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Rating Action:

Moody's upgrades ratings of notes issued by Earls Two Limited

19 May 2009

Tokyo, May 19, 2009 -- Moody's Investors Service announced today it has upgraded the ratings of 47 Reverse Dual Currency Secured Notes issued by Earls Two Limited. Today's rating actions are 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:

Earls Two Limited

(1) Series 30 JPY16,000,000,000 Reverse Dual Currency Secured Notes due 2035

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(2) Series 31 JPY19,000,000,000 Reverse Dual Currency Secured Notes due 2031

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(3) Series 32 JPY10,000,000,000 Reverse Dual Currency Secured Notes due 2032

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(4) Series 33 JPY3,000,000,000 Reverse Dual Currency Secured Notes due 2015

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(5) Series 34 JPY18,000,000,000 Reverse Dual Currency Secured Notes due 2035

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(6) Series 35 JPY15,000,000,000 Reverse Dual Currency Secured Notes due 2035

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(7) Series 36 JPY10,000,000,000 Reverse Dual Currency Secured Notes due 2025

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(8) Series 37 JPY25,000,000,000 Reverse Dual Currency Secured Notes due 2025

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(9) Series 38 JPY25,000,000,000 Reverse Dual Currency Secured Notes due 2025

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(10) Series 39 JPY32,500,000,000 Reverse Dual Currency Secured Notes due 2036

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(11) Series 40 JPY20,000,000,000 Reverse Dual Currency Secured Notes due 2026

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(12) Series 41 JPY20,000,000,000 Reverse Dual Currency Secured Notes due 2026

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(13) Series 42 JPY14,000,000,000 Reverse Dual Currency Secured Notes due 2023

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(14) Series 43 JPY6,000,000,000 Reverse Dual Currency Secured Notes due 2033

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(15) Series 44 JPY13,400,000,000 Reverse Dual Currency Secured Notes due 2022

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(16) Series 45 JPY6,600,000,000 Reverse Dual Currency Secured Notes due 2033

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(17) Series 46 JPY8,700,000,000 Reverse Dual Currency Secured Notes due 2033

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(18) Series 47 JPY13,900,000,000 Reverse Dual Currency Secured Notes due 2023

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(19) Series 48 JPY6,100,000,000 Reverse Dual Currency Secured Notes due 2033

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(20) Series 49 JPY23,600,000,000 Reverse Dual Currency Secured Notes due 2026

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(21) Series 50 JPY12,000,000,000 Reverse Dual Currency Secured Notes due 2020

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(22) Series 51 JPY13,000,000,000 Reverse Dual Currency Secured Notes due 2033

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(23) Series 52 JPY12,000,000,000 Reverse Dual Currency Secured Notes due 2019

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(24) Series 53 JPY13,000,000,000 Reverse Dual Currency Secured Notes due 2033

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(25) Series 54 JPY12,500,000,000 Reverse Dual Currency Secured Notes due 2020

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(26) Series 55 JPY12,500,000,000 Reverse Dual Currency Secured Notes due 2033

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(27) Series 56 JPY13,200,000,000 Reverse Dual Currency Secured Notes due 2020

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(28) Series 57 JPY11,800,000,000 Reverse Dual Currency Secured Notes due 2034

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(29) Series 58 JPY13,000,000,000 Reverse Dual Currency Secured Notes due 2020

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(30) Series 59 JPY12,000,000,000 Reverse Dual Currency Secured Notes due 2034

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(31) Series 60 JPY13,000,000,000 Reverse Dual Currency Secured Notes due 2020

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(32) Series 61 JPY12,000,000,000 Reverse Dual Currency Secured Notes due 2034

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(33) Series 62 JPY12,800,000,000 Reverse Dual Currency Secured Notes due 2020

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(34) Series 63 JPY12,200,000,000 Reverse Dual Currency Secured Notes due 2034

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(35) Series 64 JPY12,500,000,000 Reverse Dual Currency Secured Notes due 2020

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(36) Series 65 JPY12,500,000,000 Reverse Dual Currency Secured Notes due 2034

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(37) Series 66 JPY11,800,000,000 Reverse Dual Currency Secured Notes due 2020

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(38) Series 67 JPY13,200,000,000 Reverse Dual Currency Secured Notes due 2034

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(39) Series 68 JPY8,500,000,000 Reverse Dual Currency Secured Notes due 2023

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(40) Series 69 JPY16,500,000,000 Reverse Dual Currency Secured Notes due 2030

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(41) Series 70 JPY19,800,000,000 Reverse Dual Currency Secured Notes due 2030

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(42) Series 71 JPY5,200,000,000 Reverse Dual Currency Secured Notes due 2020

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(43) Series 72 JPY4,900,000,000 Reverse Dual Currency Secured Notes due 2020

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(44) Series 73 JPY20,100,000,000 Reverse Dual Currency Secured Notes due 2030

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(45) Series 74 JPY6,100,000,000 Reverse Dual Currency Secured Notes due 2020

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(46) Series 75 JPY18,900,000,000 Reverse Dual Currency Secured Notes due 2030

Upgrade to Aa2; previously on 1 July 2008, upgraded to Aa3 from A1

(47) Series 76 JPY25,000,000,000 Reverse Dual Currency Secured Notes due 2028

Upgrade to Aa2; previously on 9 July 2008, assigned Aa3

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
Shinichi Takeda
Asst Vice President - Analyst
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 notes issued by Earls Two Limited
No Related Data.
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