テール期間における CMBSの格付上限

COMMERCIAL MBS
OCTOBER 31, 2011
䝔䞊䝹ᮇ㛫䛻䛚䛡䜛 CMBS 䛾᱁௜ୖ㝈
RATING
METHODOLOGY
Rating Caps for CMBS in the Tail Period
䜶䜾䝊䜽䝔䜱䝤䞉䝃䝬䝸䞊
┠ḟ:
1
I. 䝔䞊䝹ᮇ㛫䛻䛚䛡䜛᱁௜ୖ㝈䜢
ᕥྑ䛩䜛୺䛺せᅉ䛚䜘䜃๪ḟⓗせᅉ
2
䛣䛾ၟᴗ୙ື⏘ᢸಖドๆ(CMBS)䛻㛵䛩䜛䜾䝻䞊䝞䝹᱁௜ᡭἲ 1䛿䚸⿬௜䛡䝻䞊䞁䛾᭱⤊‶ᮇ᪥䛸䚸
᱌௳䛻䛚䛡䜛᭱⤊ൾ㑏ᮇ㝈䛾㛫䛾ᮇ㛫䠄䝔䞊䝹ᮇ㛫䠅䛻䛚䛡䜛䚸㞟୰ᗘ䛾㧗䛔CMBS᱌௳ 2䛾ศᯒ䛻
䛴䛔䛶ㄝ᫂䛩䜛䜒䛾䛷䛒䜛䚹
O
ET UT
H D
O AT
DO E
D
LO
G
Y
䜶䜾䝊䜽䝔䜱䝤䞉䝃䝬䝸䞊
II. ୡ⏺ྛᆅᇦ䛻䛚䛡䜛䝔䞊䝹ᮇ㛫
2
㛵㐃䝸䝃䞊䝏
4
M
䛚ၥ䛔ྜ䜟䛫䠖
䜽䝷䜲䜰䞁䝖䞉䝕䝇䜽㻌 03.5408.4210
[email protected]
Website: www.moodys.co.jp
䝮䞊䝕䜱䞊䝈 SF 䝆䝱䝟䞁ᰴᘧ఍♫䛿䚸㔠⼥ၟရྲྀᘬ
ἲ䛾ୗ䛷㔠⼥ᗇ䛻Ⓩ㘓䛥䜜䛯ಙ⏝᱁௜ᴗ⪅䛷䛒䜛
䛜䚸NRSRO䠄⡿ᅜ SEC 䛾Ⓩ㘓䜢ཷ䛡䛯᱁௜ᶵ㛵䠅䛷䛿
䛺䛔䚹ᚑ䛳䛶䚸䝮䞊䝕䜱䞊䝈 SF 䝆䝱䝟䞁ᰴᘧ఍♫䛾ಙ
⏝᱁௜䛿䚸᪥ᮏ䛷Ⓩ㘓䛥䜜䛯ಙ⏝᱁௜ᴗ⪅䛾ಙ⏝᱁
௜䛷䛒䜛䛜䚸NRSRO 䛾ಙ⏝᱁௜䛷䛿䛺䛔䚹
᱌௳䛿䚸1 ᮏ䛷䜒⿬௜䛡䝻䞊䞁䛜‶ᮇ䜎䛷䛻㏉῭䛥䜜䛺䛛䛳䛯ሙྜ䛻䝔䞊䝹ᮇ㛫䛻ධ䜛䚹᱌௳䛜ዎ⣙
ୖ䛾᭱⤊ൾ㑏ᮇ㝈䛻㏆䛵䛟䛻䛴䜜䚸᭱⤊ൾ㑏ᮇ㝈䜎䛷䛻䝜䞊䝖䜈䛾ඖᮏ㏉῭䜢⾜䛖䛯䜑䛾ṧᏑ㈨⏘
䛾᥮౯ฎศ䛜⤊஢䛧䛺䛔䝸䝇䜽䛜㧗䜎䜛䚹ᮏ᱁௜ᡭἲ䛷䛿䚸䛭䛖䛧䛯䝸䝇䜽䛾㧗䜎䜚䜢཯ᫎ䛧䚸᭱⤊ൾ㑏
ᮇ㝈䛜㏆䛵䛟䛻䛴䜜పୗ䛩䜛᱁௜䛾ୖ㝈䛻䛴䛔䛶㏙䜉䜛䚹
CMBS 䛿ୡ⏺୰䛷Ⓨ⾜䛥䜜䜛䜰䝉䝑䝖䜽䝷䝇䛰䛜䚸ᆅᇦ䛻䜘䜛ᕪ␗䛜䛒䜚䚸䝔䞊䝹ᮇ㛫䛻䛚䛡䜛䝸䝇䜽䛜
᱌௳䛻ཬ䜌䛩ᙳ㡪ᗘ䜒䚸᱁௜䜈䛾ᙳ㡪ᗘ䜒␗䛺䜛䚹᭱䜒㢧ⴭ䛺䛾䛜䚸䝔䞊䝹ᮇ㛫䛾㛗䛥䜔䚸䝁䞁䝖䝻䞊
䝹䞉䝯䜹䝙䝈䝮䛜ᆅᇦ䛻䜘䛳䛶␗䛺䜛Ⅼ䛷䛒䜛䚹ᮏ✏䛿䚸Ḣᕞ䚸୰ᮾ䛚䜘䜃䜰䝣䝸䜹(EMEA)䚸⡿ᅜ䚸䛚䜘
䜃䜰䝆䜰䜢ᑐ㇟䛸䛩䜛䚹
䛣䛾᱁௜ᡭἲ䛿䚸⌧⾜䛾䜒䛾䛷䛿䛺䛔䚹䝮䞊䝕䜱䞊䝈 㻿㻲 䝆䝱䝟䞁䛜⌧ᅾ౑⏝
䛧䛶䛔䜛᱁௜ᡭἲ䛿䚸ᘢ♫䜴䜵䝤䝃䜲䝖䜢ཧ↷䛾䛣䛸䚹
This Moody’s SF Japan rating methodology is based on Moody’s Investors Service’s rating methodology titled “Rating
Caps for CMBS in the Tail Period, (October 27, 2011).” The rating approach described in the Moody’s Investors
Service report was adopted by Moody’s SF Japan on October 31, 2011.
