Japan http://www.alacrastore.com/country-snapshot/Japan Friday, July 25, 2008 6:32:51 PM en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/661513spcred/661513normThe latest News from S&Pglobal7/25/2008 4:32:20 AM100News661513JapanConstruction & EngineeringAsiaHomebuildersCorporationsGlobal IssuersNewsTOKYO (Standard&Poor's) July 25, 2008--Standard&Poor's Ratings Services today revised to negative from stable its outlook on the 'BB+' long-term corporate credit rating on Nishimatsu Construction Co. Ltd. Nishimatsu, which has strengths in large-scale civil engineering projects, continues to face a severe business environment amid decreasing public sector investment for the Japanese construction market and intensifying competition for contracts. The outlook revision is based on expectations that Nishimatsu's profitability and cash flow generation will continue to falter over the next 12 months. These expectations are based on marginal improvements in the company's gross margin of completed construction works, which are due to intensifying competition for orders, and increasing building material and personnel costs. At the same time,JPN20103010 201030 2010 20Nishimatsu Construction Co. Ltd. (Unsolicited Ratings)337949ASIA1820@JPNEWSGLOBISSCORPHomebuildersCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661511spcred/661511normThe latest News from S&Pglobalstructured7/25/2008 4:32:19 AM100News661511JapanRegional BanksAsiaUtilitiesInternational Public FinanceAsset-Backed SecuritiesCorporationsSovereignsStructured FinanceGlobal IssuersCollateralized Debt ObligationsNewsSINGAPORE (Standard&Poor's) July 25, 2008--Standard&Poor's Ratings Services today assigned its 'AA-' senior unsecured long-term local currency debt ratings to the Development Bank of Japan's (DBJ; AA-/Stable/A-1+) nonguaranteed zaito agency bonds--Series 50, ¥50 billion 1.41% due June 20, 2013, and Series 51, ¥30 billion 1.84% due June 20, 2018. "The issuer credit ratings on DBJ are based on the bank's role as the governmental financial institution for extending long-term financial facilities in support of projects with high public-policy content, such as technology promotion, environmental conservation, and regional development," said Standard&Poor's credit analyst Takahira Ogawa. The ratings incorporate the support that DBJ receives from the government of Japan (AA/Stable/A-1+), including capital injections, low-cost funding from theJPN47105225159M40101015 401010 4010 40Development Bank of Japan101251ASIADBJZ@JPNEWSJPN471088J26147J26160J2661GJapan104516ASIAEMERGINGLATAMERICAJAPZ@JPGLOBISSSTRUCSOVCORPGOVSUTILABSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661501spcred/661501normThe latest News from S&Pstructured7/25/2008 4:32:19 AM100News661501JapanAsiaAsset-Backed SecuritiesStructured FinanceNewsTOKYO (Standard&Poor's) July 25, 2008--Standard&Poor's Ratings Services today said that it had assigned its 'AAA' rating to the ¥10.0 billion senior trust certificates issued under the Altair Master Trust Series 2008-1 transaction. The senior trust certificates, due July 2015, are ultimately backed by a pool of card loan receivables. The rating addresses the full and timely payment of monthly interest and the ultimate repayment of principal by the legal final maturity of July 2015. The rating is based on: -- Ample overcollateralization appropriate for the rating level; -- A sufficient cash reserve account funded at closing; -- The covering of commingling risk by a minimum requirement of seller's beneficial interests, and triggers to mitigate commingling riskJPNAltair Master Trust Series 2008-1453220ASIANEWSSTRUCABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661218spcred/661218normThe latest Summary from S&Pglobalstructured7/23/2008 11:28:56 PM175Summary661218JapanDiversified BanksAsiaGlobal IssuersStructured FinanceFinancial InstitutionsAsset-Backed SecuritiesCommercial MBSResidential MBSCapital GoodsRetailTransportationSummaryORIX