Rating On JCREF CMBS 2007-1 Class E Lowered To #CC (sf)#

Stocks and Financial Services Press Releases Friday September 26, 2014 17:29
TOKYO--26 Sep--Standard & Poor's

TOKYO (Standard & Poor's) Sept. 26, 2014--Standard & Poor's Ratings Servicestoday lowered to 'CC (sf)' from 'CCC- (sf)' its rating on the class Efloating-rate notes issued under the Japan Commercial Real Estate Funding CMBS2007-1 G.K. (JCREF CMBS 2007-1) transaction (see list below).

The servicer has completed the sales of the properties backing thetransaction's underlying loans and specified bonds (hereafter, collectivelyreferred to as "loans"). However, the outstanding principal on the loansexceeded the amount collected through the property sales and, as a result, the

loans have incurred a principal loss.

Today's downgrade reflects our expectation that class E--the transaction'smost subordinate class--will incur a loss even if the entire retained cashreserve available to redeem this class is applied. We intend to lower to 'D(sf)' our rating on class E when we confirm that this class realizes a loss.

JCREF CMBS 2007-1 is a multiborrower commercial mortgage-backed securities(CMBS) transaction. Nine loans originally secured the notes, and 56 realestate properties and real estate trust certificates initially backed theloans. Barclays Securities Japan Ltd. (formerly, Barclays Capital Japan Ltd.)arranged the transaction, and Premier Asset Management Co. acts as theservicer.


SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit ratingrelating to an asset-backed security as defined in the Rule, to include adescription of the representations, warranties and enforcement mechanismsavailable to investors and a description of how they differ from the

representations, warranties and enforcement mechanisms in issuances of similarsecurities. The Rule applies to in-scope securities initially rated (includingpreliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report included in thiscredit rating report is available athttp://standardandpoorsdisclosure-17g7.com.

Latest Press Release

TMB embraces the season of travelling with double promotions, worth of your money!

TMB credit card gives you more with the most enjoyable trip with a worthwhile flight, getting double bonuses: 1) receive the maximum cash back of 9,000 baht when spending 1,000 baht or more per sales slip with accumulated spending from airline, hotel,...

ONOT is launched today on the world#s top 5 digital currency exchange KuCoin

Today, ONO, the world's largest blockchain social network, announces that Singapore exchange KuCoin will open three trading pairs of ONOT/BTC, ONOT/ETH and ONOT/USDT. According to the official announcement of KuCoin, the ONOT exchange service will be...

Training The Street Appoints Ankur Mittal Head of Asia and Middle East Region

Training The Street (www.TrainingTheStreet.com), the leading corporate training provider for Wall Street firms and top-tier business schools, today announced that Ankur Mittal has been appointed Head of Asia and the Middle East region. Since joining TTS...

Photo Release: KBank launches QR KBank - First Thai banks e-wallet abroad

Mr. Soulysak THAMNUVONG (center), Acting Director General – Payment Systems Department, Bank of Laos, along with Mr. Pattanapong Tansomboon (right), First Senior Vice President, KASIKORNBANK, and Mr. Visith SENGDARA (left), Chief Executive Officer,...

KBank launches QR KBank the first Thai banks e-wallet in foreign country with Lao PDR as the first strategic market in AEC, aiming to gain LAK36 billion in the first year

KASIKORNBANK (KBank) introduces the "QR KBank" – an e-wallet application to grant an access to financial services for residents of Vientiane, Lao PDR, which will be effective on December 11, 2018. This application that offers cashless convenience...

Related Topics