TEXT: S&P: Ratings On Sumitomo Trust Bank Series 3 RMBS Affirmed
— The transaction is ultimately secured by mortgage loan
receivables originated by Sumitomo Trust & Banking Co.— Credit enhancement levels have increased, reflecting
progress in principal redemption for the rated senior trust
certificates. Also, the performance of the collateral pool has
been within our assumptions.— We have affirmed our ‘AAA (sf)’ ratings on all senior
trust certificates.TOKYO (Standard & Poor’s) Oct. 13, 2011—Standard & Poor’s
Ratings Services today affirmed its ‘AAA (sf)’ ratings on all
senior trust certificates issued under the Sumitomo Trust Bank
Series 3 residential mortgage-backed securities (RMBS)
transaction issued in March 2009 (see list below).Today’s rating action is part of our regular review. In
analyzing the credit quality of the aforementioned transaction,
we examined the performance data contained in the reports that
we receive each month from the trustee.Following our review, we affirmed our ratings on all senior
trust certificates because (1) the performance of the
transactions’ underlying collateral pool has been within our
initial assumptions, and (2) the levels of credit enhancement
available have increased, reflecting progress in principal
redemption for the senior trust certificates.The transaction is backed by a pool of mortgage loan
receivables entrusted by Sumitomo Trust & Banking Co. Ltd.
(A+/Stable/A-1), to a trust created with Norinchukin Trust &
Banking Co. Ltd. The ratings on all senior trust certificates
address the full and timely payment of interest and the ultimate
repayment of principal by the transaction’s legal final maturity
date of December 2045.RELATED CRITERIA AND RESEARCH”Rating Methodology For Residential Mortgage-Backed
Securities In Japan,” published Aug. 19, 2007.RATINGS AFFIRMEDSumitomo Trust Bank Series 3 Residential Mortgage-Backed
Trust Certificates JPY60 Billion Pass-Through Fixed-Rate Notes
Due December 2045Class Rating Initial issue amountA Senior Trust Certs. AAA (sf) JPY30 bil.A1 Senior Trust Certs. AAA (sf) JPY11.8 bil.A2 Senior Trust Certs. AAA (sf) JPY18.2 bil.A Japanese-language version of this media release is
available on Standard & Poor’s Research Online at
www.researchonline.jp, or via CreditWire Japan on Bloomberg
Professional at SPCJ .
