75

JPY18.9 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Earls Two Limited Series 76

JPY25.0 billion Notes, Aa2 placed under review for possible downgrade; previously on May 19, 2009, upgraded to Aa2

Deal Name: Arosa Funding Limited Series 2008-2

JPY2.0 billion Credit Linked Notes, A2 placed under review for possible downgrade; previously on July 3, 2009, downgraded to A2

Deal Name: Corsair (Jersey) No.3 Limited Series 26

JPY1.0 billion Repackaged Notes, Aa3 placed under review for possible downgrade; previously on August 19, 2009, confirmed at Aa3

Deal Name: Corsair (Jersey) No.3 Limited Series 28

JPY1.0 billion Repackaged Notes, A1 placed under review for possible downgrade; previously on November 5, 2009, assigned A1

Deal Name: SCB Securitization Company Limited Series 1

JPY100.0 billion Notes, A2 placed under review for possible downgrade; previously on February 17, 2010, downgraded to A2

Deal Name: SPARC III Limited Series O1

JPY2.0 billion Notes, A1 placed under review for possible downgrade; previously on November 20, 2009, confirmed at A1

Deal Name: SPARC III Limited Series O3

JPY2.0 billion Notes, A1 placed under review for possible downgrade; previously on November 20, 2009, confirmed at A1

Deal Name: TR-SUL CFS

JPY460 million, Aa2 placed under review for possible downgrade

previously on May 19, 2009, upgraded to Aa2

Deal Name: DBJ-Muni2011

JPY7.0 billion Investor Loan I-1, Aa2 (sf) placed under review for possible downgrade; previously on March 9, 2011, assigned Aa2 (sf)

JPY6.2 billion Investor Loan I-2, Aa2 (sf) placed under review for possible downgrade; previously on March 9, 2011, assigned Aa2 (sf)

JPY 16.8 billion Class II Beneficial Interest, Aa2 (sf) placed under review for possible downgrade; previously on March 9, 2011 assigned Aa2 (sf)

Deal Name: Whitehorn II Limited Series 3

JPY2.5 billion Notes, Aa2 placed under review for possible downgrade; previously on June 26, 2008, Aa2 assigned

Deal Name: Whitehorn II Limited Series 4

JPY2.5 billion Notes, Aa1 placed under review for possible downgrade; previously on September 12, 2008, upgraded to Aa1

Deal Name: Triplus-2010

JPY7.1 billion Loan A1, Aa2 (sf) placed under review for possible downgrade; previously on January 27, 2010, assigned Aa2 (sf)

JPY40.4 billion Loan A2, Aa2 (sf) placed under review for possible downgrade; previously on January 27, 2010, assigned Aa2 (sf)

JPY5.7 billion Loan A3, Aa2 (sf) placed under review for possible downgrade; previously on January 27, 2010, assigned Aa2 (sf)

JPY12.3 billion Loan A4, Aa2 (sf) placed under review for possible downgrade; previously on January 27, 2010, assigned Aa2 (sf)

JPY5.7 billion Loan A3 Repackaged Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on February 5, 2010, assigned Aa2 (sf)

JPY9.3 billion, Loan A4 Repackaged Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on February 5, 2010, assigned Aa2 (sf)

Deal Name: Triplus-2010 Loan A2 Repackaged Beneficial Interests

JPY10.4 billion Loan A2 Repackaged Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on May 31, 2010, assigned Aa2 (sf)

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

Details of RMBS ratings placed under review for downgrades follow:

Deal Name: AM One Trust

Approximately JPY 8.3 billion Seller Beneficial Interests, Baa3 (sf) placed under review for possible downgrade; previously on November 11, 2010, downgraded to Baa3 (sf)

Deal Name: SBIM Residential Mortgage Loan Trust Beneficial Interests Series 1 (JHF guarantee)

JPY2.8 billion A3 Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: SBIM Residential Mortgage Loan Trust Beneficial Interests Series 2 (JHF guarantee)

JPY2.5 billion A3 Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: SBIM Residential Mortgage Loan Trust Beneficial Interests Series 3 (JHF guarantee)

