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.
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