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Rating On FILP Master Trust 2nd Special Purpose Co.'s Series 1 Notes Lowered To 'AA+ (sf)'

Description:

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Abstract
OVERVIEW FILP Master Trust 2nd Special Purpose Co.'s series 1 notes are a securitization transaction, the notes of which are backed by a pool of fiscal loans extended under the Japanese government's Fiscal Investment and Loan Program (FILP), initially to 12 government-related entities in Japan as obligors. Reflecting the factor that about half of the assets in the portfolio had been downgraded by one notch; as well as our consideration of qualitative as well as quantitative factors due to very limited diversification in the pool, we lowered the rating on the notes issued under this transaction to 'AA+ (sf)' and removed the rating from CreditWatch with negative implications. TOKYO (Standard & Poor's) April 28, 2011--Standard & Poor's Ratings Services today...

Companies mentioned in this report are: FILP Master Trust 2nd Special Purpose Co.
Action: Downgraded

Companies Mentioned

FILP Master Trust 2nd Special Purpose Co.

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Rating On FILP Master Trust 2nd Special Purpose Co.'s Series 1 Notes Lowered To 'AA+ (sf)'

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