21-p-0077
March 24, 2022

Japan Credit Rating Agency, Ltd. (JCR) announces the following credit rating.

<Asset Securitization Products>
Senior Beneficial Interest 201905 (Contract No. 210212)
Senior Beneficial Interest 201908 (Contract No. 210227)
Senior Beneficial Interest 202005 (Contract No. 210249)
Senior Beneficial Interest 202102 (Contract No. 210266)
Senior Beneficial Interest 202105 (Contract No. 210269)
Senior Beneficial Interest 202108 (Contract No. 210273)
Senior Beneficial Interest 201905 (Contract No. 210212)<Affirmation>
Beneficial Interest:

AAA

Senior Beneficial Interest 201908 (Contract No. 210227)<Affirmation>
Beneficial Interest:

AAA

Senior Beneficial Interest 202005 (Contract No. 210249)<Affirmation>
Beneficial Interest:

AAA

Senior Beneficial Interest 202102 (Contract No. 210266)<Affirmation>
Beneficial Interest:

AAA

Senior Beneficial Interest 202105 (Contract No. 210269)<Affirmation>
Beneficial Interest:

AAA

Senior Beneficial Interest 202108 (Contract No. 210273)<Affirmation>
Beneficial Interest:

AAA

Senior Beneficial Interest 201905 (Contract No. 210212) is an auto loan ABS, for which JCR has affirmed
a rating of AAA, as detailed hereunder.
Senior Beneficial Interest 201908 (Contract No. 210227) is an auto loan ABS, for which JCR has affirmed
a rating of AAA, as detailed hereunder.
Senior Beneficial Interest 202005 (Contract No. 210249) is an auto loan ABS, for which JCR has affirmed
a rating of AAA, as detailed hereunder.
Senior Beneficial Interest 202102 (Contract No. 210266) is an auto loan ABS, for which JCR has affirmed
a rating of AAA, as detailed hereunder.
Senior Beneficial Interest 202105 (Contract No. 210269) is an auto loan ABS, for which JCR has affirmed
a rating of AAA, as detailed hereunder.
Senior Beneficial Interest 202108 (Contract No. 210273) is an auto loan ABS, for which JCR has affirmed
a rating of AAA, as detailed hereunder.
Hideyuki Shoji, Yusuke Koguchi

1/3
Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.

Rating
Senior Beneficial Interest 201905 (Contract No. 210212)<Affirmation>
Instrument Name

Issue Amount

Senior Beneficial Interest

JPY 33,583,000,000

InitialSubordination
Ratio
8.86％

Trust Expiration
Date*Coupon
TypeRating

May 25, 2030

FixedAAA

Trust Expiration
Date*

CouponTypeRating

Aug. 26, 2030

Fixed

AAA

Trust Expiration
Date*

CouponTypeRating

May 26, 2031

Fixed

AAA

Trust Expiration
Date*

CouponTypeRating

Feb. 25, 2032

Fixed

AAA

Trust Expiration
Date*

CouponTypeRating

May 25, 2032

Fixed

AAA

Trust Expiration
Date*

CouponTypeRating

Aug. 25, 2032

Fixed

AAA

Senior Beneficial Interest 201908 (Contract No. 210227)<Affirmation>
Instrument Name

Issue Amount

Senior Beneficial Interest

JPY 25,174,000,000

InitialSubordination
Ratio
8.94％

Senior Beneficial Interest 202005 (Contract No. 210249)<Affirmation>
Instrument Name

Issue Amount

Senior Beneficial Interest

JPY 16,838,000,000

InitialSubordination
Ratio
9.25％

Senior Beneficial Interest 202102 (Contract No. 210266)<Affirmation>
Instrument Name

Issue Amount

Senior Beneficial Interest

JPY 16,775,000,000

InitialSubordination
Ratio
9.39％

Senior Beneficial Interest 202105 (Contract No. 210269)<Affirmation>
Instrument Name

Issue Amount

Senior Beneficial Interest

JPY 25,203,000,000

InitialSubordination
Ratio
9.41％

Senior Beneficial Interest 202108 (Contract No. 210273)<Affirmation>
Instrument Name

Issue Amount

Senior Beneficial Interest

JPY 16,802,000,000<Information on Outline of Issue>
Beneficial Interest Assignment Date**:InitialSubordination
Ratio
9.52％

Senior Beneficial Interest 201905 (Contract No. 210212):
May 31, 2019
Senior Beneficial Interest 201908 (Contract No. 210227):
August 30, 2019
Senior Beneficial Interest 202005 (Contract No. 210249):
May 29, 2020
Senior Beneficial Interest 202102 (Contract No. 210266):
February 26, 2021
Senior Beneficial Interest 202105 (Contract No. 210269):
May 31, 2021
Senior Beneficial Interest 202108 (Contract No. 210273):
August 31, 2021
2/3Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.

