TOKYO, Feb. 6 /PRNewswire/ -- Standard & Poor's today assigned its
preliminary triple-'A' ratings to J-Cashing Corp.'s Series One JPY50 billion
fixed- and floating-rate notes classes A through I due 2010. The notes are
ultimately secured by loans originating from credit card cashing facilities
extended to Nippon Shinpan Co. Ltd..'s credit card holders.
The preliminary ratings are based on information as of Feb. 6, 2002.
Subsequent information may result in the assignment of final ratings that
differ from the preliminary ratings. The preliminary ratings address the full
and timely payment of monthly interest and the ultimate full repayment of
principal by the transaction's legal final maturity date of March 2010.
The preliminary ratings reflect the following:
-- Sufficient level of credit support provided by the subordinated
beneficial interest;
-- Ample cash reserves established at closing. These funds provide
sufficient liquidity support to the transaction in the event of a
servicer replacement;
-- Commingling risk is covered by a minimum seller beneficial interest,
which will be maintained during the transaction term;
-- Defaulted card cashing receivables will be covered by the excess
interest earned from the loan receivables; and
-- The establishment of J-Cashing as a bankruptcy-remote, special-purpose
company.
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
J-Cashing Corp. Series One JPY50 billion fixed- and floating-rate notes
classes
A to I due 2010
Issue Preliminary Amount Interest Rate Preliminary Rating
Class A JPY4.5 bil. Fixed AAA
Class B JPY4.5 bil. Fixed AAA
Class C JPY4.5 bil. Fixed AAA
Class D JPY4.5 bil. Fixed AAA
Class E JPY4.5 bil. Fixed AAA
Class F JPY4.5 bil. Fixed AAA
Class G JPY4.0 bil. Fixed AAA
Class H JPY4.0 bil. Fixed AAA
Class I JPY15 bil. Floating (Capped) AAA
SOURCE Standard & Poor's
 back to top
Related links:
http://www.standardandpoors.com/ratings
CONTACT:
Ayako Nakajima, +81-3-3593-8591, or Hiromi
Saito, +81-3-3593-8786, both of Standard & Poor's Ratings
Services
|
