Assigns Prelim Ratings to MUE Capital One's CMBS.

Business Editors

TOKYO--(BUSINESS WIRE)--Standard & Poor's

Feb. 15, 2002--Standard & Poor's today assigned its preliminary ratings to MUE Capital One Co. Ltd.'s JPY5.1 billion fixed-rate notes classes A through D due March 2009 (see list below). The notes are ultimately backed by a portfolio of four office buildings located in Tokyo.

The notes are secured by the beneficial interest held by MUE Capital One in four office properties, under a trust created with Yasuda Trust & Banking Co. Ltd. The properties are purchased from and master-leased to Yasuda Real Estate Co. Ltd., which, in turn subleases them to end tenants.

The preliminary ratings are based on information as of Feb. 15, 2002. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings address the full and timely payment of interest and the ultimate full repayment of principal by the legal maturity of March 2009 for classes A1 and A2, and the ultimate full repayment of interest and principal on classes B-D by the transaction's legal final maturity of March 2009.

The preliminary ratings are based on:

-- The quality of the collateral portfolio that ultimately secures the rated
notes;

-- The soundness of the legal structure of the transaction; and

-- The credit support provided by overcollateralization and the subordinated
notes.

PRELIMINARY RATINGS ASSIGNED

JPY5.1 billion fixed-rate notes classes A-D due March 2009
Issue          Preliminary amount     Preliminary rating
Class A1       JPY0.8 billion           AAA
Class A2       JPY2.3 billion           AAA
Class B        JPY0.5 billion           AA
Class C        JPY0.6 billion           A
Class D        JPY0.9 billion           BBB-