22-p-0102
March 14, 2023

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

<Asset Securitization Products>
Beneficial Interest (220107)<Rating Change>
Beneficial Interest
B2 Beneficial Interest:
B3 Beneficial Interest:

from A+ to AA
from A- to A

<Affirmation>
Beneficial Interest
Senior Beneficial Interest:
B1Beneficial Interest:

AAAAAA

Beneficial Interest (220107) is an asset securitization product with underlying assets of loans receivable
on condominium properties for investment. JCR has upgraded the ratings on B2 Beneficial Interest andB3 Beneficial Interest from A+ to AA and from A- to A respectively, and affirmed the AAA ratings on Senior
Beneficial Interest and B1 Beneficial Interest, as detailed hereunder.
Hideyuki Shoji, Riho Saiki

Rating<Rating Change>
Instrument
Name
B2 Beneficial
Interest
B3 Beneficial
Interest

InitialSubordination
Ratio

Final Trust
Calculation
Date*

JPY 210,876,242

13.8%

Jan. 31, 2051

JPY 1,004,172,581

3.8%

Jan. 31, 2051

InitialSubordination
Ratio

Final Trust
Calculation
Date*

Coupon TypeRating

JPY 8,244,256,890

17.9%

Jan. 31, 2051

FloatingAAA

JPY 200,834,51615.9%

Jan. 31, 2051

Initial Issue Amount

Coupon Type
Performancebased dividend
Performancebased dividend

RatingAAA<Affirmation>
Instrument Name
Senior BeneficialInterest
B1 BeneficialInterest

Initial Issue Amount<Information on Outline of Issue>
Trust Establishment Date:
Beneficial Interest Assignment Date**:Redemption Method:

Credit Enhancement & Liquidity Facility:
Senior Beneficial Interest:

B1 Beneficial Interest:

Performancebased dividend

AAA

August 27, 2015
August 31, 2015
Monthly Pass-through Redemption, Sequential Pay
Cleanup call provision in cases where the principal
outstanding is less than 10% of the original receivables
amountSenior-subordinated Structure, Cash Reserve
Initial Subordination Ratio: 17.9%
Subordination Ratio = 1 – Senior Beneficial Interest /Original principal amount of the loans receivable
Senior-subordinated Structure (Initial Subordination
ratio: 15.9%), Cash Reserve
Subordination Ratio = 1 – (Senior Beneficial Interest +B1 Beneficial Interest) / Original principal amount of theloans receivable
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Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.

B2 Beneficial Interest:

Senior-subordinated Structure (Initial Subordinationratio: 13.8%), Cash Reserve
Subordination Ratio = 1 – (Senior Beneficial Interest +B1 Beneficial Interest + B2 Beneficial Interest) / Original
principal amount of the loans receivable)
B3 Beneficial Interest:
Senior-subordinated Structure (Initial Subordination
ratio: 3.8%), Cash Reserve
Subordination Ratio = 1 – (Senior beneficial Interest +B1 Beneficial Interest + B2 Beneficial Interest + B3
Beneficial Interests) / Original principal amount of theloans 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:
Entrustor:
Trustee:Arranger:
Servicer:
Backup Servicer:

A large-scale financial institution in Tokyo
A large-scale financial institution in Tokyo
Mitsubishi UFJ Trust and Banking Corporation
Mitsubishi UFJ Trust and Banking Corporation
A large-scale financial institution in Tokyo
Initial setup reserved

Rating Assignment Date: March 9, 2023
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 "Housing Loans" (August 2, 2021) 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.
The rating stakeholder participated in the rating process of the aforementioned credit ratings.

Japan Credit Rating Agency, Ltd.
Jiji Press Building, 5-15-8 Ginza, Chuo-ku, Tokyo 104-0061, JapanTel. +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,
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