Tokyo, May 19, 2009 -- Moody's Investors Service announced today it has upgraded the ratings
of 24 Reverse Dual Currency Loan extended to Arch Finance Limited.
Today's rating action is based on the upgrade of the collateral.
The rating on each transaction reflects the rating of the underlying,
as well as the additional expected losses to be incurred by each transaction,
calculated based on the type of swap agreements incorporated and the rating
of the swap counterparty.
Moody's initially analyzed and continues to monitor this transaction
using primarily the methodology and its supplements for repackaged securities
as described in Moody's Special Reports below:
--Repackaged Securities (October 2001)
--Moody's Refines Its Approach to Rating Structured Notes
(July 1997)
These reports can be found at www.moodys.com in the Credit
Policy & Methodologies directory, in the Ratings Methodologies
subdirectory. Other methodologies and factors that may have been
considered in the process of rating this issue can also be found in the
Credit Policy & Methodologies directory.
Today's rating actions are as follow:
Arch Finance Limited
(1) Series 2004-1 JPY 5,000,000,000 Reverse Dual
Currency Loan due 2034
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
(2) Series 2004-2 JPY 5,000,000,000 Reverse Dual
Currency Loan due 2034
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
(3) Series 2004-3 JPY 5,000,000,000 Reverse Dual
Currency Loan due 2034
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
(4) Series 2004-4 JPY 5,000,000,000 Reverse Dual
Currency Loan due 2034
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
(5) Series 2004-5 JPY 5,000,000,000 Reverse Dual
Currency Loan due 2034
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
(6) Series 2004-6 JPY 5,000,000,000 Reverse Dual
Currency Loan due 2034
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
(7) Series 2005-1 JPY 5,000,000,000 Reverse Dual
Currency Loan due 2035
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
(8) Series 2005-2 JPY 5,000,000,000 Reverse Dual
Currency Loan due 2035
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
(9) Series 2005-3 JPY 5,000,000,000 Reverse Dual
Currency Loan due 2035
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
(10) Series 2005-4 JPY 5,000,000,000 Reverse
Dual Currency Loan due 2035
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
(11) Series 2005-5 JPY 5,000,000,000 Reverse
Dual Currency Loan due 2035
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
(12) Series 2005-6 JPY 5,000,000,000 Reverse
Dual Currency Loan due 2035
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
(13) Series 2005-7 JPY 5,000,000,000 Reverse
Dual Currency Loan due 2035
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
(14) Series 2005-8 JPY 5,000,000,000 Reverse
Dual Currency Loan due 2035
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
(15) Series 2005-9 JPY 5,000,000,000 Reverse
Dual Currency Loan due 2035
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
(16) Series 2005-10 JPY 5,000,000,000 Reverse
Dual Currency Loan due 2035
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
(17) Series 2005-11 JPY 5,000,000,000 Reverse
Dual Currency Loan due 2035
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
(18) Series 2005-12 JPY 5,000,000,000 Reverse
Dual Currency Loan due 2035
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
(19) Series 2005-13 JPY 5,000,000,000 Reverse
Dual Currency Loan due 2035
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
(20) Series 2005-14 JPY 5,000,000,000 Reverse
Dual Currency Loan due 2035
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
(21) Series 2005-15 JPY 5,000,000,000 Reverse
Dual Currency Loan due 2035
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
(22) Series 2005-16 JPY 5,000,000,000 Reverse
Dual Currency Loan due 2035
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
(23) Series 2005-17 JPY 5,000,000,000 Reverse
Dual Currency Loan due 2035
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
(24) Series 2005-18 JPY 5,000,000,000 Reverse
Dual Currency Loan due 2035
Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3
from A1
Moody's Investors Service is a publisher of rating opinions and research.
It is not involved in the offering or sale of any securities, nor
is it acting on behalf of the offering party. This release is not
a solicitation or a recommendation to buy, hold, or sell securities.
Tokyo
Shinji Ishida
Senior Associate
Structured Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100
London
Neelam S. Desai
Senior Vice President
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's upgrades ratings of loans extended to Arch Finance Limited