Tokyo, November 15, 2012 -- Moody's Japan K.K has placed the ratings for the Class A-1 through D-2 Trust Certificates issued by Cafes 1 on review for downgrade.
Class A-1/A-2, Aaa (sf) Placed Under Review for Downgrade; previously on 21 July, 2006 assigned definitive rating of Aaa (sf)
Class B, Aa2 (sf) Placed Under Review for Downgrade; previously on 21 July, 2006 assigned definitive rating of Aa2 (sf)
Class C-1/C-2, A2 (sf) Placed Under Review for Downgrade; previously on 21 July, 2006 assigned definitive rating of A2 (sf)
Class D-1/D-2, Baa2 (sf) Placed Under Review for Downgrade; previously on 21 July, 2006 assigned definitive rating of Baa2 (sf)
Deal Name: Cafes 1
Class: Class A-1 through D-2 Trust Certificates
Issue Amount (initial): JPY 53.2 billion
Issue Date (initial): 21 July, 2006
Legal Final Maturity: May, 2018
Underlying Asset (initial): A non-recourse loan backed by an office property in Tokyo
Originator: Calyon, Tokyo Branch (as of the issue date)
Arranger: Calyon Capital Markets Asia B.V., Tokyo Branch (as of the issue date)
Cafes 1 is a single-asset/single-borrower CMBS deal, effected in July 2006.
The Originator entrusted a loan to the Asset Trustee, and received the Class A-1 through D-2 trust certificates, which it then sold through the Arranger to investors. The trust certificates are rated by Moody's.
Dividends on the rated Trust Certificates are made using interest collections as non-recourse loan interest. The incurred losses from the non-recourse loan will be allocated in reverse sequential order, starting with the most subordinate class of the Trust Certificates.
The transaction is backed by a large office building in Tokyo.
In its review , Moody's needs to re-assess its stabilized cash flows and values in light of the rental conditions in sub-markets around the property, as well as confirm the performance of the property, including occupancy rates and actual rents.
In addition, the advancing provider on this deal has not been replaced to eligible advancing provider since occurrence of advancing provider replacement event. So, Moody's will interview the relevant parties and monitor that the advancing provider will be replaced or not, to decide whether to confirm or downgrade.
The principal methodology used in this rating was "Updated: Moody's Approach to Rating CMBS Transactions in Japan" (June 2010) published on September 30, 2010, and available on www.moodys.co.jp.
Kiyosei Sugioka Asst Vice President - Analyst Structured Finance Group Moody's Japan K.K. Atago Green Hills Mori Tower 20fl 2-5-1 Atago, Minato-ku Tokyo 105-6220 Japan JOURNALISTS: (03) 5408-4110 SUBSCRIBERS: (03) 5408-4100 Koji Kumamaru MD - Structured Finance Structured Finance Group JOURNALISTS: (03) 5408-4110 SUBSCRIBERS: (03) 5408-4100 Releasing Office: Moody's Japan K.K. Atago Green Hills Mori Tower 20fl 2-5-1 Atago, Minato-ku Tokyo 105-6220 Japan JOURNALISTS: (03) 5408-4110 SUBSCRIBERS: (03) 5408-4100 Copyright 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
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