22-S-0138
December 12, 2022

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

<Asset Securitization Products>
Monthly Clear Receivables 20 ABCP Programs(Super Trust 1 through 20, LLCs)<Affirmation>
ABCP Programs:

J-1+

Rationale
JCR has affirmed the rating on each of the ABCP Programs established by the 20 SPCs. These ABCP
Programs are under the same scheme with underlying assets being monthly clear receivables fromcardholders with a single payment in the next month of their given use of the card. There are no concerns
about administrative capabilities of parties to the structure. JCR assesses that the risk relating toredemption of the principal of ABCP Programs remains at a level equivalent to J-1+ thanks to credit
enhancement and mechanism of structure.
Tetsuya Nakagawa, Seito Achiha
Rating<Affirmation>
Instrument Name

SPC

RatingDate of Program
EstablishedSuper Trust 1, LLC
Aug. 7, 2015
J-1+
Super Trust 2, LLC
Aug. 7, 2015
J-1+
Super Trust 3, LLC
Aug. 7, 2015
J-1+
Super Trust 4, LLC
Aug. 7, 2015
J-1+
Super Trust 5, LLC
Aug. 7, 2015
J-1+
Super Trust 6, LLCAug. 7, 2015
J-1+
Super Trust 7, LLC
Aug. 7, 2015
J-1+
Super Trust 8, LLC
Aug. 7, 2015
J-1+
Super Trust 9, LLC
Aug. 7, 2015
J-1+
Super Trust 10, LLC
Aug. 7, 2015
J-1+
ABCP Program
Super Trust 11, LLC
Apr. 28, 2016
J-1+
Super Trust 12, LLC
Apr. 28, 2016
J-1+
Super Trust 13, LLC
Apr. 28, 2016
J-1+
Super Trust 14, LLC
Apr. 28, 2016
J-1+
Super Trust 15, LLC
Apr. 28, 2016
J-1+
Super Trust 16, LLC
Apr. 12, 2018
J-1+
Super Trust 17, LLC
Apr. 12, 2018
J-1+
Super Trust 18, LLC
Apr. 12, 2018
J-1+
Super Trust 19, LLC
Apr. 12, 2018
J-1+
Super Trust 20, LLC
Apr. 12, 2018
J-1+
The ABCP Programs are severally established by each SPC. Disclosure Requirements for Securitization
Transaction Ratings with respect to Basel II have been met.
<Information on Outline of ABCP Program>
Maximum Issuable Amount:
Program Period:
Issue Date of ABCP:
Maturity Date of ABCP:
Redemption Method:

JPY 13 billion
One year(automatic renewal for another year subsequently)
Any day in the Program Period
A day in the Program Period and within a year from theIssue Date of ABCP
Bullet Redemption
1/3

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

Credit Enhancement & Liquidity Facility:<Information on Outline of Issue>
SPCIssue Amountof ABCP (bn)*Super Trust 1, LLC
JPY 13
Super Trust 2, LLC
JPY 13
Super Trust 3, LLC
JPY 13
Super Trust 4, LLC
JPY 13
Super Trust 5, LLC
JPY 13
Super Trust 6, LLC
JPY 13
Super Trust 7, LLC
JPY 13
Super Trust 8, LLC
JPY 13
Super Trust 9, LLC
JPY 13
Super Trust 10, LLC
JPY 13
Super Trust 11, LLC
JPY 13
Super Trust 12, LLC
JPY 13
Super Trust 13, LLC
JPY 13
Super Trust 14, LLC
JPY 13
Super Trust 15, LLC
JPY 13
Super Trust 16, LLC
JPY 13
Super Trust 17, LLC
JPY 13
Super Trust 18, LLC
JPY 13
Super Trust 19, LLC
JPY 13
Super Trust 20, LLC
JPY 13

Senior-subordinated Structure, Cash Reserve
Subordination Ratio: 10.00%(Subordination Amount/ Total Amount of Receivables)

Issue Date of
ABCP*May 19, 2022
June 15, 2022
July 11, 2022
Aug. 16, 2022
Sept. 9, 2022
Oct. 12, 2022
Nov. 14, 2022
Feb. 10, 2022
Mar. 11, 2022
Apr. 11, 2022
May 23, 2022
June 22, 2022
July 25, 2022
Aug. 22, 2022
Sept. 22, 2022
Oct. 20, 2022
Nov. 21, 2022
Feb. 21, 2022
Mar. 22, 2022
Apr. 22, 2022

Redemption
Date of ABCP*
Mar. 8, 2023
Apr. 5, 2023
May 11, 2023
June 7, 2023
July 6, 2023
Aug. 7, 2023
Sept. 6, 2023
Dec. 7, 2022
Jan. 10, 2023
Feb. 7, 2023
Mar. 17, 2023
Apr. 17, 2023
May 17, 2023
June 19, 2023
July 18, 2023
Aug. 17, 2023
Sept. 19, 2023
Dec. 19, 2022
Jan. 17, 2023
Feb. 17, 2023

Coupon Type
Fixed (discount issue)
Fixed (discount issue)
Fixed (discount issue)
Fixed (discount issue)
Fixed (discount issue)
Fixed (discount issue)
Fixed (discount issue)
Fixed (discount issue)
Fixed (discount issue)
Fixed (discount issue)
Fixed (discount issue)
Fixed (discount issue)
Fixed (discount issue)
Fixed (discount issue)
Fixed (discount issue)
Fixed (discount issue)
Fixed (discount issue)
Fixed (discount issue)
Fixed (discount issue)
Fixed (discount issue)<Information on Structure and Stakeholders>
Originator:

A large-scale company in the category of other financing
business in Tokyo
Rakuten Bank, Ltd.
Rakuten Trust Co., Ltd.

Arranger:
Trustee:<Information on Underlying Assets>
Outline of Underlying Assets:

Originator's monetary claims against Debtors based on thecard shopping agreements, of which the payment method
is a single payment in the next month of given uses of thecard.

*This instrument is an ABCP program in which an ABCP is issued repeatedly and continually under thesame scheme, and the Issue Amount, etc. are the same as the conditions specified when JCR assigned
its rating to the ABCP program.
Rating Assignment Date: December 8, 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 "Installment Receivables and Card Shopping Receivables" (June 2, 2014) and"ABCP Programs" (June 1, 2016) in Information about JCR Ratings on JCR's website (https://www.jcr.co.jp/en/).
The rating stakeholder participated in the rating process of the aforementioned credit ratings.

2/3
Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.

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.