22-p-0044
August 31, 2022

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

Securitization of Lease and Loan Receivables 22-09 ABL &Beneficial Interest<Assignment>
Beneficial Interest:
ABL:

Preliminary AAPreliminary AA-

These are securitization instruments of lease and loan receivables, to which JCR has assigned
preliminary ratings of AA-, as detailed hereunder.
Hideyuki Shoji, Riho SaikiRating<Assignment>
Instrument NameABLClass B Investor BeneficialInterest

ABL Execution Amount /Beneficial Interest
Issue Amount

Subordination
RatioFinal Maturity
Date

CouponType

Preliminary
Rating

JPY 7,800,000,0005.47%

Dec. 12, 2025

Fixed

AA-

JPY 4,000,000,000

5.47%

Dec. 12, 2025

Fixed

AA-<Information on Outline of Issue>
Trust Establishment Date:
September 21, 2022
ABL Execution Date / Beneficial Interest Assignment Date:
September 28, 2022 (Scheduled)
Repayment / Redemption Method:
Controlled Amortization every 3 months
Payment Date:
12th of January, April, July and October (next business
day if the bank is closed)
Credit Enhancement & Liquidity Facility:
Subordinated Beneficial Interest, Reserve Beneficial
Interest<Information on Structure and Stakeholders>
Debtor:
SoftBank Corp.
Arranger:
Fuyo General Lease Co., Ltd.
Trustee:Mizuho Trust & Banking Co., Ltd.
<Information on Underlying Assets>
Outline of Underlying Assets:

Lease and loan receivables from SoftBank Corp.

Rating Assignment Date: August 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 "Repackaged Financial Instruments" (August 5, 2019) in Information about JCR
Ratings on JCR's website (https://www.jcr.co.jp/en/). Rating methodologies for other ancillary points such as eligible deposit
accounts and bankruptcy remoteness are also shown within the same page.
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.

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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.)

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