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Rating Action:

Moody's upgrades 3 Bank of Tokyo-Mitsubishi UFJ RMBS deals

 The document has been translated in other languages

30 Aug 2012

JPY7.2 billion of Mezzanine Beneficial Interests upgraded

Tokyo, August 30, 2012 -- Moody's Japan K.K has upgraded the ratings of three Mezzanine Beneficial Interests in three transactions backed by fixed-rate residential mortgages originated by The Bank of Tokyo-Mitsubishi UFJ, Ltd. ("Bank of Tokyo-Mitsubishi UFJ").

Moody's has also affirmed the Aaa (sf) ratings of five Senior Beneficial Interests in the same three transactions.

Details follow:

BTMU Residential Mortgage Loan Trust Beneficial Interests Series 7

JPY53.6 billion Senior Beneficial Interests Class C, affirmed at Aaa (sf);

Previously on 5 June 2007, assigned definitive rating of Aaa (sf).

JPY5.3 billion Mezzanine Beneficial Interests, upgraded to Aa1 (sf);

Previously on 5 August 2010, upgraded to Aa2 (sf).

BTMU Residential Mortgage Loan Trust Beneficial Interests Series 10

JPY5.2 billion Senior Beneficial Interests Class A, affirmed at Aaa (sf);

Previously on 28 March 2008, assigned definitive rating of Aaa (sf).

JPY8.5 billion Senior Beneficial Interests Class B, affirmed at Aaa (sf);

Previously on 28 March 2008, assigned definitive rating of Aaa (sf).

JPY0.8 billion Mezzanine Beneficial Interests, upgraded to Aa1 (sf);

Previously on 13 August 2009, confirmed at Aa3 (sf).

BTMU Residential Mortgage Loan Trust Beneficial Interests Series 11

JPY7.3 billion Senior Beneficial Interests Class A, affirmed at Aaa (sf);

Previously on 29 September 2009, assigned definitive rating of Aaa (sf).

JPY10.9 billion Senior Beneficial Interests Class B, affirmed at Aaa (sf);

Previously on 29 September 2009, assigned definitive rating of Aaa (sf).

JPY1.1 billion Mezzanine Beneficial Interests, upgraded to Aa1 (sf);

Previously on 29 September 2009, assigned definitive rating of Aa3 (sf).

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

Class: Senior Beneficial Interests Class C, Mezzanine Beneficial Interests

Dividend: Fixed

Issue Date: 5 June 2007

Final Maturity Date: 25 March 2044

Underlying Asset: Residential mortgages

Seller (Originator/Initial Servicer): Bank of Tokyo-Mitsubishi UFJ (Aa3/P-1)

Arranger: Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

Asset Trustee: Mitsubishi UFJ Trust and Banking Corporation

Guarantor: The Mitsubishi UFJ Home Loan Credit Co., Ltd./Diamond Home Credit Co., Ltd.

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

Class: Senior Beneficial Interests Class A and Class B, Mezzanine Beneficial Interests

Dividend: Fixed

Issue Date: 28 March 2008

Final Maturity Date: 26 December 2044

Underlying Asset: Residential mortgages

Seller (Originator/Initial Servicer): Bank of Tokyo-Mitsubishi UFJ (Aa3/P-1)

Arranger: Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

Asset Trustee: Mitsubishi UFJ Trust and Banking Corporation

Guarantor: The Mitsubishi UFJ Home Loan Credit Co., Ltd.

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

Class: Senior Beneficial Interests Class A and Class B, Mezzanine Beneficial Interests

Dividend: Fixed

Issue Date: 29 September 2009

Final Maturity Date: 26 February 2046

Underlying Asset: Residential mortgages

Seller (Originator/Initial Servicer): Bank of Tokyo-Mitsubishi UFJ (Aa3/P-1)

Arranger: Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

Asset Trustee: Mitsubishi UFJ Trust and Banking Corporation

Guarantor: The Mitsubishi UFJ Home Loan Credit Co., Ltd./Diamond Home Credit Co., Ltd.

RATINGS RATIONALE

The ratings upgrade of the Mezzanine Beneficial Interests reflect increased credit enhancement, mainly due to the presence of a cash reserve of excess spread to cover credit risk.

The ratings of the Mezzanine Beneficial Interests, through cash flow analysis, incorporate the possibility that the loan guarantors -- which are subsidiaries of Bank of Tokyo-Mitsubishi UFJ -- may subrogate the underlying loans.

Moody's affirmed the ratings of the Senior Beneficial Interests at Aaa (sf) because the increased credit enhancement is enough to maintain their ratings.

The primary source of uncertainty related to Moody's assumptions for the transactions is the current macroeconomic environment, especially the unemployment rate and salary (including bonuses) levels.

Moody's assumed that the cumulative gross loss rate for the assets follows a stochastic distribution. Moody's then ran a cash flow simulation for each scenario. Conservative assumptions were made for other parameters, including the recovery rates of the defaulting loans. A cash flow simulation was run under stress conditions corresponding to the target rating level.

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

Moody's did not receive or take into account a third party due diligence report on the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For an explanation of the (sf) indicator, please see "Moody's Structured Finance Rating Scale" on www.moodys.com.

The principal information used to prepare the credit rating comprised Monthly Servicing Report, and Trustee Report.

Information sources used to prepare the credit rating are the following: parties involved in the ratings (the Servicer, and the Asset Trustee); public information; and confidential and proprietary Moody's information.

Measures taken to ensure the quality of this information include reviews by a third party.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a 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.

Mieko Nakamura
Associate Analyst
Structured Finance Group
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

Koji Kumamaru
MD - Structured Finance
Structured Finance Group
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Releasing Office:
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 upgrades 3 Bank of Tokyo-Mitsubishi UFJ RMBS deals
No Related Data.
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