䝮䞊䝕䜱䞊䝈 㻿㻲 䝆䝱䝟䞁ᰴᘧ఍♫
COMMERCIAL MBS
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ඖᮏ䛾䜴䜷䞊䝍䞊䝣䜷䞊䝹㻦⿬௜䛡䝻䞊䞁䛾ᅇ཰㔠䛜䚸䝔䞊
䝹ᮇ㛫䛻䛒䜛䝜䞊䝖ಖ᭷⪅䛻ᑐ䛧䛶䝅䞊䜽䜶䞁䝅䝱䝹䞉䝨䜲䝯
䞁䝖䛾ᙧ䛷ᨭᡶ䜟䜜䜜䜀䚸᭱ୖ఩䛾䝜䞊䝖ಖ᭷⪅䛿ᜠᜨ䜢ཷ
䛡䜛䚹
»
䝇䝫䞁䝃䞊䛾㉁㻦≉䛻䚸䝕䝣䜷䝹䝖䛾୺䛺⌮⏤䛜㈨⏘䛾䝟䝣䜷
䞊䝬䞁䝇䛷䛿䛺䛟䚸㈨㔠㠃䛾ၥ㢟䛷䛒䛳䛯ሙྜ䚸ᙉຊ䛺䝇䝫
䞁䝃䞊䛜䚸䝕䝣䜷䝹䝖䛻㝗䛳䛯䝻䞊䞁䛻䝃䝫䞊䝖䜢ᥦ౪䛩䜛ሙ
ྜ䛜䛒䜛䚹
I. 䝔䞊䝹ᮇ㛫䛻䛚䛡䜛᱁௜ୖ㝈䜢ᕥྑ䛩䜛୺䛺
せᅉ䛚䜘䜃๪ḟⓗせᅉ
ᮏ᱁௜ᡭἲ䛿䚸䝔䞊䝹ᮇ㛫䛻䛒䜛 CMBS ᱌௳䛻䛚䛡䜛䝍䜲䝭䞁䜾
䝸䝇䜽䛾ୖ᪼䛸䚸䛭䜜䛻క䛳䛶⏕䛨䜛ಙ⏝ຊ䛾పୗ䜢཯ᫎ䛩䜛䚹᱌
௳䛿䚸1 ᮏ䛷䜒⿬௜䛡䝻䞊䞁䛜‶ᮇ䜎䛷䛻㏉῭䛥䜜䛺䛛䛳䛯ሙྜ
䛻䝔䞊䝹ᮇ㛫䛻ධ䜛䚹䝃䞊䝡䝃䞊䜎䛯䛿䛭䛾௚䛾Ⓨ⾜య䛾௦⌮
ே䛿䚸䝜䞊䝖ಖ᭷⪅䛾ᅇ཰㢠䜢᭱኱໬䛩䜉䛟䚸䝻䞊䞁䛾ฎศ䜢㐍
䜑䜛䚹᱌௳䛜᭱⤊ൾ㑏ᮇ㝈䛻㏆䛵䛟䛻䛴䜜䚸‶ᮇ᪥䜎䛷䛻䝜䞊䝖
䛾ඖᮏ㏉῭䜢⾜䛖䛯䜑䛾䚸䝻䞊䞁䛾ฎศ䛜㐺᫬䛻᏶஢䛧䛺䛔䝸䝇
䜽䛜㧗䜎䜛䚹ᙜヱ᱁௜ᡭἲ䛿䛣䛖䛧䛯䝔䞊䝹ᮇ㛫୰䛾ྲྀᘬ䛾䝸䝇䜽
䜢䚸‶ᮇ䛜㏆䛵䛔䛶䛟䜛᱌௳䛾᱁௜䛾ୖ㝈䛻཯ᫎ䛥䛫䜛䜒䛾䛷䛒
䜛䚹
୺䛺せᅉ
»
»
»
䝜䞊䝖䛾ൾ㑏䜎䛷䛾ᮇ㛫㻦䛣䛾ᮇ㛫䛜▷䛔䜋䛹䚸䝃䞊䝡䝃䞊䛜
CMBS 䛾᭱⤊ൾ㑏ᮇ㝈䜎䛷䛻䝻䞊䞁䛾ฎศ䜢᏶஢䛧䛺䛔ྍ
⬟ᛶ䛜㧗䜎䜛䚹
ᅗ⾲ 㻝 䛿䚸䝔䞊䝹ᮇ㛫䛻༢୍䛾䝻䞊䞁䛜ṧᏑ䛧䛶䛔䜛᱌௳䛻㐺
⏝䛥䜜䜛᱁௜ୖ㝈䜢♧䛧䛯䜒䛾䛷䛒䜛 3䚹᱁௜ୖ㝈䛾᭱ึ䛾㡯䛿䚸
䝗䜲䝒䚸ⱥᅜ䚸䝣䝷䞁䝇䚸䜸䝷䞁䝎䚸⡿ᅜ䚸䜸䞊䝇䝖䝷䝸䜰䛻䚸஧䛴䜑
䛾㡯䛿᪥ᮏ䛚䜘䜃䝅䞁䜺䝫䞊䝹䛻㐺⏝䛥䜜䜛䚹
ᅗ⾲ 1
䝔䞊䝹ᮇ㛫䛾
ṧᏑ᭶ᩘ
ண᝿᱁௜ୖ㝈
䠄EMEA ୺せᅜ䚸⡿ᅜ䚸
䜸䞊䝇䝖䝷䝸䜰
ண᝿᱁௜ୖ㝈
䠄᪥ᮏ䛚䜘䜃
