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Rating Action:

Moody's upgrades SOFTBANK MOBILE's WBS Class B1 Loan/B2 Note

 The document has been translated in other languages

11 Mar 2011

JPY300 billion in debt affected

Tokyo, March 11, 2011 -- Moody's Japan K.K. has upgraded to Baa1 (sf) from Baa3 (sf) its ratings on the Class B1 Loan and Class B2 Note of SOFTBANK MOBILE Corp. Mobile Telecommunication Business Securitization.

Details follow:

Deal Name: SOFTBANK MOBILE Corp. Mobile Telecommunication Business Securitization

Issuer: WBS Funding Company (Class B1 Loan), J-WBS Funding K.K. (Class B2 Note)

JPY 125.0 billion Class B1 Loan, Upgraded to Baa1 (sf); previously on November 30, 2006, assigned definitive rating of Baa3(sf)

JPY 175.0 billion Class B2 Note, Upgraded to Baa1 (sf); previously on November 30, 2006, assigned definitive rating of Baa3(sf)

Class: Class B1 Loan and Class B2 Note

Total Issue Amount: JPY 300.0 billion

Coupon: Floating (Class B1 Loan), Fixed (Class B2 Note)

Issued Date: November 30, 2006

Final Maturity Date: November 10, 2019 (Class B1 Loan), November 15, 2019 (Class B2 Note)

Underlying Asset: Trust Beneficial Certificates of a specified monetary trust (Tokkin Trust) that are backed by secured loans payable by SBM (Class B1 Loan), Class B2 Note Loan to WBS Funding (Class B2 Note)

Original Obligor: SOFTBANK MOBILE Corp. (SBM)

RATING RATIONALE

The rating actions are due mainly to the progress in the transaction's debt redemption.

SBM's subscriber numbers grew from approximately 15 million in November 2006 (at deal issuance), to 25 million in February 2011. ARPU (Average Revenue Per User) had been decreasing since the deal issuance, but started improving gradually after 2009 due to an increase in data ARPU. Debt Redemption Amount is proceeding ahead of the "management case" (as stipulated in the transaction documents) because the steady increase in subscriber numbers has contributed to the increase in business cash flow generated by SBM.

Debt Redemption Amount since December 2009 has been increased highly and the total debt balance had decreased to approximately JPY 796 billion as of February 2011, from JPY1,442 billion at first.

Currently, the number of subscribers, as well as SBM's EBITDA, exceeds Moody's initial expectations. The transaction's leverage has substantially improved due to an increase in business cash flow and decrease in debt balance.

When assuming SBM's future business cash flow, a key factor to consider is whether SBM is able to retain or increase their subscribers and ARPU in the highly competitive market. Capital expenditure is also required to maintain telecommunication quality and to address the higher data transmission speeds. Therefore, Moody's has examined the debt repayment ability of the transaction, assuming a certain stress scenario regarding future business cash flow and capital expenditure. As a result, Moody's believes that the Class B1 Loan and Class B2 Note (collectively known as, Class B) are sufficient to achieve a higher rating than Baa3 (sf).

However, debt redemption of Class B only starts after full redemption of Class A debt. Hence, it takes longer for Class B, compared with Class A, to be affected by the volatility in business cash flow which is the source of the debt repayment.

Considering the factors above, Moody's has upgraded the ratings of Class B to Baa1 (sf).

The rating actions affect only Class B. The source of funds for the debt redemption is cash flow generated through SBM's mobile telecommunication business. Therefore, the transaction's ratings are to a certain extent affected by SBM's credit quality. As such, Moody's believes that current rating, A3 (sf), is reasonable for Class A.

The principal methodology used in this rating was "Moody's Approach to Rating Japanese Whole Business Securitizations" 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 Compliance Reports, Trustee Reports, Debt Reports, etc.

Information sources used to prepare the credit rating are the following: parties involved in the ratings (the arranger, the original obligor, etc.); parties not involved in the ratings; 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 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
Yumiko Kitaoka
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 upgrades SOFTBANK MOBILE's WBS Class B1 Loan/B2 Note
No Related Data.
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