Trust and Banking Corp. (A-/Stable/--) is a wholly owned subsidiary of ORIX Corp. (A-/Stable/--) and a strategically important member of the group. The parent has provided capital and liquidity to ORIX Trust and is likely to provide financial support if necessary. ORIX Trust's core business is centered on loans and deposits. The bank collects funds through its "Direct Deposit" product, a relatively high-interest rate deposit product that customers can access directly via Internet or telephone. This allows the bank to save on costs associated with building retail branches and ATM networks. ORIX Trust uses depositors' funds to extend mainly mortgage loans. Competition among banks in the mortgage loan market is intensifying, but ORIX Trust has effectively differentiated itself byJPN40101010 401010 4010 40ORIX Trust and Banking Corp.356997ASIAOTBZ@JPSUMMARYJPN686330J61955J6195640202010 402020 4020 40ORIX Corp.115154ASIAEMERGINGEUROMIDAFRLATAMERICAUSA8591@JPGLOBISSSTRUCFIABSCMBSRMBSCapitalRetailTransportationCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661217spcred/661217normThe latest Full Report from S&Pglobalstructured7/23/2008 11:28:00 PM400Full Report661217JapanDiversified BanksAsiaGlobal IssuersStructured FinanceFinancial InstitutionsInsuranceAsset-Backed SecuritiesCommercial MBSResidential MBSCapital GoodsRetailTransportationFull ReportStrategically important subsidiary of ORIX Corp. Relatively sound asset quality and capitalization on a standalone basis Relatively high and stable profitability of core deposit and loan business Below average profitability by international standards ORIX Trust and Banking Corp. (A-/Stable/--) is a wholly owned subsidiary of ORIX Corp. (A-/Stable/--) and a strategically important member of the group. The parent has provided capital and liquidity to ORIX Trust and is likely to provide financial support if necessary. ORIX Trust's core business is centered on loans and deposits. The bank collects funds through its "Direct Deposit" product, a relatively high-interest rate deposit product that customers can access directly via Internet or telephone. This allows the bank to save on costs associated with buildingJPN40101010 401010 4010 40ORIX Trust and Banking Corp.356997ASIAOTBZ@JPFULLJPN686330J61955J6195640202010 402020 4020 4040301020 403010 4030 40ORIX Life Insurance Corp.ORIX Corp.115154345049ASIAEMERGINGEUROMIDAFRLATAMERICAUSA8591@JP0026@JPGLOBISSSTRUCFIINSABSCMBSRMBSCapitalRetailTransportationCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/eiuftxml/VW_VW_MAIN_20080721T153500_0001eiuftxml/VW_VW_MAIN_20080721T153500_0001normCOUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT Despite a stronger than expected GDP outturn in the first quarter of ####, Japan's economic outlook is uncertain. We maintain our modest GDP growth forecast of #.#% in #### and #.#%...7/23/2008 7:42:39 PM34.00ViewsWireEIU Country AnalysisNewsVW_VW_MAIN_20080721T153500_0001News analysisEconomyVWJapanEIUEconomic Data & AnalysisEIU Country Analysishttp://www.alacrastore.com/storecontent/eiuftxml/BM_BM_MAIN_20080801T000000_0000eiuftxml/BM_BM_MAIN_20080801T000000_0000normWith the oil price having risen close the $###/barrel mark, interest in the heretofore rather arcane top- ics of oil production and reserves is growing. BP’s recently released Statistical Review of World Energy ####, which provides an...7/23/2008 7:42:37 PM110.00Business Middle EastEIU Country AnalysisEconomic Data & AnalysisBM_BM_MAIN_20080801T000000_0000BMAlgeriaBahrainDZ;EGEgyptIQ;TRIranIraqJapanJordanMiddle EastMoroccoOmanSaudi ArabiaSyriaThe Occupied TerritoriesTunisiaTurkeyUnited Arab EmiratesAutomotiveConsumer GoodsElectricityEnergyFinancial ServicesHealthcareOil and gasPharmaceuticals & bio-techRetailingTelecoms and TechnologyTravel and Tourism22325433644517526272283437484953607080EIUEconomic Data & AnalysisEIU Country Analysishttp://www.alacrastore.com/storecontent/spcred/661007spcred/661007normThe