JPY2.8 billion A3 Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: SBIM Residential Mortgage Loan Trust Beneficial Interests Series 4 (JHF guarantee)

JPY13 billion Mortgage Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: SBIM Residential Mortgage Loan Trust Beneficial Interests Series 5 (JHF guarantee)

JPY3.8 billion Mortgage Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on September 11, 2009, assigned Aa2 (sf)

Deal Name: MR Trust

JPY2.45 billion Class B Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

JPY55 million Class C Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: MR2 Trust

JPY2.74 billion Class B Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

JPY65 million Class C Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: MR3 Trust

JPY3.8 billion Class B Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on August 5, 2009, assigned Aa2 (sf)

JPY48 million Class C Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on August 5, 2009, assigned Aa2 (sf)

Deal Name: MCJ RMBS (JHF Guarantee) Series 1

JPY0.56 billion Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: MCJ RMBS (JHF Guarantee) Series 2

JPY1.2 billion Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: MCJ RMBS (JHF Guarantee) Series 3

JPY1.99 billion Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: MCJ RMBS (JHF Guarantee) Series 4

JPY1.52 billion Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: MCJ RMBS (JHF Guarantee) Series 5

JPY3.71 billion Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: MCJ RMBS (JHF Guarantee) Series 6

JPY6.5 billion Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: MCJ RMBS (JHF Guarantee) Series 7

JPY5.01 billion Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: MCJ RMBS (JHF Guarantee) Series 8

JPY4.95 billion Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: MCJ RMBS (JHF Guarantee) Series 9

JPY7.29 billion Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: MCJ RMBS (JHF Guarantee) Series 10

JPY4.5 billion Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: MCJ RMBS (JHF Guarantee) Series 11

JPY4.8 billion Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: MCJ RMBS (JHF Guarantee) Series 13

JPY3.67 billion Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: MCJ RMBS (JHF Guarantee) Series 14

JPY2.12 billion Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: MCJ RMBS (JHF Guarantee) Series 15

JPY0.97 billion Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: MCJ RMBS (JHF Guarantee) Series 16

JPY0.34 billion Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: MCJ RMBS (JHF Guarantee) Series 17

JPY0.29 billion Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: ORIX Loan Trust (Guaranteed) III Beneficial Interests

JPY7.2 billion of Class A, Aaa (sf) placed under review for possible downgrade; previously on August 13, 2009, confirmed at Aaa (sf)

JPY5.5 billion of Class B, Aa2 (sf) placed under review for possible downgrade; previously on August 13, 2009, confirmed at Aa2 (sf)

JPY2.8 billion of Class C, Aa3 (sf) placed under review for possible downgrade; previously on August 13, 2009, confirmed at Aa3 (sf)

Deal Name: Chiba Kogyo Bank RMBS Series 1 (JHF guarantee)

JPY1.8 billion Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: Chiba Kogyo Bank RMBS Series 2 (JHF guarantee)

JPY4.6 billion Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: Chiba Kogyo Bank RMBS Series 3 (JHF guarantee)

JPY3.89 billion Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: Chiba Kogyo Bank RMBS Series 4 (JHF guarantee)

JPY3.21 billion Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: Chiba Kogyo Bank RMBS Series 5 (JHF guarantee)

JPY3.29 billion Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: Big Sky 2008-1 Shinsei Bank Residential Mortgage Trust

Approximately JPY1.2 billion Seller Beneficial Interests, Baa3 (sf) placed under review for possible downgrade; previously on November 11, 2010, downgraded to Baa3 (sf)

Deal Name: BTMU Residential Mortgage Loan Trust Beneficial Interests Series 1 (JHF guarantee)

JPY21.2 billion Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: BTMU Residential Mortgage Loan Trust Beneficial Interests Series 2 (JHF guarantee)

JPY38.7 billion Senior Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on July 23, 2009, downgraded to Aa2 (sf)

Deal Name: BTMU Residential Mortgage Loan Trust Beneficial Interests Series 6 (JHF guarantee)

JPY3 billion Mortgage Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on August 30, 2010, assigned Aa2 (sf)

Deal Name: BTMU Residential Mortgage Loan Trust Beneficial Interests Series 7 (JHF guarantee)

JPY6 billion Mortgage Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on February 28, 2011, assigned Aa2 (sf)

