22-S-0039
July 4, 2022

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

<Asset Securitization Products>
Jupiter Investment Purpose Condominium Loan Backed
Beneficial Interests 2013
<Rating Change>
Beneficial Interest:
Class B Beneficial Interest:

from A- to A

<Affirmation>
Beneficial Interest:
Class A Beneficial Interest:

AAARationale
This is a rating on investment purpose condominium loan RMBS under captive loan scheme. While
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. sets up a monetary trust other than specified moneytrusts (the “Trust”) with Mitsubishi UFJ Trust and Banking Corporation (the “Trustee”), the Originator
assigns the investment purpose condominium loans receivables under captive loan scheme to theTrustee of the Trust, which then establishes Class A Beneficial Interest and Class B Beneficial Interest
backed by the investment purpose condominium loans receivables. Joint and several guarantee by theServicer is attached to all assigned receivables. The Servicer delivers the collected money from theDebtors or payment in subrogation through the Originator to the Trustee every month.
Considering that Class A Beneficial Interest has continued to be maintained at a level that can beevaluated as equivalent to AAA rating owing to the senior-subordinated structure and legal measures,
JCR has affirmed the rating on Class A Beneficial Interest at AAA. Considering that the rating on Class B
Beneficial Interest will converge and link to creditworthiness of the Servicer, JCR has upgraded the ratingto A.
Hideyuki Shoji, Yusuke Koguchi
Rating<Rating Change>
Instrument Name

Initial Issue Amount

Initial Subordination
Ratio

Final Trust
Calculation Date*Coupon TypeRating

Class B BeneficialInterest

JPY 1,223,226,398-Sept. 27, 2050

Based on
PerformanceA

Instrument Name

Initial Issue Amount

Initial Subordination
Ratio

Final Trust
Calculation Date*

Coupon TypeRating

Class A Beneficial
Interest

JPY 10,425,000,000

10.5%

Sept. 27, 2050

FloatingAAA<Affirmation><Information on Outline of Issue>
Trust Establishment Date:
Receivables Assignment Date:
Beneficial Interests Assignment Date**:Repayment Method:

Credit Enhancement & Liquidity Facility:

December 18, 2013
December 19, 2013
December 20, 2013
Monthly Pass-through Repayment, Sequential Pay- Cleanup call clause in cases where the assignedreceivables become below 10% of the initial principalbalance
Class A Beneficial Interest: Senior-subordinated structure,
Reserve Savings Account- Initial Subordination Ratio: 10.5% (1 - Class A Beneficial
Interests/ Initial Loans Receivables Principal Balance)
Class B Beneficial Interest: NA
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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 company in financing business in Tokyo
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
Mitsubishi UFJ Trust and Banking Corporation
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
Undisclosed
Initial setup withheld

Rating Assignment Date: June 30, 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 "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.

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