䝅䞁䜺䝫䞊䝹
Aaa (sf)– Aa2 (sf)
䝻䞊䞁ᢸಖฎศ䛾㐍ᤖ䛾ྍどᗘ㻦䝃䞊䝡䝃䞊䛜䚸㈨⏘ฎศ
䛻䛚䛔䛶䜻䝱䝑䝅䝳໬䛾ẁ㝵䛻㏆䛡䜜䜀㏆䛔䜋䛹䚸᭱⤊ൾ㑏
ᮇ㝈䜎䛷䛾䝜䞊䝖䜈䛾ᨭᡶ䛔䛾ྍ⬟ᛶ䛜㧗䜎䜛䚹
24-36 䞃᭶
Aa1 (sf)-A2 (sf)
12-24 䞃᭶
Aa3 (sf)-Baa1 (sf)
Aaa (sf)– A1 (sf)
6-12 䞃᭶
A3 (sf)-Ba1 (sf)
A2 (sf)- Baa3 (sf)
㈨⏘ฎศ䝥䝻䝉䝇䛾」㞧ᛶ:㈨⏘ฎศ䝥䝻䝉䝇䛜」㞧䛷䛒䜜
䜀䛒䜛䜋䛹䚸䝃䞊䝡䝃䞊䛜㐺᫬䛻᏶஢䛷䛝䛺䛔ྍ⬟ᛶ䛜㧗
䜎䜛䚹ᙜヱ䝥䝻䝉䝇䛿㛗ᮇ໬䛧䚸䝁䝇䝖䛜ቑຍ䛧䚸ḟ䛾䜘䛖䛺ሙ
ྜ䛻䛿ᡂຌ䛧䛺䛔ྍ⬟ᛶ䛜䛒䜛䚹
0-6 䞃᭶
Baa3 (sf)-B1 (sf)
Baa3 (sf) – B1 (sf)
–
㈨⏘ฎศ䝥䝻䝉䝇䜢ᐇ㉁ⓗ䛻䝁䞁䝖䝻䞊䝹䛧䛶䛔䜛䛾䛜
䝆䝳䝙䜰䝜䞊䝖ಖ᭷⪅䛷䛒䜛䛺䛹䚸䝁䞁䝖䝻䞊䝹䞉䝯䜹䝙䝈
䝮䛻୙ᩚྜ䛜䛒䜛ሙྜ
–
⿬௜䛡䝻䞊䞁䛻ἲⓗ䛻」㞧䛺Ⅼ䛜䛒䜛ሙྜ
–
ドๆ໬᱌௳䛾௙⤌䜏ୖ䛾≉ᚩ䛜」㞧䛺ሙྜ
–
㈨ᮏᵓᡂୖ䛾ඃඛ㡰఩䜔䝜䞊䝖㉎ධ౯᱁䛻䜘䛳䛶䝜䞊䝖
ಖ᭷⪅䛾฼ᐖ䛜␗䛺䜛ሙྜ
–
」ᩘ䛾฼ᐖ㛵ಀ⪅䛜Ꮡᅾ䛧䚸䛭䛾ㄪᩚ䛜䝻䞊䞁ฎศ䛾
」㞧䛥䜢㧗䜑䛶䛔䜛ሙྜ
๪ḟⓗ䛺せᅉ
M
䝔䞊䝹ᮇ㛫䛾ಙ⏝ຊ䛻ᙳ㡪䜢୚䛘䜛䚸䛭䛾௚䛾せᅉ䛿ḟ䛾㏻䜚
䛷䛒䜛䚹
»
䝮䞊䝕䜱䞊䝈䛿䚸CMBS ᱌௳䛜ዎ⣙ୖ䛾᭱⤊ൾ㑏ᮇ㝈䛻㏆䛵䛟
䛻䛴䜜䚸䝔䞊䝹ᮇ㛫୰䛻⥔ᣢ䛧䛖䜛᭱䜒㧗䛔᱁௜䜢᳨ウ䛩䜛䜺䜲
䝗䝷䜲䞁䜢タ䛡䛯䚹
O
ET UT
H D
O AT
DO E
D
LO
G
Y
᱁௜ୖ㝈䛾Ỉ‽䛿䚸䝃䞊䝡䝃䞊䛜㐺᫬䛻ᅇ཰䜢᏶஢䛩䜛ྍ⬟ᛶ
䛻ᙳ㡪䜢୚䛘䜛ከ䛟䛾せᅉ䛻ᕥྑ䛥䜜䜛䚹᭱䜒㔜せ䛺せᅉ䛿ḟ䛾
㏻䜚䛷䛒䜛䚹
ୖ㝈䛾䜺䜲䝗䝷䜲䞁
ᅜ䞉ᆅᇦ㻦ᙉไᇳ⾜䝥䝻䝉䝇䛾䝇䝢䞊䝗䛿䚸䝪䝻䝽䞊䛚䜘䜃୙
ື⏘䛾ᡤᅾᆅ䛾ἲไᗘ䛻䜘䛳䛶␗䛺䜛䚹䝮䞊䝕䜱䞊䝈䛿䛣䛾