latest News from S&Pglobalstructured7/23/2008 8:28:00 AM100News661007JapanProperty & Casualty InsuranceAsiaGlobal IssuersStructured FinanceInsuranceAsset-Backed SecuritiesCollateralized Debt ObligationsNewsTOKYO (Standard&Poor's) July 23, 2008--Standard&Poor's Ratings Services today affirmed its ratings on Tokio Marine&Nichido Fire Insurance Co. Ltd. (AA/Stable/A-1+), Tokio Marine&Nichido Life Insurance Co. Ltd. (AA/Stable/--), and Nisshin Fire&Marine Insurance Co. Ltd. (A+/Stable/--), following an announcement on the possible acquisition of a U.S. insurance group. At the same time, Standard&Poor's also affirmed its ratings on Tokio Marine&Nichido Fire Insurance's overseas insurance subsidiaries that have unconditional guarantees of policy obligations provided by the company, and overseas branches (see list below). The outlooks on all the ratings remain stable. The affirmations follow an announcement that the Tokio Marine group's holding company, Tokio Marine Holdings Inc. (NR), has reachedJPN40301040 403010 4030 40Tokio Marine&Nichido Fire Insurance Co. Ltd.382142ASIA8751@JPNEWSBMUGBRIRLJPNMEXNZLSGPUSA40301040 403010 4030 4040301050 403010 4030 40Tokio Marine Retakaful Pte. Ltd.Nisshin Fire&Marine Insurance Co. Ltd.Tokio Marine Global Ltd.Tokio Marine&Nichido Fire Insurance Co. Ltd. (New Zealand Branch)Tokio Millennium Re Ltd.Tokio Marine Global Re Ltd.Tokio Marine Europe Insurance Ltd.Tokio Marine Compania de Seguros, S.A. de C.V.Tokio Marine&Nichido Life Insurance Co. Ltd.Tokio Marine&Nichido Fire Insurance Co. Ltd. (U.S. Branch)119230307680314242314440324211339671344433384781408125425847ASIAEMERGINGEUROMIDAFRLATAMERICAPACUSA8766@JP8751@JP8751@JP8766@JPTMLICZ@JP8751@JP8751@JP8751@JP8766@JP8757@JPGLOBISSSTRUCINSABSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661004spcred/661004normThe latest News from S&Pstructured7/23/2008 4:31:00 AM100News661004JapanAsiaStructured FinanceResidential MBSNewsTOKYO (Standard&Poor's) July 23, 2008--Standard&Poor's Ratings Services today raised its rating on Dreams Funding Corp.'s class M-1 bonds to 'AAA' from 'AA', and its rating on the class M-2 bonds to 'A-' from 'BBB+'. At the same time, Standard&Poor's affirmed its 'AAA' ratings on the class A-2, L-2, and L-3 bonds. The class A-1 and L-1 bonds have already been redeemed. The mortgage-backed bonds were issued in August 2001.The upgrade of the class M-1 bonds reflects progress in the redemption of principal on the senior class bonds, and an improvement in the level of credit support to the asset pool. The upgrade also reflects progress in the proportional redemption of principal. The upgrade ofJPNDreams Funding Corp.352539ASIANEWSSTRUCRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/660995spcred/660995normThe latest News from S&Pglobalstructured7/22/2008 11:28:00 PM100News660995JapanThrifts & Mortgage FinanceAsiaGlobal IssuersStructured FinanceSovereignsInternational Public FinanceResidential MBSNewsTOKYO (Standard&Poor's) July 23, 2008--Standard&Poor's Ratings Services today assigned its preliminary 'AAA' rating to Japan Housing Finance Agency's (JHF) ¥50.7 billion Series 16 fixed-rate residential mortgage-secured pass-through notes. The notes are ultimately secured by a pool of residential mortgage loans originated by JHF. The preliminary rating is based on information as of July 23, 2008. Subsequent information may result in the assignment of a final rating that differs from the preliminary rating. A final rating will be assigned after the amount and exact terms of the notes are finalized and a full rating analysis is completed, including a satisfactory review of the final pool, cash flow modeling, final structure, transaction documents, and legal and tax opinions.JPNJ2271240102010 401020 4010 40Japan Housing Finance Agency349401ASIAJHLCZ@JPNEWSGLOBISSSTRUCSOVGOVSRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/eiuftxml/VW_VW_MAIN_20080722T031500_0056eiuftxml/VW_VW_MAIN_20080722T031500_0056normCOUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT