Fitch Assigned `AA' To Notes Issued By Aquamarine Finance Corp.Business Editors NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of & TOKYO--(BUSINESS WIRE)--Sept. 26, 2000 Yesterday Fitch assigned a `AA' rating to 7,680,000,000 Yen fixed-rate structured notes due Sept. 25, 2008 issued by Aquamarine aquamarine (ăk'wəmərēn`, äk'–) [Lat.,=seawater], transparent beryl with a blue or bluish-green color. Sources of the gems include Brazil, Siberia, the Union of Myanmar, Madagascar, and parts of the United States. Finance Corporation. The rated notes bear a fixed rate of interest at 1.92% per annum Per annum Yearly. and have a legal final maturity of 8 years. The notes have an amortization schedule of 960 million Yen per annum commencing from Sept. 2001 until maturity. The interest and principal payments on the rated notes are covered by an unconditional and irrevocable guarantee from Mitsui Marine & Fire Insurance Company, Limited (MMFI MMFI Mennonite Mutual Fire Insurance (Canadian insurance firm) ). Fitch's ratings reflect the protection afforded by the insurance policy provided by MMFI, the long term rating of which is `AA', and the legal structure of the transaction. This transaction involves the refinancing Refinancing An extension and/or increase in amount of existing debt. of a previous fully supported transaction, involving a Cayman-based SPV SPV sheeppox virus. . Underlying asset is a claim to the 9.6 billion Yen Construction Finance Deposit provided by Daiei Inc., a prominent retailer in Japan. The deposit was originally provided to a developer for the construction of a large shopping mall located in the Greater Tokyo Area The Greater Tokyo Area is a large metropolitan area in Japan consisting of most of the Japanese prefectures of Chiba, Kanagawa, Saitama, and Tokyo (at the center). In Japanese, it is referred to as the Tokyo Area . This deposit is repayable by the developer in installments and upon maturity or cancellation of the long-term lease contract for the shopping mall. Daiei entrusted the claim to the deposit against the developer to Tokai Trust & Banking Co. Ltd. In addition, Tokai Trust is acting as the trustee and administrative agent for the rated notes. Rating and Investment Information Inc. (R&I) has also rated the Aquamarine Finance Corporation senior notes `AA'. The English version of the report, `Aquamarine Finance Corporation' will be available shortly. For a copy, please visit Fitch's web site at `www.fitchratings.com' or contact Market Services at 1-800-853-4824 in New York or Fitch's Tokyo office at + 81-3-3288-2628 in Japan. Fitch established an office in Japan in 1989, and currently has 16 full time staff. Since setting up a structured finance team in January 1999 has rated a total of 36 structured transactions. Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Insurance, Corporates, Structured Finance, Sovereigns and Public Finance Markets worldwide. |
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