Ⅼ䜢䚸㈨⏘ฎศ䝥䝻䝉䝇䛜㐺᫬䛻᏶஢䛩䜛ྍ⬟ᛶ䜢ホ౯䛩
䜛㝿䛻⪃៖䛻ධ䜜䛶䛔䜛䚹
»
䝜䞊䝖䛾⿬௜䛡䝻䞊䞁䝥䞊䝹䛾ศᩓᗘ㻦ከ䛟䛾䝻䞊䞁䛜䝅䝙䜰
䝜䞊䝖䛾⿬௜䛡㈨⏘䛸䛺䛳䛶䛔䜛ሙྜ䚸䝜䞊䝖䛾㏉῭䛾䛯䜑䛻
䝃䞊䝡䝃䞊䛜⾜䛖ᚲせ䛜䛒䜛䛾䛿୍㒊䛾㈨⏘䛾ฎศ䛾䜏䛾
ྍ⬟ᛶ䛜䛒䜛䚹
»
䝻 䞊 䞁䛾 ⿬ ௜䛡 䛸 䛺 䛳䛶䛔 䜛㈨ ⏘ 䝫䞊 䝖 䝣䜷䝸 䜸 䛾ศ ᩓ
ᗘ㻦CMBS 䛾⿬௜䛡䝻䞊䞁䛜ከᩘ䛾㈨⏘䛻䜘䛳䛶⿬௜䛡䜙䜜
䛶䛔䜛ሙྜ䚸䝜䞊䝖䛾᏶῭䛾䛯䜑䛻䝃䞊䝡䝃䞊䛜⾜䛖ᚲせ䛾
䛒䜛㈨⏘ฎศ䛿୍㒊䛻␃䜎䜛ྍ⬟ᛶ䛜䛒䜛䚹
2
OCTOBER 31, 2011
᪥ᮏ䛸䝅䞁䜺䝫䞊䝹䛻䛴䛔䛶䛿䚸䝔䞊䝹ᮇ㛫୰䛾䝁䞁䝖䝻䞊䝹䞉䝯
䜹䝙䝈䝮䛜␗䛺䜛䛯䜑䚸䜺䜲䝗䝷䜲䞁䛜௚䛾ᅜ䚻䛸䛿␗䛺䜛䚹᪥ᮏ
䛾 CMBS ᱌௳䛷䛿䚸䝜䞊䝖䛾ൾ㑏ᮇ㝈๓ 1 ᖺ༙䛾᫬Ⅼ䛷ᨭ㓄ᶒ
䛜䝅䝙䜰䝜䞊䝖ಖ᭷⪅䛻⛣䜛䚹䝅䞁䜺䝫䞊䝹䛾᱌௳䛷䛿䚸䝁䞁䝖䝻
䞊䝹䞉䝯䜹䝙䝈䝮䛿䛥䜙䛻༢⣧䛷䚸18-24 䞃᭶䛾䝔䞊䝹ᮇ㛫ᙜึ䛛
䜙䝅䝙䜰䝜䞊䝖ಖ᭷⪅䛜ᨭ㓄ᶒ䜢ᥱ䜛䚹䝅䝙䜰䝜䞊䝖ಖ᭷⪅䛜ᨭ㓄
ᶒ䜢ᥱ䜛䛸䚸䝆䝳䝙䜰䝜䞊䝖ಖ᭷⪅䛜ᦆኻᅇ㑊䜔฼ᡶ䛔⥅⥆䜢┠
ⓗ䛸䛧䛶኎༷ᡭ⥆䛝䜢ᘬ䛝ᘏ䜀䛩䛣䛸䛜䛷䛝䛺䛟䛺䜛䛯䜑䚸䝃䞊䝡
䝃䞊䛜㈨⏘ฎศ䜢᪩ᮇ䛻᏶஢䛷䛝䜛ྍ⬟ᛶ䛜㧗䜎䜛䚹
II. ୡ⏺ྛᆅᇦ䛻䛚䛡䜛䝔䞊䝹ᮇ㛫
EMEA 䠄Ḣᕞ䚸୰ᮾ䚸ཬ䜃䜰䝣䝸䜹䠅
᪤䛻ఱ௳䛛䛾᱌௳䛜䝔䞊䝹ᮇ㛫䛻ධ䛳䛶䛚䜚䚸௒ᚋ䜒୍㒊䛻䛚
䛔䛶‶ᮇ᪥䜎䛷䛻඲㢠㏉῭䛥䜜䛺䛔䝻䞊䞁䛜Ⓨ⏕䛧䚸䝔䞊䝹ᮇ㛫
䛻ධ䜛᱌௳ᩘ䛿ቑຍ䛩䜛䛸䜏䛶䛔䜛䚹䝮䞊䝕䜱䞊䝈䛿䚸䝜䞊䝖䛾ൾ
㑏ᮇ᪥๓䛻ṧᏑ䛩䜛 CMBS 䝜䞊䝖䛾ඖᮏᨭᡶ䛔䜢⾜䛖䜉䛟䚸‶ᮇ
䛻㏉῭䛥䜜䛺䛛䛳䛯䝻䞊䞁䛻䛴䛔䛶䝇䝨䝅䝱䝹䞉䝃䞊䝡䝃䞊䛜ฎ
ศ䜢㐍䜑䜛䛷䛒䜝䛖䛸᝿ᐃ䛧䛶䛔䜛䚹
EMEA䛷ṧᏑ䛩䜛ከᩘ䛾CMBS᱌௳䛻䛚䛡䜛ㄢ㢟䛾䜂䛸䛴䛿䚸䝔
䞊䝹ᮇ㛫䛜┦ᑐⓗ䛻▷䛔䛣䛸䛷䛒䜛䚹䝻䞊䞁䛾ᙉไᇳ⾜䛜മᶒ
⪅䛻䛸䛳䛶᭷฼䛺ᅜ䞉ᆅᇦ䠄ⱥᅜ䚸䜸䝷䞁䝎➼䠅䛷䛿䚸䝔䞊䝹ᮇ㛫
䛿᭱▷䛾䜒䛾䛷⣙ 2 ᖺ䛷䛒䜛䚹䝗䜲䝒䚸䝣䝷䞁䝇䛷䛿᭱▷䛾䝔䞊䝹
ᮇ㛫䛿 3 ᖺ䛷䛒䜛䚹䛣䛾䜘䛖䛺▷ᮇ䛾䝔䞊䝹ᮇ㛫䛷䛿䚸䝔䞊䝹ᮇ
㛫䛻䛚䛔䛶䝻䞊䞁䛾㈨⏘ฎศ䜢ᐇ⾜䛷䛝䛺䛔䝸䝇䜽䜈䛾䝜䞊䝖ಖ
᭷⪅䛾䜶䜻䝇䝫䞊䝆䝱䞊䛜㧗䜎䛳䛶䛔䛟䚹䝮䞊䝕䜱䞊䝈䛷䛿䚸䝁䜰
EMEAㅖᅜ 4䛻䛚䛡䜛ᢞ㈨㐺᱁Ỉ‽䛾᱁௜䜢క䛖᪂つ᱌௳䠄᪤Ꮡ
᱌௳䛸ྠᵝ䛾䝇䝖䝷䜽䝏䝱䞊ୖ䛾≉ᚩ䜢᭷䛩䜛ሙྜ䠅䛾䝔䞊䝹ᮇ
㛫䛜䚸᭱ప䛷䜒 5 ᖺ䛺䛔䛧 7 ᖺ䛻㛗ᮇ໬䛩䜛䛸ண᝿䛧䛶䛔䜛 5䚹
䝮䞊䝕䜱䞊䝈 SF 䝆䝱䝟䞁䞉᱁௜ᡭἲ䠖䝔䞊䝹ᮇ㛫䛻䛚䛡䜛 CMBS 䛾᱁௜ୖ㝈
COMMERCIAL MBS
⡿ᅜ
᪥ᮏ
⌧ᅾ䚸1 ௳䛾䝷䞊䝆䝻䞊䞁᱌௳䛾䜏䛜䝔䞊䝹ᮇ㛫䛻ධ䛳䛶䛔䜛
䛜䚸௒ᚋ 2䡚3 ᖺ䛾䛖䛱䛻䝔䞊䝹ᮇ㛫䛻ධ䜛᱌௳䛿㠀ᖖ䛻ᑡ䛺
䛔䛸᝿ᐃ䛧䛶䛔䜛䚹
᪥ᮏ䛷䛿ከ䛟䛾᱌௳䛜ணᐃൾ㑏ᮇ㝈䜢ᚐ㐣䛧䚸䝔䞊䝹ᮇ㛫䛻ධ
䛳䛶䛔䜛䚹᪥ᮏ䛾 CMBS ྲྀᘬ䛾䝔䞊䝹ᮇ㛫䛿 24 䞃᭶⛬ᗘ䛾䜒䛾
䛜䜋䛸䜣䛹䜢༨䜑䛶䛔䜛䚹
⡿ᅜ䛾 CMBS 䛻䛚䛡䜛䝔䞊䝹ᮇ㛫䛿ᚑ᮶䚸ᖹᆒ 6 ᖺ䛸䛺䛳䛶䛔
䜛䛜䚸᪂つ᱌௳䛷䛿䚸12 ᖺ䛜୍⯡ⓗ䛷䛒䜛䚹
ከ䛟䛾᱌௳䛷䛿䚸ᙜึ䛿䝆䝳䝙䜰䜽䝷䝇䛾䝜䞊䝖ಖ᭷⪅䛜ᨭ㓄ᶒ䜢
ᥱ䛳䛶䛔䜛䜒䛾䛾䚸๓㏙䛾㏻䜚䚸䝔䞊䝹ᮇ㛫䛾᭱ᚋ䛾 18 䞃᭶䛻䛿䚸
ᨭ㓄ᶒ䛜䝅䝙䜰䝜䞊䝖ಖ᭷⪅䛻⛣䜛䚹䛣䛖䛧䛯௙⤌䜏䛻䜘䜚䚸䝅䝙
䜰䝜䞊䝖ಖ᭷⪅䛸䝆䝳䝙䜰䝜䞊䝖ಖ᭷⪅䛾㛫䛾฼┈┦཯䛻䜘䜚⏕䛨
䛖䜛㈨⏘ฎศᮇ㛫䛾㛗ᮇ໬䛜ᢚไ䛥䜜䛶䛔䜛䚹
᪂つ᱌௳䛾䝔䞊䝹ᮇ㛫䛜㛗ᮇ໬䛧䛶䛔䜛⌮⏤䛿䚸᭱㏆䛾ุ౛䛷
䝻䞊䞁ᘏ㛗ᮇ㛫䛾㛗ᮇ໬䛜ㄆ䜑䜙䜜䛯䛯䜑䛷䛒䜛䚹䝷䞊䝆䝻䞊䞁
ྲྀᘬ䛾䝻䞊䞁䛻䛿䚸㏻ᖖ 2䡚3 ᖺ䛾䝻䞊䞁ᮇ㛫䛻 1䡚3 ᖺ⛬ᗘ䛾
ᘏ㛗䜸䝥䝅䝵䞁ᮇ㛫䛜௜ຍ䛥䜜䛶䛔䜛䚹᪂䛧䛔ุ౛䛿䚸7 ᖺ䜎䛷
䛾ᮇ㛫ᘏ㛗䜢ㄆ䜑䛶䛔䜛䚹
䜸䞊䝇䝖䝷䝸䜰
䝮䞊䝕䜱䞊䝈䛿䚸䜸䞊䝇䝖䝷䝸䜰䛷䛿ከᩘ䛾 CMBS ᱌௳䛜䝔䞊䝹
