51 classes in 50 transactions affected
Tokyo, July 26, 2011 -- Moody's Japan K.K has withdrawn the ratings of 51 interest-only
classes in 50 transactions for business reasons.
RATING RATIONALE
Moody's Japan K.K. has withdrawn the credit rating for its
own business reasons. Please refer to Moody's Guidelines for the
Withdrawal of Ratings on its Web site, www.moodys.co.jp.
Details follow:
Deal Name: Arsenal Trust
Class E, Withdrawn the B3 (sf); previously on May 20,
2010 Downgraded to B3 (sf) from Ba2 (sf)
Deal Name: Cafes 1
Class X, Withdrawn the Aaa (sf); previously on Jul 21,
2006 Assigned Definitive rating of Aaa (sf)
Deal Name: Cafes 2
Class X, Withdrawn the Aaa (sf); previously on Oct 20,
2006 Assigned Definitive rating of Aaa (sf)
Deal Name: Cafes 3
Class X, Withdrawn the Aa3 (sf); previously on Jun 30,
2010 Downgraded to Aa3 (sf) from Aaa (sf)
Deal Name: Chelsea Trust
Class G, Withdrawn the Caa3 (sf); previously on Jul 22,
2011 Downgraded to Caa3 (sf) from B3 (sf)
Deal Name: CSC, Series 1 GK
Class X, Withdrawn the Ba1 (sf); previously on Jun 24,
2011 Downgraded to Ba1 (sf) from A3 (sf)
Deal Name: CSFS Godo Kaisha
Class X, Withdrawn the Aa2 (sf); previously on Jul 6,
2011 Aa2 (sf) Placed Under Review for Possible Downgrade
Deal Name: J-CORE 12 Trust
Class X, Withdrawn the Aa2 (sf); previously on Jul 10,
2009 Downgraded to Aa2 (sf) from Aaa (sf)
Deal Name: J-CORE 13 Trust
Class X, Withdrawn the Aa3 (sf); previously on Jun 4,
2010 Downgraded to Aa3 (sf) from Aaa (sf)
Deal Name: J-CORE 14 Trust
Class X, Withdrawn the Aa3 (sf); previously on Jun 16,
2011 Aa3 (sf) Placed Under Review for Possible Downgrade
Deal Name: J-CORE 15 Trust
Class X, Withdrawn the Aaa (sf); previously on Jul 15,
2011 Aaa (sf) Placed Under Review for Possible Downgrade
Deal Name: J-CORE 16 Trust
Class X, Withdrawn the Aaa (sf); previously on Sep 29,
2008 Assigned Definitive rating of Aaa (sf)
Deal Name: J-CORE FL1 Trust
Class X, Withdrawn the Aaa (sf); previously on Dec 27,
2006 Assigned Definitive rating of Aaa (sf)
Deal Name: JCREF CMBS 2007-1 GK
Class X, Withdrawn the Aa2 (sf); previously on Mar 11,
2011 Downgraded to Aa2 (sf) from Aa1 (sf)
Deal Name: J-CREM 2 Trust
Class X, Withdrawn the A1 (sf); previously on Jun 16,
2011 Downgraded to A1 (sf) from Aa3 (sf)
Deal Name: JLOC XXIV Trust
Class X, Withdrawn the Aaa (sf); previously on May 13,
2005 Assigned Definitive rating of Aaa (sf)
Deal Name: JLOC XXX
Class X, Withdrawn the Baa2 (sf); previously on Feb 24,
2011 Downgraded to Baa2 (sf) from A2 (sf)
Deal Name: JLOC XXXI Trust
Class X, Withdrawn the A3 (sf); previously on Jun 17,
2011 A3 (sf) Placed Under Review for Possible Downgrade
Deal Name: JLOC XXXIII Trust
Class X, Withdrawn the Aaa (sf); previously on Nov 16,
2006 Assigned Definitive rating of Aaa (sf)
Deal Name: JLOC XXXIV Trust
Class X, Withdrawn the Aaa (sf); previously on Mar 14,
2007 Assigned Definitive rating of Aaa (sf)
Deal Name: JLOC36, LLC
Class X, Withdrawn the Aaa (sf); previously on May 9,
2007 Assigned Definitive rating of Aaa (sf)
Deal Name: JLOC 37, LLC
Class X, Withdrawn the Aa3 (sf); previously on Feb 10,
2011 Downgraded to Aa3 (sf) from Aa2 (sf)
Deal Name: JLOC 38, LLC
Class X, Withdrawn the Aaa (sf); previously on Apr 22,
2011 Upgraded to Aaa (sf) from Aa1 (sf)
Deal Name: JMAC4 Trust
Class X1, Withdrawn the Aaa (sf); previously on Mar 28,
2006 Assigned Definitive rating of Aaa (sf)
Deal Name: L-JAC III Trust
Class X-2, Withdrawn the Aa1 (sf); previously on Jun
16, 2009 Downgraded to Aa1 (sf) from Aaa (sf)
Deal Name: L-JAC 4
Class X-1, Withdrawn the Baa2 (sf); previously on Jun
16, 2011 Downgraded to Baa2 (sf) from Aa3 (sf)
Deal Name: L-JAC 4
Class X-2, Withdrawn the Baa2 (sf); previously on Jun
16, 2011 Downgraded to Baa2 (sf) from Aa3 (sf)
Deal Name: L-JAC5 Trust
Class X-2, Withdrawn the Baa1 (sf); previously on Jul
