S&P Asgns Prel Rtgs to ORIX-NRL Trust II's Japan CMBS.Business Editors TOKYO--(BUSINESS WIRE)--Sept. 1, 2003 Standard & Poor's--Standard & Poor's Rating Services said today that it had assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. its preliminary ratings to ORIX-NRL Trust II JPY JPY In currencies, this is the abbreviation for the Japanese Yen. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 9.25 billion trust certificates classes A to E and X due 2010 (see table below). The trust certificates are backed by five nonrecourse loans Nonrecourse loan A loan for which no partner or related person bears the economic risk of loss. For example, if a partnership fails to repay a nonrecourse loan, the lender has no recourse against any partner except to foreclose of the assets used to secure the loan. originated by ORIX Corp. and its affiliated company. The nonrecourse loans are ultimately secured by 10 real estate properties located mainly in Tokyo. This is the third multiborrower type CMBS CMBS See: Commercial Mortgage Backed Securities transaction by ORIX, and Standard & Poor's has also assigned ratings to the previous two transactions. ORIX Asset Management & Loan Services Corp. will be the servicer in this transaction. The preliminary ratings on the classes A-E A-E, AE above-elbow; see under amputation. notes address the full and timely payment of interest and ultimate repayment of principal by the transaction's legal final maturity date of 2010, and the timely payment of available interest for the interest-only class X certificate. Final ratings will be assigned after the amount and terms of the certificates are finalized See finalization. and a full rating analysis has been concluded, including a satisfactory review of the final transaction structure and the necessary legal and taxation documents and opinions. The preliminary ratings are based on: -- The quality of the real estate-secured loan receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed that back the trust certificates; -- The quality of the real estate that secures each loan; -- Ample credit support provided by the senior/subordinated structure of the certificates; -- Ample liquidity support provided by a servicer advance; and -- The sound nature of the transaction's legal structure. PRELIMINARY RATINGS ASSIGNED JPY9.25 billion trust certificates due 2010 CLASS PRELIMINARY AMOUNT PRELIMINARY RATING(a) A JPY6.35 bil. AAA B JPY1.15 bil. AA C JPY1.15 bil. A D JPY0.55 bil. BBB+ E JPY0.05 bil. BBB X (interest only) JPY9.25 bil. (notional principal) AAA (a) The ratings shown are preliminary and subject to change at any time. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion