TEXT-S&P drops rtg on Japanese broadband revenue WBS deal

(The following statement was released by the rating agency)

Apr 16 - Standard & Poor's Ratings Services today said that it withdrew its 'A (sf)' rating on the series 1 beneficiary interests issued under the Whole Business Securitization (WBS) Backed By Fiber-Optic Broadband Revenue transaction in June 2006.

We withdrew the rating after confirming that the trust was terminated today because UCOM Corp., the originator of this transaction, fully repurchased the beneficiary interests.

STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available here.

RELATED CRITERIA AND RESEARCH

"Japanese Structured Finance Scenario And Sensitivity Analysis: The Effects Of Major Macroeconomic Factors," April 6, 2012

"Principles Of Credit Ratings," Feb. 16, 2011

"Rating Methodology For Japan Business Securitization," July 4, 2006

RATING WITHDRAWN

Whole Business Securitization Backed By Fiber-Optic Broadband Revenue JPY20.0 billion series 1 beneficiary interests with deferrable coupon due June 2021

Rating Initial issue amount

A (sf) JPY20.0 bil.

The beneficiary interests were issued on June 20, 2006.