TOKYO, Feb. 13 /PRNewswire/ -- Standard & Poor's today assigned its
preliminary triple-'A' ratings to Diamond Lease Co. Ltd. Lease Receivables
Trust Series One JPY20 billion asset-backed certificates classes 1 through
55 (see list below). The transaction is backed by a pool of equipment lease
receivables originated by Diamond Lease.
The preliminary ratings are based on information as of Feb. 14, 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 legal maturity date of June 2008.
The aggregate JPY20 billion trust certificates are backed by a pool of
about JPY24.1 billion of lease receivables originated by Diamond Lease and
entrusted to Mitsubishi Trust & Banking Corp.
The preliminary ratings reflect:
* Ample credit support, with an initial overcollateralization of
approximately 11.6%, based on a conservative discount rate of 3.0% on
the lease receivables;
* Ample cash reserve account to be funded at closing; and
* Rigorous early amortization events that will convert principal
redemption to a pass-through structure under certain adverse
circumstances.
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
Diamond Lease Co. Ltd. Lease Receivables Trust Series One JPY20 billion
asset-backed certificates classes 1-55
Class Preliminary rating Preliminary amount(JPY mil.)
1 - 3 AAA 450
4 - 11 AAA 440
12 - 18 AAA 430
19 - 24 AAA 420
25 - 29 AAA 410
30 - 34 AAA 400
35 - 37 AAA 390
38 - 40 AAA 380
41 AAA 370
42 AAA 340
43 AAA 320
44 AAA 290
45 AAA 270
46 AAA 250
47 AAA 230
48 AAA 210
49 AAA 190
50 AAA 170
51 AAA 150
52 AAA 130
53 AAA 110
54 AAA 110
55 AAA 100
SOURCE Diamond Lease Co. Ltd.
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Related links:
http://www.standardandpoors.com
http://www.standardandpoors.co.jp
http://www.ratingsdirect.com
CONTACT:
Ayako Nakajima, +81-3-3593-8591, or Hiromi
Saito, +81-3-3593-8786, both of Standard & Poor's Ratings
Services, Tokyo
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