Ratings On DTC Nine Apartment Loan Securitization Affirmed Dec 10
- ID: 1783726
- December 2010
- Standard & Poors
OVERVIEW This is a Japanese securitization transaction whose underlying assets are apartment mortgage-loans, extended to borrowers by Lehman Brothers Commercial Mortgages K.K., to finance the construction costs and miscellaneous expenses of apartments mainly built by Daito Trust Construction Co. Ltd. Rent from the apartment properties is the most primary source to repay the underlying loans and hence one of the most important factors in the rating analysis. We affirmed the ratings on all notes since i) we expect the pace of decline of the rent from the underlying properties to remain moderate, based on the performance of the preceding transactions of the same series, though the estimated current rent level is below our initial forecast at this moment, and ii)...
Companies mentioned in this report are:
- DTC Nine Funding Ltd.
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