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
