S&P Assigns AAA Ratings to Central Leasing Series 5 Certificates

Apr 19, 2001, 01:00 ET from Standard & Poor's CreditWire

    TOKYO, April 19 /PRNewswire/ -- Standard & Poor's today assigned
 triple-'A' ratings to Central Leasing Asset Backed Trust Certificate Series 5
 JPY20 billion class 1-15 certificates (see table below).  The transaction is
 backed by a pool of lease receivables originated by Central Leasing Co. Ltd.
     Standard & Poor's ratings address the full and timely payment of interest
 and the ultimate full repayment of principal by the transaction's legal final
 maturity date of May 2006.
     The certificates are secured by a pool of approximately JPY28.9 billion of
 equipment lease receivables originated by Central Leasing Co. Ltd.  Of the
 JPY28.9 billion receivables, approximately JPY928 million are scheduled to be
 collected after the legal maturity date of the trust certificates, and thus
 may not be collected in time to cover principal and interest payments on the
 certificates.  The lease receivables are entrusted to Nochu Trust & Banking
 Co. Ltd.
     The ratings on the certificates are based on:
     -- Overcollateralization of approximately JPY8 billion of eligible
        receivables to cover defaults and prepayments;
     -- A cash reserve funded at closing and sufficient to cover three months
        of interest payments on the certificates and expenses;
     -- Rigorous early amortization events that will convert principal
        redemption to a pass-through structure under certain adverse
        circumstances; and
     -- Strong servicing capabilities, including Sumisho Lease Co. Ltd. as a
        backup servicer, Standard & Poor's said. --CreditWire
 
     RATINGS ASSIGNED
     Central Leasing Asset Backed Trust Certificate Series 5 JPY20 billion
     certificates
     Class                  Amount (JPY)               Rating
     Classes 1-5            500,000,000                AAA
     Classes 6-10           490,000,000                AAA
     Classes 11-14          480,000,000                AAA
     Class 15               13,130,000,000             AAA
 
 

SOURCE Standard & Poor's CreditWire
    TOKYO, April 19 /PRNewswire/ -- Standard & Poor's today assigned
 triple-'A' ratings to Central Leasing Asset Backed Trust Certificate Series 5
 JPY20 billion class 1-15 certificates (see table below).  The transaction is
 backed by a pool of lease receivables originated by Central Leasing Co. Ltd.
     Standard & Poor's ratings address the full and timely payment of interest
 and the ultimate full repayment of principal by the transaction's legal final
 maturity date of May 2006.
     The certificates are secured by a pool of approximately JPY28.9 billion of
 equipment lease receivables originated by Central Leasing Co. Ltd.  Of the
 JPY28.9 billion receivables, approximately JPY928 million are scheduled to be
 collected after the legal maturity date of the trust certificates, and thus
 may not be collected in time to cover principal and interest payments on the
 certificates.  The lease receivables are entrusted to Nochu Trust & Banking
 Co. Ltd.
     The ratings on the certificates are based on:
     -- Overcollateralization of approximately JPY8 billion of eligible
        receivables to cover defaults and prepayments;
     -- A cash reserve funded at closing and sufficient to cover three months
        of interest payments on the certificates and expenses;
     -- Rigorous early amortization events that will convert principal
        redemption to a pass-through structure under certain adverse
        circumstances; and
     -- Strong servicing capabilities, including Sumisho Lease Co. Ltd. as a
        backup servicer, Standard & Poor's said. --CreditWire
 
     RATINGS ASSIGNED
     Central Leasing Asset Backed Trust Certificate Series 5 JPY20 billion
     certificates
     Class                  Amount (JPY)               Rating
     Classes 1-5            500,000,000                AAA
     Classes 6-10           490,000,000                AAA
     Classes 11-14          480,000,000                AAA
     Class 15               13,130,000,000             AAA
 
 SOURCE  Standard & Poor's CreditWire