Reform Of Independent Administrative Agencies Could Influence The Credit Quality Of Two Deals Backed By FILP Loans Feb 12
- Language: English
- Published: February 2012
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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.