Summary: Frontier Real Estate Investment Corp. Jul 12

Standard & Poors, July 2012

Abstract
The ratings on Frontier Real Estate Investment Corp. (FRI) reflect its strong business position in the Japanese REIT (J-REIT) market; its high-quality real estate portfolio, which mostly consists of properties rented out under long-term leasing contracts that generate stable cash flows; and the highly regulated nature of J-REITs overall. FRI, a J-REIT that specializes in retail properties, is also backed by the real estate development and management capabilities, as well as the brand recognition, of its sponsor, Mitsui Fudosan Co. Ltd. (BBB+/Stable/A-2). The ratings also reflect FRI's relatively conservative financial policy and high financial flexibility. The ratings, however, are tempered by continued, intense competition in Japan's retail industry, although the profitability of this industry is improving amid improved consumer spending....

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

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Frontier Real Estate Investment Corp.

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