Deal Name: BTMU Residential Mortgage Loan Trust Beneficial Interests Series 8 (JHF guarantee)

JPY5 billion Mortgage Beneficial Interests, Aa2 (sf) placed under review for possible downgrade; previously on May 31, 2011, assigned Aa2 (sf)

Deal Name: BTMU Residential Mortgage Loan Trust Beneficial Interests Series 2

JPY10.5 billion Mezzanine Beneficial Interests, Aa3 (sf) placed under review for possible downgrade; previously on August 13, 2009, confirmed at Aa3 (sf)

Deal Name: BTMU Residential Mortgage Loan Trust Beneficial Interests Series 3

JPY14.7 billion Mezzanine Beneficial Interests, Aa3 (sf) placed under review for possible downgrade; previously on August 13, 2009, confirmed at Aa3 (sf)

Details of RMBS ratings unaffected follow:

Deal Name: ORIX Loan Trust (Guaranteed) I Beneficial Interests

JPY7.6 billion of Class B, no rating action on Aaa (sf); previously on April 26, 2011, upgraded to Aaa (sf)

JPY11.4 billion of Class C, no rating action on Aaa (sf); previously on April 26, 2011, upgraded to Aaa (sf)

Deal Name: ORIX Loan Trust (Guaranteed) II Beneficial Interests

JPY26.0 billion of Class B, no rating action on Aaa (sf); previously on April 26, 2011, upgraded to Aaa (sf)

JPY13.1 billion of Class C, no rating action on Aaa (sf); previously on April 26, 2011, upgraded to Aaa (sf)

Deal Name: BTMU Residential Mortgage Loan Trust Beneficial Interests Series 4

JPY5 billion Mezzanine Beneficial Interests, no rating action on Aa1 (sf); previously on August 5, 2010, upgraded to Aa1 (sf)

Deal Name: BTMU Residential Mortgage Loan Trust Beneficial Interests Series 5

JPY2.9 billion Mezzanine Beneficial Interests, no rating action on Aa1 (sf); previously on August 5, 2010, upgraded to Aa1 (sf)

Deal Name: BTMU Residential Mortgage Loan Trust Beneficial Interests Series 6

JPY3.8 billion Mezzanine Beneficial Interests, no rating action on Aa1 (sf); previously on August 5, 2010, upgraded to Aa1 (sf)

Deal Name: BTMU Residential Mortgage Loan Trust Beneficial Interests Series 7

JPY5.3 billion Mezzanine Beneficial Interests, no rating action on Aa2 (sf); previously on August 5, 2010, upgraded to Aa2 (sf)

Deal Name: BTMU Residential Mortgage Loan Trust Beneficial Interests Series 8

JPY3.3 billion Mezzanine Beneficial Interests, no rating action on Aa1 (sf); previously on August 5, 2010, upgraded to Aa1 (sf)

Deal Name: BTMU Residential Mortgage Loan Trust Beneficial Interests Series 9

JPY1.7 billion Mezzanine Beneficial Interests, no rating action on Aa1 (sf); previously on August 5, 2010, upgraded to Aa1 (sf)

Deal Name: BTMU Residential Mortgage Loan Trust Beneficial Interests Series 10

JPY0.8 billion Mezzanine Beneficial Interests, no rating action on Aa3 (sf); previously on August 13, 2009, confirmed at Aa3 (sf)

Deal Name: BTMU Residential Mortgage Loan Trust Beneficial Interests Series 11

JPY1.1 billion Mezzanine Beneficial Interests, no rating action on Aa3 (sf); previously on September 29, 2009, Aa3 (sf) assigned

Deal Name: Urban Renaissance Installment Receivables Trust Series 1 Senior Trust Certificates

JPY15.7 billion Class C Senior Trust Certificates, no rating action on Aa1 (sf); previously on July 23, 2009, confirmed at Aa1 (sf)

The principal methodology used in ratings above was "Updated: Moody's Approach to Rating RMBS Transactions in Japan", published on September 30, 2010, and available on www.moodys.co.jp.

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 repackaged notes and Japanese RMBS, but some RMBS unaffected
No Related Data.
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