GLOBAL ASSUMPTIONS ...7/22/2008 7:56:03 PM34.00ViewsWireEIU Country AnalysisNewsVW_VW_MAIN_20080722T031500_0056Interest rate forecastFinanceVWJapanEIUEconomic Data & AnalysisEIU Country Analysishttp://www.alacrastore.com/storecontent/spcred/660758spcred/660758normThe latest News from S&Pstructured7/22/2008 3:04:29 AM100News660758JapanAsiaStructured FinanceAsset-Backed SecuritiesNewsTOKYO (Standard&Poor's) July 22, 2008--Standard&Poor's Ratings Services today assigned its preliminary ratings to the ¥15.6 billion asset-backed securities (ABS) to be issued under the CF Shopping Credit Trust Certificates Series 3 transaction (see list below). The certificates are ultimately secured by a pool of shopping credit receivables entrusted at Mizuho Trust&Banking Co. Ltd. Mizuho Securities Co. Ltd. is the transaction arranger. Standard&Poor's preliminary ratings address the full and timely payment of interest and the ultimate repayment of principal by the transaction's legal final maturity date of July 2015. The preliminary ratings are based on information as of July 22, 2008. Subsequent information may result in the assignment of final ratings that differJPNCF Shopping Credit Trust Certificates Series 3453043ASIANEWSSTRUCABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/544411spcred/544411normThe latest News from S&Pstructured7/22/2008 3:03:16 AM100News544411JapanAsiaStructured FinanceAsset-Backed SecuritiesCollateralized Debt ObligationsNewsTOKYO (Standard&Poor's) Nov. 13, 2006--Standard&Poor's Ratings Services said today it had placed its ratings on nine tranches relating to eight Japanese synthetic CDO transactions on CreditWatch with negative implications (see list below). At the same time, Standard&Poor's affirmed its rating on another Japanese synthetic CDO transaction, and removed it from CreditWatch with negative implications. The transaction removed from CreditWatch with negative implications had a Synthetic Rated Overcollateralization (SROC) level that recovered to 100% or above during October's month-end run. The tranches that have been placed on CreditWatch with negative implications had SROC levels that fell below 100% during October's month-end run. Each SROC level is listed below. The tranches listed below that have beenJPNAstra Alpha Ltd.395654ASIANEWSIRLUSACHICYM68207TG0453SG1983AG2436RG25338G2534SG4391BG61975G6198AG67658G7221TG7221UG81277J-Bear Funding Ltd.Helium Capital Ltd.Ethical CDO I (Jersey No. 1) Ltd.Corsair (Jersey) No. 2 Ltd.Signum Vanguard Ltd.Omega Capital Investments PLCMomentum CDO (Europe) Ltd.384707370219370459366464386349378767377998EUROMIDAFRLATAMERICAUSASTRUCABSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/499285spcred/499285normThe latest News from S&Pstructured7/22/2008 3:02:51 AM100News499285JapanAsiaStructured FinanceCollateralized Debt ObligationsAsset-Backed SecuritiesNewsTOKYO (Standard&Poor's) March 23, 2006--Standard&Poor's Ratings Services today lowered its ratings on four tranches relating to three Japanese synthetic CDO transactions (see list below). At the same time, Standard&Poor's removed the rating on Omega Capital Investments PLC's series 10 class A yen-denominated secured floating-rate notes from CreditWatch. The ratings on Astra Alpha Ltd.'s series 2005-01 credit-linked notes, Helium Capital Ltd.'s series 51 credit linked notes, and Omega Capital Investments PLC's series 10 class B yen-denominated secured floating-rate notes remain on CreditWatch with negative implications. The downgrades reflect a decline in the credit quality of the reference portfolios and the current level of credit enhancement in the tranches. RATINGS LOWERED; REMAIN ON CREDITWATCH NEGATIVE AstraJPNAstra Alpha Ltd.395654ASIANEWSCYMIRL68207TG1983AG4391BG67658Helium Capital Ltd.Omega Capital Investments PLC370219386349EUROMIDAFRLATAMERICASTRUCCDOABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/660756spcred/660756normThe