Redemption Method:

Monthly Controlled Amortization (change to monthly passthrough after occurrence of an early redemption event)Credit Enhancement & Liquidity Facility: Senior-subordinated structure and cash reserves
Subordination Ratio: 1 - Principal of Senior Beneficial Interest/
Principal of auto loans receivable
Disclosure Requirements for Securitization Transaction Ratings with respect to Basel II have been met.
*Legal Final Maturity Date**Issue Date

<Information on Structure and Stakeholders>
Originator:
A large-scale company in the category of other financing
business in Tokyo
Arranger:
Mitsubishi UFJ Trust and Banking Corporation
Trustee:
Mitsubishi UFJ Trust and Banking Corporation
Rating Assignment Date: March 17, 2022
The assumptions for the credit ratings and the definitions of the rating symbols are published as "Types of Credit Ratings and Definitionsof Rating Symbols" (January 6, 2014) in Information about JCR Ratings on JCR's website (https://www.jcr.co.jp/en/).
Outline of the rating methodology is shown as "Automobile Loans" (June 2, 2014) in Information about JCR Ratings on JCR'swebsite (https://www.jcr.co.jp/en/). Rating methodologies for other ancillary points such as eligible deposit accounts andbankruptcy remoteness are also shown within the same page.

Japan Credit Rating Agency, Ltd.
Jiji Press Building, 5-15-8 Ginza, Chuo-ku, Tokyo 104-0061, Japan
Tel. +81 3 3544 7013, Fax. +81 3 3544 7026
Information herein has been obtained by JCR from the issuers and other sources believed to be accurate and reliable. However, because of the possibility of human or mechanical error as well as other factors,
JCR makes no representation or warranty, express or implied, as to accuracy, results, adequacy, timeliness, completeness or merchantability, or fitness for any particular purpose, with respect to any suchinformation, and is not responsible for any errors or omissions, or for results obtained from the use of such information. Under no circumstances will JCR be liable for any special, indirect, incidental orconsequential damages of any kind caused by the use of any such information, including but not limited to, lost opportunity or lost money, whether in contract, tort, strict liability or otherwise, and whether
such damages are foreseeable or unforeseeable. JCR's ratings and credit assessments are statements of JCR's current and comprehensive opinion regarding redemption possibility, etc. of financial obligations
assumed by the issuers or financial products, and not statements of opinion regarding any risk other than credit risk, such as market liquidity risk or price fluctuation risk. JCR's ratings and credit assessments
are statements of opinion, and not statements of fact as to credit risk decisions or recommendations regarding decisions to purchase, sell or hold any securities such as individual bonds or commercial paper.
The ratings and credit assessments may be changed, suspended or withdrawn as a result of changes in or unavailability of information as well as other factors. JCR receives a rating fee paid by issuers for
conducting rating services in principle. JCR retains all rights pertaining to this document, including JCR's rating data. Any reproduction, adaptation, alteration, etc. of this document, including such rating
data, is prohibited, whether or not wholly or partly, without prior consent of JCR.
JCR is registered as a "Nationally Recognized Statistical Rating Organization" with the U.S. Securities and Exchange Commission with respect to the following four classes. (1) Financial institutions, brokers
and dealers, (2) Insurance Companies, (3) Corporate Issuers, (4) Issuers of government securities, municipal securities and foreign government securities.
JCR publishes its press releases regarding the rating actions both in Japanese and in English on the same day. In case that it takes time to translate rating rationale, JCR may publicize the summary version,
which will be replaced by the full translated version within three business days. (Regarding Structured Finance products, JCR only publicize the summary version in English.)3/3Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.