ᮇ㛫䛻ධ䜛䛸䛿ண᝿䛧䛶䛔䛺䛔䚹
䛣䜜䜎䛷䛾䛸䛣䜝䚸䝅䞁䜺䝫䞊䝹䛾 CMBS 䛷䝔䞊䝹ᮇ㛫䛻ධ䛳䛶
䛔䜛䜒䛾䛿䛺䛟䚸ྥ䛣䛖ᩘᖺ㛫䜒ከ䛟䛾 CMBS 䛷ྠᵝ䛾≧ἣ䛜⥆䛟
䛸䝮䞊䝕䜱䞊䝈䛿䜏䛶䛔䜛䚹
䝅䞁䜺䝫䞊䝹䛾 CMBS 䛾䝔䞊䝹ᮇ㛫䛿 18 䞃᭶䛛䜙 24 䞃᭶䛻䛺
䛳䛶䛔䜛䚹䝔䞊䝹ᮇ㛫䛿▷䛔䛜䚸㈨⏘ฎศ䛷䛿䚸മᶒ⪅䛻᭷฼䛺
ἲไᗘ䚸CMBS 䛾㈨㔠ㄪ㐩䛻䛚䛡䜛䝺䝞䝺䝑䝆䛾ప䛥䚸CMBS 䛾
䝅䝙䜰䝜䞊䝖ಖ᭷⪅䛻୚䛘䜙䜜䛶䛔䜛ඃඛⓗᙉไᇳ⾜ᶒ䚸ᢞ㈨㐺
᱁➼⣭䠄A 䛛䜙 Baa ᱁௜䠅䛾ᙉຊ䛺䝇䝫䞁䝃䞊䛸䛔䛳䛯せ⣲䛛䜙ᜠ
ᜨ䜢ཷ䛡䜛䚹
M
O
ET UT
H D
O AT
DO E
D
LO
G
Y
䜸䞊䝇䝖䝷䝸䜰䛿ⱥᅜ䛸ྠᵝ䚸മᶒ⪅䛻䛸䛳䛶᭷฼䛺ἲไᗘ䛻ᨭ
䛘䜙䜜䛶䛔䜛୍᪉䚸䝔䞊䝹ᮇ㛫䛜⣙ 18 䞃᭶䛛䜙 24 䞃᭶䛸▷䛔䚹
௒ᚋ䛿 EMEA 䛸ྠᵝ䛻᪂つྲྀᘬ䛻䛚䛡䜛䝔䞊䝹ᮇ㛫䛿㛗ᮇ໬䛧
䛶䛔䛟䛷䛒䜝䛖䛸䝮䞊䝕䜱䞊䝈䛷䛿ண᝿䛧䛶䛔䜛䚹
䝅䞁䜺䝫䞊䝹
3
OCTOBER 31, 2011
䝮䞊䝕䜱䞊䝈 SF 䝆䝱䝟䞁䞉᱁௜ᡭἲ䠖䝔䞊䝹ᮇ㛫䛻䛚䛡䜛 CMBS 䛾᱁௜ୖ㝈
COMMERCIAL MBS
㛵㐃䝸䝃䞊䝏
䛣䛾✀䛾ྲྀᘬ䛚䜘䜃㢮ఝ䛾ྲྀᘬ䛻䛴䛔䛶䛾䝮䞊䝕䜱䞊䝈䛾䜰䝥䝻䞊䝏䛻㛵䛩䜛䚸ヲ⣽䛺ㄝ᫂䛻䛴䛔䛶䛿䚸௨ୗ䛾䝺䝫䞊䝖䜢ཧ↷䛥䜜䛯䛔䚹
᱁௜ᡭἲ
»
Moody's Real Estate Analysis for CMBS in EMEA: Portfolio Analysis (MoRE Portfolio), April 2006
»
CMBS: Moody's Approach to Rating Large Loan/Single Borrower Transactions, July 2000
»
Updated: Moody's Approach to Rating CMBS Transactions in Japan (June 2010), June 2010 䠄᪥ᮏㄒ∧䛂᪥ᮏ䛾 CMBS 䛻ᑐ䛩䜛䝮䞊䝕䜱䞊
