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

Photo Release: WHA Industrial Development Welcomes Mahidol University

Mr. Vivat Jiratikarnsakul (Center), Chief Operating Officer Industrial and International, WHA Industrial Development PLC. and Ms. Siyaphas Chantachairoj (4th right, front row), Director – Corporate Marketing, WHA Corporation PCL, welcomed a...

PTTEP net income in Q1 strongly achieved USD 394 million Going forward with Expand Execute strategy

PTT Exploration and Production Public Company Limited (PTTEP) reported its first quarter's net income of USD 394 million (equivalent to THB 12,479 million), reflecting a successful "Expand & Execute" strategy and its readiness to build a sustainable...

The Siam Commercial Bank and Julius Baer launch strategic wealth management joint venture, SCB Julius Baer, in Thailand serving high net worth individuals

The Siam Commercial Bank (SCB), the first commercial bank in Thailand, and Julius Baer, the leading Swiss wealth management group and one of the four largest private banks in Asia, announced today that their joint venture company, SCB Julius Baer, has...

KTC joins hands with JCB in launching an amazing campaign members exclusively receive Universal Studios Japan tickets to celebrate private Halloween Night event with Bt. 10,000 discounts off Bangkok - Osaka flight tickets.

Ms. Sudchavee Banjobdee, Senior Manager – Credit Card Business, "KTC" or Krungthai Card Public Company Limited, jointly with Ms. Prutsapa Pruksanusak, Manager -Bank Relation Division, JCB International (Thailand) Company Limited, organize...

Permission to Issue Baht-denominated Bonds or Debentures by Foreign Entity in Thailand during 1stMay 2019 31stJanuary 2020

Pursuant to the Ministry of Finance's Ministerial Notification re: Permission to Issue Baht-Denominated Bonds or Debentures in Thailand on the 11th April 2006 and four amendments, which stipulates criteria for permission to issueBaht-denominated bonds or...

Related Topics