(The following statement was released by the rating agency)
Nov 08 -
-- Quintet Trust is a Japanese ABS transaction that a pool of consumer loan receivables backs.
-- The performance of the underlying asset pool has remained well within our initial assumptions. In addition, the transaction’s credit enhancement levels have improved because principal redemption for class A has progressed.
-- We have raised our rating on class B to ‘AA- (sf)’ and our rating on class C to ‘A- (sf)'. At the same time, we have affirmed our rating on class A at ‘AA- (sf)'.
Nippon Standard & Poor’s K.K. (NSP) today said that it has raised to ‘AA- (sf)’ from ‘A- (sf)’ its rating on the class B loan, and to ‘A- (sf)’ from ‘BBB (sf)’ its rating on the class C loan, issued under the Quintet Trust ABL asset-backed securities (ABS) transaction due April 2016. At the same time, we have affirmed our ‘AA- (sf)’ rating on the class A loan issued under the same transaction (see list below). A pool of consumer loan receivables secures the transaction.