䝈䛾᱁௜ᡭἲ䠄2010 ᖺ 6 ᭶䠅䠄ᨵゞ∧䠅䛃2010 ᖺ 9 ᭶Ⓨ⾜䠅
䝺䞊䝔䜱䞁䜾䞉䜲䞁䝥䝸䝯䞁䝔䞊䝅䝵䞁䞉䜺䜲䝎䞁䝇
»
Moody's Approach to Rating Structured Finance Securities in Default, November 2009
M
O
ET UT
H D
O AT
DO E
D
LO
G
Y
䝮䞊䝕䜱䞊䝈䛿䚸䝇䝖䝷䜽䝏䝱䞊䝗䞉䝣䜯䜲䝘䞁䝇ྲྀᘬ䛻㛵䛩䜛䜴䜱䞊䜽䝸䞊䞉䝃䝬䝸䞊䚸᱁௜䚸᱁௜ᡭἲ䜢Ⓨ⾜䛧䛶䛚䜚䚸Ⓩ㘓䝴䞊䝄䞊䛿䝮䞊䝕䜱
䞊䝈䛾䜴䜵䝤䝃䜲䝖 www.moodys.com/SFQuickCheck 䛛䜙ධᡭྍ⬟䛷䛒䜛䚹
4
OCTOBER 31, 2011
䝮䞊䝕䜱䞊䝈 SF 䝆䝱䝟䞁䞉᱁௜ᡭἲ䠖䝔䞊䝹ᮇ㛫䛻䛚䛡䜛 CMBS 䛾᱁௜ୖ㝈
COMMERCIAL MBS
1
2
3
4
M
O
ET UT
H D
O AT
DO E
D
LO
G
Y
5
ᮏ✏䛿䚸䝮䞊䝕䜱䞊䝈䛾䜴䜵䝤䝃䜲䝖 www.moodys.com 䛻ᥖ㍕䛥䜜䛶䛔䜛䛥䜎䛦䜎䛺 CMBS 䛻㛵䛩䜛᱁௜ᡭἲ䛸ྜ䜟䛫䛶᳨ウ䛥䜜䛯䛔䚹
㞟୰ᗘ䛾㧗䛔 CMBS ᱌௳䛻䛿䚸EMEA ཬ䜃䜸䞊䝇䝷䝸䜰䛷䛿䚸䝅䞁䜾䝹䝪䝻䝽䞊ᆺ᱌௳䚸኱ᆺ䝬䝹䝏䝪䝻䝽䞊ᆺ᱌௳䛜ྵ䜎䜜䚸⡿ᅜ䚸䝅䞁䜺䝫䞊䝹䚸᪥
ᮏ䛷䛿䚸䝷䞊䝆䝻䞊䞁᱌௳ཬ䜃䝅䞁䜾䝹䝪䝻䝽䞊ᆺ᱌௳䛜ྵ䜎䜜䜛䚹䝁䞁䝕䝳䜲䝑䝖/䝣䝳䞊䝆䝵䞁ᆺ᱌௳䜔ᑠᆺ䝬䝹䝏䝪䝻䝽䞊ᆺ᱌௳➼䚸⿬௜䛡䝻䞊䞁䛜䜘
䜚ศᩓ䛧ᆒ୍䛺᱌௳䛷䛿䚸⿬௜䛡䝥䞊䝹䛾኱㒊ศ䛜䝔䞊䝹ᮇ㛫䛻ṧᏑ䛧䛶䛔䜛䛣䛸䛿⪃䛘䛻䛟䛔䚹䝔䞊䝹ᮇ㛫䝸䝇䜽䛿䚸‶ᮇ䜎䛷䛻඲㢠ඖᮏൾ㑏䜢ணᐃ䛧
䛶䛔䜛᱌௳䛻䜒㐺⏝䛥䜜䛺䛔䚹
䝮䞊䝕䜱䞊䝈䛿䚸๓㏙䛾᱁௜䛻ᙳ㡪䜢୚䛘䜛せᅉ䠄≉䛻䝃䞊䝡䝃䞊䛻䜘䜛㈨⏘ฎศィ⏬䛻䛴䛔䛶䛾᝟ሗ䠅䛻䛴䛔䛶䛾᝟ሗධᡭ䛻ດ䜑䚸ṧᏑᮇ㛫䜢⪃៖
