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TEXT-Fitch affirms J-CORE15 Trust; off RWN
December 7, 2012 / 7:06 AM / in 5 years

TEXT-Fitch affirms J-CORE15 Trust; off RWN

(The following statement was released by the rating agency)

Dec 07 - Fitch Ratings has affirmed all classes of J-CORE15 Trust’s trust beneficiary interests (TBIs) or asset-backed loans (ABLs) due July 2013. At the same time, the agency has removed four senior classes from Rating Watch Negative (RWN). The transaction is a Japanese single-borrower type CMBS securitisation. The rating actions are as follows:

JPY5.2bn* Class A1 TBIs affirmed at ‘Asf’; off RWN; Outlook Stable

JPY11.4bn* Class A1 ABL affirmed at ‘Asf’; off RWN; Outlook Stable

JPY14.7bn* Class A2 TBIs affirmed at ‘BBBsf’; off RWN; Outlook Stable

JPY1bn* Class A2 ABL affirmed at ‘BBBsf’; off RWN; Outlook Stable

JPY8bn* Class B TBIs affirmed at ‘Bsf’; Outlook revised to Stable from Negative

JPY6.6bn* Class D ABL affirmed at ‘Csf’; Recovery Estimate 0%

JPY3bn* Class E TBIs affirmed at ‘Csf’; Recovery Estimate 0%

JPY1.4bn* Class F TBIs affirmed at ‘Csf’; Recovery Estimate 0%

JPY4bn* Class F ABL affirmed at ‘Csf’; Recovery Estimate 0%

*as of 6 December 2012

The affirmations and removal from RWN of the four senior classes follow the disposal of the sole underlying property backing this transaction. As Fitch expects the five senior classes to be redeemed in full at the next payment date in January 2013, the ratings have been affirmed at their current levels.

The affirmations at ‘Csf’ of the four junior classes reflect Fitch’s view that the sales proceeds will not be sufficient to redeem these classes in full.

Fitch assigned ratings to the TBIs and ABLs from this transaction in July 2008. The transaction is a securitisation of a TMK bond purchased by Deutsche Bank AG, Tokyo Branch. The bond was backed by a Class A office building - the former Head Office Building of the Shinsei Bank - located in Chiyoda-ku, Tokyo.

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