TOKYO, Feb. 4 /PRNewswire/ -- Standard & Poor's today assigned its
preliminary triple-'A' ratings to BOT Lease Trust Certificates Series 2 JPY20
billion class 1-60 trust certificates (see list below). The transaction is
backed by a pool of lease receivables originated by BOT Lease Co. Ltd.
The preliminary ratings are based on information as of Feb. 4, 2002.
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 transaction's legal final maturity date.
The preliminary ratings are based on:
-- Ample credit support, with initially about 11% overcollateralization
based on a conservative discount rate of 2.7% on the lease receivables;
-- A high proportion of large obligors from a diverse range of
industries;
-- A cash reserve to be funded at closing;
-- Rigorous early amortization events that will convert principal
redemption to a pass-through structure under certain adverse circumstances;
and
-- An excellent track record of historical losses.
The aggregate JPY20 billion trust certificates are backed by a pool of
about JPY23.9 billion of lease receivables originated by BOT Lease and
entrusted to a trust created with Mitsubishi Trust & Banking Corp. The
transaction is the second of its type originated by BOT Lease to be rated by
Standard & Poor's.
An English-language presale report for this transaction will soon be
available on RatingsDirect, Standard & Poor's premier Web-based credit
analysis system, at http://www.ratingsdirect.com. The presale report will also be
available on Standard & Poor's Web site at http://www.standardandpoors.com. Under
Presale Reports, select Structured Finance, then Asset-Backed Securities. A
Japanese-language report will be available on Standard & Poor's Japanese Web
site at http://www.standardandpoors.co.jp.
PRELIMINARY RATINGS ASSIGNED
BOT Lease Trust Certificates Series 2 JPY20 billion class 1-60 trust
certificates
Class Preliminary rating Preliminary amount
1 - 10 AAA JPY430 mil.
11 - 19 AAA JPY420 mil.
20 - 26 AAA JPY410 mil.
27 AAA JPY400 mil.
28 - 29 AAA JPY390 mil.
30 - 31 AAA JPY380 mil.
32 AAA JPY370 mil.
33 - 34 AAA JPY360 mil.
35 AAA JPY350 mil.
36 - 37 AAA JPY340 mil.
38 AAA JPY320 mil.
39 AAA JPY310 mil.
40 - 43 AAA JPY300 mil.
44 AAA JPY290 mil.
45 AAA JPY280 mil.
46 AAA JPY270 mil.
47 - 48 AAA JPY260 mil.
49 AAA JPY240 mil.
50 AAA JPY220 mil.
51 AAA JPY190 mil.
52 AAA JPY170 mil.
53 - 54 AAA JPY150 mil.
55 AAA JPY140 mil.
56 AAA JPY130 mil.
57 AAA JPY110 mil.
58 - 60 AAA JPY100 mil.
SOURCE Standard & Poor's
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Related links:
http://www.standardandpoors.com/ratings
CONTACT:
Akira Yamamoto, +81-3-3593-8742 or Hiromi
Saito, +81-3-3593-8786, both of S&P Tokyo
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