Japan Credit Rating Agency, L 21-p-0077 March 24, 2022 Japan Credit Rating Agency, Ltd. (JCR) announces the following credit rating. <Asset Securitization Products> Senior Beneficial Interest 201905 (Contract No. 210212) enior Beneficial Interest 201908 (Contract No. 210227) ienior Beneficial Interest 202005 (Contract No. 210249) Senior Beneficial Interest 202102 (Contract No. 210266) Senior Beneficial Interest 202105 (Contract No. 210269) Senior Beneficial Interest 202108 (Contract No. 210273) Senior Beneficial Interest 201905 (Contract No. 210212) <Affirmation> Beneficial Interest: AAA Senior Beneficial Interest 201908 (Contract No. 210227) <Affirmation> Beneficial Interest: AAA Senior Beneficial Interest 202005 (Contract No. 210249) <Affirmation> Beneficial Interest: AAA Senior Beneficial Interest 202102 (Contract No. 210266) <Affirmation> Beneficial Interest: AAA Senior Beneficial Interest 202105 (Contract No. 210269) <Affirmation> Beneficial Interest: AAA Senior Beneficial Interest 202108 (Contract No. 210273) <Affirmation> Beneficial Interest: AAA Senior Beneficial Interest 201905 (Contract No. 210212) is an auto Ioan ABS, for which JCR has affirmed a rating of AAA, as detailed hereunder. Senior Beneficial Interest 201908 (Contract No. 210227) is an auto Ioan ABS, for which JCR has affirmed a rating of AAA, as detailed hereunder. Senior Beneficial Interest 202005 (Contract No. 210249) is an auto Ioan ABS, for which JCR has affirmed a rating of AAA, as detailed hereunder. Senior Beneficial Interest 202102 (Contract No. 210266) is an auto Ioan ABS, for which JCR has affirmed a rating of AAA, as detailed hereunder. Senior Beneficial Interest 202105 (Contract No. 210269) is an auto Ioan ABS, for which JCR has affirmed a rating of AAA, as detailed hereunder. Senior Beneficial Interest 202108 (Contract No. 210273) is an auto Ioan ABS, for which JCR has affirmed a rating of AAA, as detailed hereunder. Hideyuki Shoji, Yusuke Koguchi Rating Senior Beneficial Interest 201905 (Contract No. 210212) <Affirmation>
Senior Beneficial Interest 201908 (Contract No. 210227) <Affirmation>
Senior Beneficial Interest 202005 (Contract No. 210249) <Affirmation>
Senior Beneficial Interest 202102 (Contract No. 210266) <Affirmation>
Senior Beneficial Interest 202105 (Contract No. 210269) <Affirmation>
Senior Beneficial Interest 202108 (Contract No. 210273) <Affirmation>
<Information on Outline of Issue> Beneficial Interest Assignment Date**: Senior Beneficial Interest 201905 (Contract No. 210212): May 31, 2019 Senior Beneficial Interest 201908 (Contract No. 210227): August 30, 2019 Senior Beneficial Interest 202005 (Contract No. 210249): May 29, 2020 Senior Beneficial Interest 202102 (Contract No. 210266): February 26, 2021 Senior Beneficial Interest 202105 (Contract No. 210269): May 31, 2021 Senior Beneficial Interest 202108 (Contract No. 210273): August 31, 2021 Redemption Method: Monthly Controlled Amortization (change to monthly pass- through after occurrence of an early redemption event) Credit Enhancement & Liquidity Facility: Senior-subordinated structure and cash reserves Subordination Ratio: 1 - Principal of Senior Beneficial Interest/ Principal of auto loans receivable 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:
A large-scale company in the category of other financing business in Tokyo Mitsubishi UFJ Trust and Banking Corporation Mitsubishi UFJ Trust and Banking Corporation Rating Assignment Date: March 17, 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 shown as "Automobile Loans" (June 2, 2014) in Information about JCR Ratings on JCR's website (https://www.jcr.co.jp/en/). Rating methodologies for other anciliary points such as eligible deposit accounts and bankruptcy remoteness are also shown within the same page. Japan Credit Rating Agency, Ltd. ss Building, 5-15-8 Ginza, Chuo-ku, Tokyo 104-0061, Jap Tel. +81 3 3544 7013. Fax. +81 3 3544 7026 Information herein has been obtained by JCR from the issuess and other sources believed to be accurate and reliable. However, because of the possibility of human on ICR makes no reprocessition or varmaly, express or inplied, as to accuses, results, adoptivey, fineliness, complication or morclassibility, or finess for express performance ect, incidental or uch dat ing of the status in the status i data, ts pro JCR is registed nized Statistical Rating Organizati tod in a "Nationally Recog- ion" with the U.S. Securities and Exchange Con- immission with respect to the following four classes. (1) Financial and deaters. (2) Insurance Companies, (3) Corporate Issuers, (4) Issuers of government securitios, municipal securities and foreign government securities. JCR published by press redesis regarding the redes actions buth in Appress and in English on the same day. In case that is takes time to translate rating tationale. JCR may