TOKYO, Feb. 15 /PRNewswire/ -- Standard & Poor's today assigned its
preliminary ratings to MUE Capital One Co. Ltd.'s JPY5.1 billion fixed-rate
notes classes A through D due March 2009 (see list below). The notes are
ultimately backed by a portfolio of four office buildings located in Tokyo.
The notes are secured by the beneficial interest held by MUE Capital One
in four office properties, under a trust created with Yasuda Trust & Banking
Co. Ltd. The properties are purchased from and master-leased to Yasuda Real
Estate Co. Ltd., which, in turn subleases them to end tenants.
The preliminary ratings are based on information as of Feb. 15, 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 interest and the ultimate full repayment of principal by
the legal maturity of March 2009 for classes A1 and A2, and the ultimate full
repayment of interest and principal on classes B-D by the transaction's legal
final maturity of March 2009.
The preliminary ratings are based on:
-- The quality of the collateral portfolio that ultimately secures the
rated notes;
-- The soundness of the legal structure of the transaction; and
-- The credit support provided by overcollateralization and the
subordinated notes.
PRELIMINARY RATINGS ASSIGNED
JPY5.1 billion fixed-rate notes classes A-D due March 2009
Issue Preliminary amount Preliminary rating
Class A1 JPY0.8 billion AAA
Class A2 JPY2.3 billion AAA
Class B JPY0.5 billion AA
Class C JPY0.6 billion A
Class D JPY0.9 billion BBB-
SOURCE Standard & Poor's
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Related links:
http://www.standardandpoors.com
CONTACT:
Takenari Yamamoto, Tokyo, +81-3-3593-8656, or
Andrea Bryan, Tokyo, +81-3-3593-8657, or Clayton Hunt, New York,
+1-212-438-2492, all for Standard & Poor's
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