Japan Credit Rating Agency, 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 from cardholders 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 to redemption 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 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 the Issue Date of ABCP Bullet Redemption Senior-subordinated Structure, Cash Reserve Subordination Ratio: 10.00% (Subordination Amount/ Total Amount of Receivables)
<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 the card shopping agreements, of which the payment method is a single payment in the next month of given uses of the card. *This instrument is an ABCP program in which an ABCP is issued repeatedly and continually under the same 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 Definitions of 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 s hown 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.
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