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.

STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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.

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