(The following statement was released by the rating agency)
March 14 - Standard & Poor's Ratings Services today said that it has released a Japanese-language Performance Watch report on Japanese residential mortgage-backed securities (RMBS) transactions backed by condominiums investment loans and rated by Standard & Poor's.
Standard & Poor's has rated and conducted surveillance on many Japanese RMBS transactions backed by condominium investment loans since its first rating on such a deal in December 2001. In today's report, we describe the attributes and performance trends of condominium investment loan-backed RMBS transactions that we have rated or for which we have assigned a credit assessment.
Standard & Poor's has conducted a range of surveillance activities during the transactions' terms, using collection and payment reports (servicing reports, etc.) submitted regularly by relevant parties. Through the surveillance process, we have checked the performance of the underlying asset pools, the redemption of the rated notes and beneficiary certificates, the enhancement of various cash reserves concluded in the contracts, and the status of early redemption triggers.