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Ratings On Leopard Apartment Loan Securitizations Affirmed Dec 10 Product Image

Ratings On Leopard Apartment Loan Securitizations Affirmed Dec 10

  • ID: 1771470
  • December 2010
  • Standard & Poors

FEATURED COMPANIES

  • Leopard One Funding Ltd.
  • Leopard Two Funding Ltd.
  • MORE

Abstract
OVERVIEW These are Japanese securitization transactions, the underlying assets of which are apartment mortgage-loans extended to borrowers by New Century Finance Co. Ltd. to finance the construction costs and miscellaneous expenses of apartments built by Leopalace21 Corp. Although the estimated current rent level of the underlying properties in both transactions is below our initial forecast, the credit enhancement of each note has increased since the closing and the transactions benefit from other structural features. We believe the positive factors offset the negative impact from the lower rent level than initially anticipated and we therefore affirmed the ratings on all the notes. TOKYO (Standard & Poor's) Dec. 24, 2010--Standard & Poor's Ratings Services said today that it had affirmed its ratings...

Companies mentioned in this report are:
- Leopard One Funding Ltd.
- Leopard Two Funding Ltd.

Action: Affirmed

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.

- Leopard One Funding Ltd.
- Leopard Two Funding Ltd.

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