TEXT-S&P Takes Various Rtg Actions On THLS Beneficiary Cert Srs 5

(The following was released by the rating agency)

OVERVIEW

-- Toshiba Housing Loan Service Beneficiary Certificate Series 5 is ultimately secured by a pool of condominium investment loans that Aeon Housing Loan Service (formerly, Toshiba Housing Loan Service) originated.

-- The level of credit enhancement available to class B is sufficient to make full and timely payment of interest and ultimate repayment of principal under our 'A-' stress scenario.

-- We have raised our rating on class B to 'A- (sf)' and affirmed our rating on class A at 'AAA (sf)'.

TOKYO (Standard & Poor's) Sept. 12, 2012--Standard & Poor's Ratings Services today said that it has raised to 'A- (sf)' from 'BBB (sf)' its rating on class B of the Toshiba Housing Loan Service Beneficiary Certificate Series 5 transaction. At the same time, we affirmed our 'AAA (sf)' rating on class A issued under the same transaction (see list below).

In analyzing the credit quality of this transaction, we examined the performance data contained in the reports that we receive each month from the trustee, Mitsubishi UFJ Trust and Banking Corp. (A+/Stable/A-1).

We upgraded class B and affirmed our rating on class A because: (1) the performance of the underlying asset pool remains relatively strong; (2) the levels of credit enhancement available to the rated certificates have risen, reflecting progress in principal redemption for class A and the start of principal redemption for class B on a pro rata basis; and (3) we confirmed that the level of credit enhancement available to class B is sufficient to make full and timely payment of interest and ultimate repayment of principal under our 'A-' stress scenario.

A pool of condominium investment loans that Aeon Housing Loan Service (formerly, Toshiba Housing Loan Service) originated ultimately backs the transaction. The ratings reflect our opinion on the likelihood of the full and timely payment of interest and the ultimate repayment of principal by the transaction's legal final maturity date.

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 Report included in this credit rating report is available here.

RELATED CRITERIA AND RESEARCH

"Japanese Structured Finance Scenario And Sensitivity Analysis: The Effects Of Major Macroeconomic Factors," April 6, 2012

"Principles Of Credit Ratings," Feb. 16, 2011

"Risk Analysis For Condominium Investment Loan Securitizations In Japan," published in Japanese on March 25, 2003

RATING RAISED

Toshiba Housing Loan Service Beneficiary Certificate Series 5

JPY16 billion beneficiary certificates due January 2035

Class To From Initial amount

B A- (sf) BBB (sf) JPY0.8 bil.

RATING AFFIRMED

Toshiba Housing Loan Service Beneficiary Certificate Series 5

Class Rating Initial amount

A AAA (sf) JPY15.2 bil.