latest Full Report from S&Pstructured7/21/2008 11:28:37 PM400Full Report660756JapanAsiaStructured FinanceResidential MBSFull ReportStandard&Poor's Ratings Services has assigned its 'AAA' rating to Bank of Yokohama's Residential Mortgage-Backed Trust Certificates Series 8 due December 2043. The trust certificates are backed by a pool of housing loan receivables originated by Bank of Yokohama (A/Positive/--). This is the eighth securitization of residential mortgages originated by Bank of Yokohama. The rating addresses the full and timely payment of interest and the ultimate full repayment of principal on the rated certificates by the transaction's legal final maturity date of Dec. 2043. The ¥12.3 billion senior trust certificates issued under this transaction are backed by 630 super long-term fixed-rated housing loan receivables worth ¥14.22927 billion in aggregate. Credit support is provided by overcollateralization of about 13.6% onJPNBank of Yokohama Series 8 Mortgage-Backed Trust Certificates449846ASIAFULLSTRUCRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/datamonitoress/DBCM1920datamonitoress/DBCM1920pdf...The Savory snacks market consists of Popcorn, Processed snacks, Nuts & seeds , Potato chips and Other savory snacks. ... Databook495.007/21/2008 1:30:57 PM617FoodSnacksJapanDBCM1920Market ResearchDatamonitor Premium Research Reportshttp://www.alacrastore.com/storecontent/datamonitoress/DBCM3105datamonitoress/DBCM3105pdf...The Chilled food market consists of Ch illed fish/seafood, Deli food, Chilled fresh pas ta, Chilled meat products, Sandwiches/sal ads, Chilled ready meals and Chilled pizza. ... Databook495.007/21/2008 1:29:32 PM605FoodChilled and Deli FoodJapanDBCM3105Market ResearchDatamonitor Premium Research Reportshttp://www.alacrastore.com/storecontent/datamonitoress/DBCM2984datamonitoress/DBCM2984pdf...The Japanese Ready Meals market is led by Frozen ready meals (re presenting ##.#% of total value) followed by Chilled and Canned ready meals with a ##.#% and #.#% market share respectively . Dried ready meals accounts for the remaining #.#% share. ... Databook495.007/21/2008 1:28:56 PM615FoodReady MealsJapanDBCM2984Market ResearchDatamonitor Premium Research Reportshttp://www.alacrastore.com/storecontent/datamonitoress/BFCM0275datamonitoress/BFCM0275pdf...Despite the rising demand of health products, the production of yogurt products in Japan showed negative growth in #### compared with ####, while the average household expenditure on these products dropped. Observation of the Japanese market development in #### reveals that: The market declined while competition intensified and substitute products com peted for consumer spending; manufacturers also face compet ition from private label products; the types of yogurt products being sold and the fo cus of new product development has shifted in the past decade; good taste profiles and functional features are expec ted to be the emphasis of new product development; Meiji Dairies has the most market share in #### and is the clear leader in the market. N.B. The information used in this analysis includes data fr om local government and trade associations, trade press and Productscan Online. Products reported in this brief are selected examples from major manufacturers... Brief295.007/21/2008 1:27:55 PM4ConsumerJapanBFCM0275Market ResearchDatamonitor Premium Research Reportshttp://www.alacrastore.com/storecontent/eiuftxml/RK_RK_MAIN_20080718T164500_0004eiuftxml/RK_RK_MAIN_20080718T164500_0004normCOUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT RATINGS CHANGES COMMENTARY Deregulation of the part-time labour market will continue, boosting labour market flexibility. We have upgraded the score for the labour market risk category...7/19/2008 7:21:22 PM34.00Risk BriefingEIU Country AnalysisNewsRK_RK_MAIN_20080718T164500_0004AlertOperating riskRKJapanEIUEconomic Data & AnalysisEIU Country Analysis