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'AAA' and 'AA+' Ratings on Japanese ABS, RMBS, and CMBS Transactions Affirmed Nov 01
Standard & Poors, Nov 2001
Abstract
TOKYO (Standard & Poor's) Nov. 28, 2001--Standard & Poor's today affirmed its existing triple-'A' and double-'A'-plus ratings and preliminary ratings on the Japanese asset-backed, mortgage-backed, and commercial real estate-backed issues listed below following the lowering of Japan's long-term local and foreign currency sovereign ratings (see Standard & Poor's release 'Japan Long-Term Ratings Lowered to 'AA'; Outlook Remains Negative' published today). The affirmations of the final ratings and preliminary ratings are based primarily on the robust credit enhancement levels imbedded in these highly structured financings. Such enhancement levels, which serve as a first loss equity cushion protecting investors from defaulted receivables in the underlying asset pools, are deemed sufficient to allow for full and timely debt repayment, even under a scenario...
Companies mentioned in this report are: PanPacific Funding Corp.,Oracle Beta Special Purpose Co.,Oricoshop Aries SPC,Auto Loan Trust Series 1,LHL-Trust 2000-1,Auto Loan Trust Series 3,MTBC Housing Loan Corp.,Forest Funding Corp. II,MAGIC (Mortgage Income Certificates),RMF 21 Corp.,Auto Loan Trust Series 11,RMF 21-2 Corp.,Japan Housing Finance Agency,Dreams Funding 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.
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