TOKYO, Feb. 5 /PRNewswire/ -- Standard & Poor's has assigned its
triple-'A' rating to Pocket Card Co. Ltd.'s (Pocket Card) Revolving Cashing
Card Loan Receivables Series 1 JPY20 billion senior trust certificates due
2009. The certificates are ultimately backed by revolving cashing card loans
originated by Pocket Card.
The rating addresses the full and timely payment of interest and the
ultimate full repayment of principal by the transaction's legal final maturity
of January 2009.
The rating is based on:
-- Adequate overcollateralization of the securitized pool of receivables
at closing;
-- Ample cash reserves to mitigate potential shortfalls in liquidity;
-- The establishment of early amortization triggers that will convert
principal redemption to a pass-through mechanism in certain adverse
circumstances; and
-- The existence of a qualified back-up servicer at closing.
SOURCE Standard & Poor's
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Related links:
http://www.standardandpoors.com/ratings
CONTACT:
Kazutoshi Murakami, +81-3-3593-8673, or
Hiromi Saito, +81-3-3593-8786, both of Standard & Poor's, Tokyo
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