Ratings On 11 Softbank Mobile Lease And Loan Receivables Securitization Transactions Raised To 'BBB (sf)' or 'BBB'
TOKYO (Standard & Poor's) Jan. 17, 2012--Standard & Poor's Ratings Services today said that it has raised to 'BBB (sf)' or 'BBB' its ratings on the trust certificates, asset-backed loans (ABLs), and notes issued/extended under 11 securitization transactions backed by lease and loan receivables extended to Softbank Mobile Corp. (SBM; NR), a subsidiary of Softbank Corp. (BBB/Stable/--) (see list below). The 11 transactions are backed primarily by lease and loan receivables extended to SBM. In assessing the credit quality of SBM, we considered SBM's mobile telecommunications business, its position within the Softbank Group, as well as the group's strong unity. We take the view that SBM's credit quality depends to an extent on the credit quality of the entire Softbank Group. Based on our analysis of the credit quality of the transaction's underlying lease and loan receivables, which we conducted after taking into account the above factors, we believe the credit quality of the receivables to be commensurate with a 'BBB' rating. We today raised our ratings on the above 11 transactions to reflect this view. STANDARD & POOR'S 17G-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011. If applicable, the Standard & Poor's 17g-7 Disclosure Reports included in this credit rating report are available at http://standardandpoorsdisclosure-17g7.com. RELATED CRITERIA AND RESEARCH "Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors," published Nov. 4, 2011 "Principles Of Credit Ratings," published Feb. 16, 2011 "Methodology And Assumptions For Rating Japanese Lease Receivables Securitizations," published May 11, 2010 "2008 Corporate Criteria: Analytical Methodology," published April 15, 2008 RATINGS RAISED Softbank Mobile Lease And Loan Receivables Securitization Series 1 ¥25.0 bil. trust certificates due April 2014 Class To From Init amt Coupon 1 (With deferrable dividends) BBB (sf) BBB- (sf) ¥21 bil. Floating 2 (With deferrable dividends) BBB (sf) BBB- (sf) ¥4 bil. Fixed Softbank Mobile Lease And Loan Receivables Securitization Series 2 ¥24.9 bil. trust certificates due May 2014 Class To From Init amt Coupon 1 (With deferrable dividends) BBB (sf) BBB- (sf) ¥24.9 bil. Floating Softbank Mobile Lease And Loan Receivables Securitization Series 3 Approx. ¥20.08 bil. trust certificates due March 2013 Class To From Init amt Coupon Investor trust certificates BBB (sf) BBB- (sf) ¥20 bil. Floating DW Finance Ltd. ¥61.4 bil. Series 1 notes due June 2014 Class To From Init amt Coupon A BBB (sf) BBB- (sf) ¥22.7 bil. Fixed B (With deferrable interest) BBB (sf) BBB- (sf) ¥33.8 bil. Floating C (With deferrable interest) BBB (sf) BBB- (sf) ¥4.9 bil. Floating Softbank Mobile Lease And Loan Receivables Securitization Beneficial Interests and ABL Series 4 ¥9.9 bil. trust certificates and ABL due August 2015 Class To From Init amt Coupon Class A Investor trust certificates BBB (sf) BBB- (sf) ¥8.9 bil. Fixed ABL BBB (sf) BBB- (sf) ¥1.0 bil. Fixed ORIX-SBM Trust 1 Approx. ¥17.88 bil. class A beneficial interests and ABLs Class To From Initial amount Class A beneficial interests BBB (sf) BBB- (sf) ¥16.88 bil. ABLs BBB (sf) BBB- (sf) ¥1.0 bil. Trust Dante ¥3.01 bil. lease trust certificates Class To From Initial amount Lease BBB (sf) BBB- (sf) ¥3.01 bil. Softbank Mobile Lease And Loan Receivables Securitization Trust Certificates and ABL Series 1 ¥4.1 bil. trust certificates and ABL due February 2013 Class To From Initial amount Coupon type A BBB (sf) BBB- (sf) ¥3.6 bil. Fixed C BBB (sf) BBB- (sf) ¥0.5 bil. Fixed Softbank Mobile Lease And Loan Receivables Securitization Trust Certificates and ABL Series 2 ¥7.9 bil. trust certificates due February 2013 Class To From Initial amount Coupon type A BBB (sf) BBB- (sf) ¥7.9 bil. Fixed Softbank Mobile Lease And Loan Receivables Securitization Repackage Trust Certificates and ABL ¥1.056 bil. trust certificates and ABL due February 2013 Class To From Initial amount Coupon type ABL BBB BBB- ¥1.0 bil. Floating C BBB BBB- ¥56 mil. Fixed Softbank Mobile Lease And Loan Receivables Securitization Trust Certificates Series 3 ¥4.7 bil. trust certificates due April 2013 Class To From Initial amount Coupon type A BBB (sf) BBB- (sf) ¥4.4 bil. Fixed C BBB (sf) BBB- (sf) ¥0.3 bil. Fixed A Japanese-language version of this media release is available on Standard & Poor's Research Online at www.researchonline.jp, or via CreditWire Japan on Bloomberg Professional at SPCJ <GO>.
| Primary Credit Analyst: | Hiroyuki Nishikawa, Tokyo (81) 3-4550-8751; hiroyuki_nishikawa@standardandpoors.com |
| Secondary Contacts: | Hidetake Iwamoto, Tokyo (81) 3-4550-8473; hidetake_iwamoto@standardandpoors.com |
| Makiko Kobayashi, Tokyo (81) 3-4550-8296; makiko_kobayashi@standardandpoors.com | |
| Hirohito Niji, Tokyo (81) 3-4550-8484; hirohito_niji@standardandpoors.com |
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