S&P Assigns Prel AAA to JML Trust Series 1 Japan ABS.Business Editors TOKYO--(BUSINESS WIRE)--Sept. 11, 2003 Standard & Poor's--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. said today that it had assigned its preliminary 'AAA' ratings to JML (Java HTML) A method for producing dynamic Web pages by embedding Java in an HTML page. Java is embedded in the page with JML tags, and the Java is executed on the server before the HTML page is returned to the user. Trust Series 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. 2.0 billion senior trust certificates. The transaction is backed by a pool of lease receivables originated by Japan Medical Lease Corp. (JML). The preliminary ratings are based on information as of Sept. 11, 2003. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. Standard & Poor's ratings address the full and timely payment of interest and the ultimate full repayment of principal by the legal maturity date of November 2008. 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: -- Ample credit support, with overcollateralization of about 9.9%, based on a discount rate of 2.0% on the lease receivables; -- A well diversified obligor The individual who owes another person a certain debt or duty. The term obligor is often used interchangeably with debtor. obligor (ah-bluh-gore) n. pool, with the maximum lease balance for each obligor not to exceed 0.5% of the total pool balance initially; -- Additional liquidity provided by a servicer transition reserve and a cash reserve to mitigate servicer transition risk; -- The existence of a backup servicer, with defined replacement procedures and duties; and -- Early amortization events that will convert principal redemption to a pass-through structure under certain adverse circumstances. JML, a consolidated subsidiary of Central Leasing Co. Ltd., is a specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. medical leasing company. JML's clients are mainly general practitioners general practitioner n. Abbr. GP A physician whose practice consists of providing ongoing care covering a variety of medical problems in patients of all ages, often including referral to appropriate specialists. and small to midsize hospitals. JML has a head office in Tokyo and 18 branch and operating offices nationwide, except in the Hokkaido and Shikoku regions. PRELIMINARY RATINGS ASSIGNED JPY2.0 billion trust certificates due November 2008 PRELIMINARY AMOUNT PRELIMINARY RATING (1) JPY2.0 billion AAA (1) The rating shown is preliminary and subject to change at any time. Copyright 2003, Standard & Poor's Ratings Services |
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