14, 2010 Downgraded to Baa1 (sf) from Aa2 (sf)
Deal Name: L-JAC 6 Trust
Class X-2, Withdrawn the Aa2 (sf); previously on Jan
27, 2010 Downgraded to Aa2 (sf) from Aaa (sf)
Deal Name: L-JAC7
Class X, Withdrawn the Aa2 (sf); previously on Apr 21,
2010 Downgraded to Aa2 (sf) from Aa1 (sf)
Deal Name: GK MLOX3
Class TK, Withdrawn the A3 (sf); previously on Jul 28,
2010 Downgraded to A3 (sf) from Aa1 (sf)
Deal Name: MLOX4
Class X, Withdrawn the A2 (sf); previously on Jul 28,
2010 Downgraded to A2 (sf) from Aa2 (sf)
Deal Name: ORIX-NRL Trust 13
Class X, Withdrawn the Aaa (sf); previously on Jan 29,
2007 Assigned Definitive rating of Aaa (sf)
Deal Name: ORIX-NRL Trust 14
Class X, Withdrawn the Aa2 (sf); previously on Jun 17,
2010 Downgraded to Aa2 (sf) from Aaa (sf)
Deal Name: ORIX-NRL Trust 15
Class X, Withdrawn the Aa2 (sf); previously on Jul 5,
2011 Aa2 (sf) Placed Under Review for Possible Downgrade
Deal Name: ORIX-NRL Trust 16
Class X, Withdrawn the Aaa (sf); previously on Dec 26,
2007 Assigned Definitive rating of Aaa (sf)
Deal Name: ORIX-NRL TRUST 18
Class X, Withdrawn the Aa3 (sf); previously on Jul 5,
2011 Aa3 (sf) Placed Under Review for Possible Downgrade
Deal Name: Orso Funding CMBS 5 Trust
Class X, Withdrawn the Aaa (sf); previously on Jun 16,
2009 Confirmed at Aaa (sf)
Deal Name: GK Orso Funding CMBS 6
Class X, Withdrawn the A2 (sf); previously on Feb 23,
2011 Downgraded to A2 (sf) from Aa3 (sf)
Deal Name: Orso Funding CMBS 8
Class X, Withdrawn the Aaa (sf); previously on Nov 28,
2007 Assigned Definitive rating of Aaa (sf)
Deal Name: Titan Japan, Series 1 GK
Class X, Withdrawn the Baa1 (sf); previously on Jun 10,
2011 Baa1 (sf) Placed Under Review for Possible Downgrade
Deal Name: New Affinity Senior Beneficial Interests
IO Beneficial Interests, Withdrawn the Aaa (sf); previously
on Mar 26, 2007 Assigned Definitive rating of Aaa (sf)
Deal Name: New Hibiscus Senior Beneficial Interests
IO Beneficial Interests, Withdrawn the Aaa (sf); previously
on Sep 18, 2007 Assigned Definitive rating of Aaa (sf)
Deal Name: DTC One Special Purpose Company
Class X, Withdrawn the Aaa (sf); previously on Nov 28,
2002 Assigned Definitive rating of Aaa (sf)
Deal Name: DTC Two Funding Limited
Class X, Withdrawn the Aaa (sf); previously on Jul 25,
2003 Assigned Definitive rating of Aaa (sf)
Deal Name: DTC THREE FUNDING LIMITED
Class X, Withdrawn the Aaa (sf); previously on Mar 4,
2004 Assigned Definitive rating of Aaa (sf)
Deal Name: DTC Four Funding Limited
Class X, Withdrawn the Aaa (sf); previously on Nov 19,
2004 Assigned Definitive rating of Aaa (sf)
Deal Name: DTC Five Funding Limited
Class X, Withdrawn the Aaa (sf); previously on Mar 8,
2005 Assigned Definitive rating of Aaa (sf)
Deal Name: DTC Six Funding Limited
Class X, Withdrawn the Aaa (sf); previously on Oct 25,
2005 Assigned Definitive rating of Aaa (sf)
Deal Name: Leopard Two Funding Limited
Class X, Withdrawn the Aaa (sf); previously on Aug 30,
2004 Assigned Definitive rating of Aaa (sf)
Deal Name: ORIX APL-J Trust 1
Class X, Withdrawn the Aaa (sf); previously on Nov 9,
2005 Assigned Definitive rating of Aaa (sf)
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
trustee reports, bond reports and servicer reports, etc.
Information sources used to prepare the credit rating came from the following:
parties involved in the ratings (such as the Arranger), parties
not involved in the ratings, public information, confidential
and proprietary Moody's information.
Measures taken to ensure the quality of this information include preparation
or reviews by a third party.
Moody's considers the quality of information which was 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
Takahiro Okubo
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 withdraws ratings on interest-only classes of Japanese structured finance deals