S&P Assigns 'AAA' Rtg to Chiyoda Lease Series One ABS.Business Editors TOKYO--(BUSINESS WIRE)--Standard & Poor's March 8, 2002--Standard & Poor's today 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 triple-'A' rating to Chiyoda Lease Co. Ltd.'s Lease 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 Trust Series One 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. 2.05 billion senior trust certificates due Nov. 2007. The certificates are backed by a pool of approximately JPY2.5 billion worth of lease receivables, originated by Chiyoda Lease and entrusted to Mitsubishi Mitsubishi: see zaibatsu. Trust & Banking Corp. Standard & Poor's rating addresses the full and timely payment of interest and the ultimate full repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan of principal by the legal maturity date of Nov. 2007. The rating reflects: -- Ample credit support, with an initial overcollateralization of approximately 17%, based on a conservative discount rate of 2.0% on the lease receivables; -- An ample cash reserve account funded at closing; -- A relatively well diversified asset pool containing a variety of different kinds of leases; -- Strong and extensive support systems with parent company Mitsubishi Heavy Industries Ltd. in terms of both operations and credit management; -- The establishment of robust servicing mechanisms within the transaction including the existence of JACCS Co. Ltd. as a backup servicer; and -- Rigorous early amortization events that will convert principal redemption to a pass-through structure under certain adverse circumstances. Copyright 2002, Standard & Poor's Ratings Services Ratings Service A company, such as Moody's or Standard & Poor's, that rates various debt and preferred stock issues for safety of payment of principal, interest, or dividends. . |
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