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Rating Action:

Moody's upgrades ORIX Loan Trust deals backed by personal loans

 The document has been translated in other languages

26 Apr 2011

JPY58.1 Billion in Beneficial Interests Affected

Tokyo, April 26, 2011 -- Moody's Japan K.K. has today upgraded the ratings of ORIX Loan Trust (Guaranteed) Beneficial Interest I and ORIX Loan Trust (Guaranteed) Beneficial Interest II.

These transactions constitute a re-securitization of beneficial interest backed by personal loans ("Original Trust Beneficial Interests") guaranteed by third-party guarantees and owned by ORIX Corporation.

Details follow:

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

Class B, upgraded to Aaa (sf) from Aa2 (sf); previously on August 13, 2009, confirmed at Aa2 (sf).

Class C, upgraded to Aaa (sf) from Aa3 (sf); previously on August 13, 2009, confirmed at Aa3 (sf).

Issue Amount:

Class B, JPY 7,600 million.

Class C, JPY11,400 million

Dividend: Floating

Transfer Date of Beneficial Interest: June 23, 2006

Final Maturity Date: September 25, 2041

Underlying Asset: Personal Loans

Repackaged Trust Assigner : ORIX Corporation

Repackaged Trust Asset Trustee: ORIX Trust and Banking Corporation

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

Class B, upgraded to Aaa (sf) from Aa2 (sf); previously, on August 13, 2009, confirmed at Aa2 (sf).

Class C, upgraded to Aaa (sf) from Aa3 (sf); previously, on August 13, 2009, confirmed at Aa3 (sf).

Issue Amount:

Class B, JPY 26,000 million.

Class C, JPY13,100 million

Dividend: Floating

Transfer Date of Beneficial Interest: September 15, 2006

Final Maturity Date: November 25, 2046

Underlying Asset: Personal Loans

Repackaged Trust Assigner : ORIX Corporation

Repackaged Trust Asset Trustee: ORIX Trust and Banking Corporation

RATING RATIONALE

The rating upgrade reflects increased credit enhancement, resulting from the redemption of Beneficial Interests in a sequential manner (starting with the senior Beneficial Interest, and then the junior Beneficial Interest) in accordance with the repayment of underlying loans by obligors, subrogation by guarantors, and repurchase by the Original Trust Assigner.

The ratings of the Beneficial Interest incorporate, through cash flow analysis, the likelihood of the subrogation of the underlying loans by the loan guarantors.

The ratings of the Beneficial Interest do not directly indicate the guarantors' creditworthiness.

These rating actions mainly reflect the increase in credit enhancement for each tranche.

The primary reasons for any uncertainty for the transactions include the current macroeconomic environment, especially the unemployment rate and salary (including bonuses) level.

In our analysis, we assume that a cumulative gross loss rate for the underlying assets follows the stochastic distribution, and we create scenarios which have different cumulative gross loss rates, using such a distribution.

Next, we run a cash flow simulation for each scenario. Other parameters -- such as the recovery rate from defaulted loans -- are assumed in a conservative way so that we can run a cash flow simulation under stressful conditions corresponding to the target rating levels.

The principal methodology used in this rating was "Updated: Moody's Approach to Rating RMBS Transactions in Japan," published on September 30, 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

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 Servicing Reports, and Trustee Reports.

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

Measures taken to ensure the quality of this information include representations and warranties provided by the information sources.

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
Hiroyuki Kato
Asst Vice President - 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 upgrades ORIX Loan Trust deals backed by personal loans
No Related Data.
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CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE 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 OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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