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Moody’s updates profiles of Japanese CMBS loans

Tokyo, May 26, 2009 -- Moody's Investors Service has released a report
entitled,"Profile of Japan CMBS Loans: Updated as of End-March 2009."

This report updates "Profile of Japan CMBS loans maturing in 2009 and
thereafter (As of End-September 2008)."

The updated review compares the profiles of loans -- as of end-September
2008 and as of end-March 2009 -- that will mature in calendar 2009 and
afterwards, and that back Moody's-rated CMBS (JPY 3.7 trillion end-March

It also reviews the profiles of loans paid between end-September 2008 and
end-March 2009, and delinquent loans as of end-March 2009.

"As of end-September 2008, about JPY 700 billion in loans were scheduled
to mature in 2009, and by end-March 2009, this amount had declined to
about JPY 490 billion," says Mitsuru Sukigara, a Moody's VP and Senior

"This was primarily the result of scheduled payments of loans; the
extension from 2008 to 2009 of loan maturities; and defaults of loans
that should have matured in 2009. Additionally, the highest level of
loans -- amounting to JPY 1.18 trillion -- will mature in 2010," says

"Our review of paid and delinquent loans highlighted a number of
characteristics, including leverage, year of origination, property type,
and location. We found that delinquent loans had higher leverage ratios
and had been originated more recently. In addition, fewer of their
collateral properties were in Tokyo," says Sukigara.

For more information, please refer to the report, which can be accessed
at www.moodys.com

Moody's Investors Service is a publisher of rating opinions and research.
It is not involved in the offering or sale of any securities, nor is it
acting on behalf of the offering party. This release is not a
solicitation or a recommendation to buy, hold, or sell securities.

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