Ratings On DTC Nine Apartment Loan Securitization Affirmed
Standard & Poors, December 2010
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 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.
Action: Affirmed
DTC Nine Funding Ltd.
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