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January 11, 2008 |
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J-CORE: S&P Upgrades Rating on Class E Trust Certificate to BB+ Standard & Poor's Ratings Services raised its ratings on three classes of J-CORE 8 Trust Certificates' JPY34.5 billion floating-rate trust certificates due December 2012. Standard & Poor's raised its rating on the class C trust certificates to 'AAA' from 'AA', its rating on class D to 'A-' from 'BBB', and that on class E to 'BB+' from 'BB'. At the same time, Standard & Poor's affirmed its rating on the class B trust certificates. The class A trust certificates have been fully redeemed. The trust certificates were issued in November 2005. The upgrade reflects a decline in the LTV ratios for the class C, D, and E trust certificates as of Dec. 28, 2007, due to the sequential redemption of trust certificates in these classes accounting for about 7.4% of the initial issue amount, following the sale of a real estate trust certificate interest that ultimately backs the trust certificates. The redeemed amount, on an accumulated basis, represents approximately 67% of the initial issue amount, including the latest redemption. The number of remaining underlying real estate trust certificate interests and real estate properties is now five. Standard & Poor's has conducted hearings on the five real estate properties and confirmed that there are no major concerns over the performance of these properties, or over plans for their disposal. This transaction is a sales-type CMBS transaction ultimately secured by specified bonds (tokutei shasai), and backed by real estate trust certificate interests (28 properties in total). Deutsche Securities Inc. serves as the arranger. Ratings Raised JPY34.5 billion floating rate trust certificates due December 2012 Class To From Current Balance Initial Balance C AAA AA JPY3.3 bil. JPY3.3 bil. D A- BBB JPY3.0 bil. JPY3.0 bil. E BB+ BB JPY2.0 bil. JPY2.0 bil. Rating Affirmed Class Rating Current Balance Initial Balance B AAA JPY3.239356120 bil. JPY3.5 bil. |
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