S&P Asgns Rtgs to RCC Trust One 2002-1 NPL Deal.Business Editors TOKYO--(BUSINESS WIRE)--Standard & Poor's Feb. 26, 2002--Standard & Poor's today assigned its ratings to RCC RCC - An extensible language. Trust One 2002-1 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. 9.6 billion floating-rate senior beneficiary certificates, classes 1 through 4. The certificates are backed by nonperforming loans entrusted to Mitsubishi Trust & Banking Corp., and Resolution & Collection Corp. (RCC) as joint trustees JOINT TRUSTEES. Two or more persons who are entrusted with property for the benefit of one or more others. 2. Unlike joint executors, joint trustees cannot act separately, but must join both in conveyances and receipts, for one cannot sell without the others, , through a special-purpose company established by Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. . Minato Saiken Kaishu KK will be the special servicer for this transaction, and will also subcontract sub·con·tract n. A contract that assigns some of the obligations of a prior contract to another party. intr. & tr.v. sub·con·tract·ed, sub·con·tract·ing, sub·con·tracts part of its duties to RCC. This is the first transaction in which RCC will assist in the securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. of defaulted real estate loans. -- Standard & Poor's ratings address the full and timely payment of interest and ultimate repayment of principal by the transaction's legal final maturity date in 2007. The ratings are based on: -- The quality of the mortgage assets in the property portfolio that ultimately secures the rated senior certificates; -- The level of subordination set for each class of the senior certificates, which provides ample credit support; -- The ability of the servicer to realize proceeds from the liquidation of the assets in a timely manner; -- Ample liquidity support provided by the cash reserve account; and -- The sound legal structure of the transaction. RATINGS ASSIGNED RCC Trust One 2002-1 JPY9.6 billion senior beneficiary certificates due 2007 Class Amount Rating Class 1 JPY5.9 bil AAA Class 2 JPY1.3 bil AA Class 3 JPY1.3 bil A Class 4 JPY1.1 bil BBB Copyright 2002, Standard & Poor's Ratings Services |
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