23-S-0108
November 30, 2023

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

<Asset Securitization Products>
Class A Beneficial Interest 202401<Assignment>
Beneficial Interest:
ABL:

Preliminary AAA
Preliminary AAA

Rationale
This is a rating on an asset backed security of captive auto loan receivables. The certainty ofpredetermined dividend/interest payments and principal repayment in full by the Trust Termination Date /Final Repayment Date for the rated Class A Beneficial Interest and Class A ABL is to be maintained at alevel of AAA through the senior-subordinated structure and legal measures. JCR has accordingly
assigned a Preliminary AAA rating to the Class A Beneficial Interest and Class A ABL, which are basedon cash flow from a provisional receivable pool.
Hideyuki Shoji, Yudai Matsumoto
Rating<Assignment>
Instrument Name

Issue/Execution
Amount*Subordination
Ratio*

Trust Termination
Date / Final
Repayment Date**

CouponType

Preliminary
RatingEqual to or less thanAAA
the amount derived
from the following
9.47%
Jan. 15, 2032
FixedClass A ABL 202401 formula: ReceivablesAAAx (1 - 9.47%)* Issue/execution amount and subordination ratio are calculated based on the provisional principal ofreceivables of JPY 17,854,311,670 with cutoff date of October 31, 2023 (breakdown between Class A
Beneficial Interest and Class A ABL has not been decided).
Class A Beneficial
Interest 202401<Information on Outline of Issue>
Trust Establishment Date:
Beneficial Interest Assignment /ABL Execution Date***:Scheduled Redemption/Repayment Date:
Redemption/Repayment Method:

January 18, 2024

January 31, 2024
January 17, 2030
Monthly pass-through amortization, pro rata amortization
Cleanup Call Provision in case of the Principal of Class A
Beneficial Interest and Class A ABL in total falling below acertain amountCredit Enhancement & Liquidity Facility:
Class A Beneficial Interest and Class A ABL:
Senior-subordinated Structure <Subordination Ratio:
9.47%>, Cash Reserve
Subordination Ratio: 1 - (Principal of Class A Beneficial
Interest + Class A ABL in total) / Principal of Receivables
Disclosure Requirements for Securitization Transaction Ratings with respect to Basel II have been met.
**Legal Final Redemption/Repayment Date***Issue Date

<Information on Structure and Stakeholders>
Originator:
Arranger:

Undisclosed (A large-scale financial institution in Tokyo)
ORIX Bank Corporation

1/2
Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.

<Information on Underlying Assets>
Outline of Underlying Assets:

Captive auto loan receivables guaranteed by a credit
sales company

Rating Assignment Date: November 29, 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 "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.
The rating stakeholder participated in the rating process of the aforementioned credit ratings.
A preliminary rating is a credit rating assigned as a preliminary evaluation while material terms for issue to be rated are notyet finalized. When the issuing terms are finalized, JCR will confirm them and will assign a credit rating anew. The rating levelof the final rating may be different from that of the preliminary rating, depending on the final content of the terms, etc.

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.)

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