Ratings On Frontier Real Estate Investment Corp. Affirmed Following Proposed Sponsor Change Feb 08

Standard & Poors, February 2008

Abstract
TOKYO (Standard & Poor's) Feb. 19, 2008--Standard & Poor's Ratings Services today affirmed its 'A+' long-term and 'A-1' short-term corporate credit ratings on Frontier Real Estate Investment Corp. (FRI). The outlook on the long-term corporate credit rating remains stable. The affirmation reflects Standard & Poor's expectations that FRI will maintain its strong business position and conservative financial policy after the proposed change in sponsor of FRI's asset management company, Frontier REIT Management Inc. (FRM, N.R.), to Mitsui Fudosan Co. Ltd. (BBB+/Stable/A-2) from Japan Tobacco Inc. (JT; A+/Stable/--). Mitsui Fudosan announced on Feb. 18, 2008, that it would acquire FRM. Under the collaboration agreement, Mitsui Fudosan will acquire all outstanding shares in FRM from Japan Tobacco, and will then transfer directors...

Companies mentioned in this report are: Frontier Real Estate Investment Corp.
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.

Frontier Real Estate Investment Corp.

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