[NSP] Trust 2014-9#s ?15 Billion Senior Beneficial Interests And ABL Assigned #AAA (sf)# Ratings

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

TOKYO (Standard & Poor's) Sept. 26, 2014--Nippon Standard & Poor's K.K. (NSP)today assigned 'AAA (sf)' ratings to Trust 2014-9's ¥15 billion seniorbeneficial interests and asset-backed loan (ABL) due December 2021. A pool ofJapanese auto lease receivables (including some with special agreementsrelating to maintenance services) and auto loan receivables ultimately backsthe senior beneficial interests and ABL issued/extended under thisasset-backed securities (ABS) transaction.

The trustor entrusted the pool of auto lease and auto loan receivables andcash with the trustee, and received the beneficial interests, including thesenior beneficial interests, ABL beneficial interests, and subordinatebeneficial interests. The trustor then transferred the senior beneficialinterests to investors. The trustee received the nonrecourse ABL and used itto fully redeem the ABL beneficial interests at closing.

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