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ARCHIVE | Credit Rating Model: Japan CMBS Credit Sizing Model Aug 10
Standard & Poors, Aug 2010
Abstract
Standard & Poor's Rating Services uses the Japan CMBS Credit Sizing Model to help analyze the levels of credit support for Japanese commercial mortgage-backed (CMBS) transactions. The purpose of the model is to help evaluate whether the level of credit support for a transaction is consistent with the credit support levels generally applicable to various rating categories for Japanese CMBS transactions. We typically use the model's results when we analyze CMBS new issuance transactions for the purpose of assigning ratings. The model helps us to analyze credit support levels for Japanese CMBS transactions in accordance with our applicable criteria. The model is Excel-based. Standard & Poor's uses the loan-to-value (LTV) ratio and debt service coverage ratio (DSCR) to help assess...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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