䛩䜛㝿䛻䚸䛭䛖䛧䛯᝟ሗ䛜ධᡭ䛷䛝䜛᫬Ⅼ䜢⪃៖䛻ධ䜜䜛䚹
䝁䜰 EMEA ㅖᅜ䛸䛿䚸ⱥᅜ䚸䜸䝷䞁䝎䚸䝗䜲䝒䚸䝣䝷䞁䝇䜢ᣦ䛩䚹
Baa Ỉ‽䛾᱁௜䛿䚸䜿䞊䝇䝞䜲䜿䞊䝇䛾౛እ䛸䛧䛶䚸4 ᖺ䛾䝔䞊䝹ᮇ㛫䛷䜒㐩ᡂྍ⬟䛷䛒䜛䚹
5
OCTOBER 31, 2011
䝮䞊䝕䜱䞊䝈 SF 䝆䝱䝟䞁䞉᱁௜ᡭἲ䠖䝔䞊䝹ᮇ㛫䛻䛚䛡䜛 CMBS 䛾᱁௜ୖ㝈
COMMERCIAL MBS
䝮䞊䝕䜱䞊䝈 㻿㻲 䝆䝱䝟䞁ᰴᘧ఍♫㻌
䛈㻝㻜㻡㻙㻢㻞㻞㻜㻌
ᮾி㒔 ༊ឡ᏾ 㻞 ୎┠ 㻡㻙㻝㻌
ឡ᏾䜾䝸䞊䞁䝠䝹䝈 㻹㻻㻾㻵 䝍䝽䞊㻌 㻞㻜㻲㻌
䛚ၥ䛔ྜ䜟䛫:
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Singapore: 65.6398.8308
Report Number:
JP000608 - RM013(Japanese)
SF259026(English)
Copyright 2011 Moody䇻s Investors Service, Inc.ཬ䜃/ཪ䛿ྠ♫䛾䝷䜲䝉䞁䝃䞊ཬ䜃㛵㐃఍♫䠄௨ୗ䛂MOODY䇻S䛃䛸⥲⛠䛧䜎䛩䚹䠅All
rights reserved.
ಙ⏝᱁௜䛿䚸஦ᴗయ䚸୚ಙዎ⣙䚸മົཪ䛿മົ㢮ఝドๆ䛾ᑗ᮶䛾┦ᑐⓗಙ⏝䝸䝇䜽䛻䛴䛔䛶䛾䚸䝮䞊䝕䜱䞊䝈 SF 䝆䝱䝟䞁ᰴ
ᘧ఍♫䠄௨ୗ䛂MSFJ䛃䛸䛔䛔䜎䛩䚹䠅䛾⌧᫬Ⅼ䛾ពぢ䛷䛩䚹MSFJ 䛿䚸ಙ⏝䝸䝇䜽䜢䚸஦ᴗయ䛜ዎ⣙ୖ䞉㈈ົୖ䛾⩏ົ䜢ᮇ᪥䛻ᒚ
⾜䛷䛝䛺䛔䝸䝇䜽ཬ䜃䝕䝣䜷䝹䝖஦⏤䛜Ⓨ⏕䛧䛯ሙྜ䛻ぢ㎸䜎䜜䜛䛒䜙䜖䜛✀㢮䛾㈈⏘ⓗᦆኻ䛸ᐃ⩏䛧䛶䛔䜎䛩䚹ಙ⏝᱁௜䛿䚸
ὶືᛶ䝸䝇䜽䚸ᕷሙ౯್䝸䝇䜽䚸౯᱁ኚືᛶ䝸䝇䜽ཬ䜃䛭䛾௚䛾䝸䝇䜽䛻䛴䛔䛶ゝཬ䛩䜛䜒䛾䛷䛿䛒䜚䜎䛫䜣䚹ಙ⏝᱁௜䛿䚸⌧
ᅾཪ䛿㐣ཤ䛾஦ᐇ䜢♧䛩䜒䛾䛷䛿䛒䜚䜎䛫䜣䚹ಙ⏝᱁௜䛿䚸ᢞ㈨ཪ䛿㈈ົ䛻㛵䛩䜛ຓゝ䜢ᵓᡂ䛩䜛䜒䛾䛷䛿䛺䛟䚸≉ᐃ䛾ド
ๆ䛾㉎ධ䚸኎༷䚸ཪ䛿ಖ᭷䜢᥎ዡ䛩䜛䜒䛾䛷䛿䛒䜚䜎䛫䜣䚹ಙ⏝᱁௜䛿䚸≉ᐃ䛾ᢞ㈨ᐙ䛻䛸䛳䛶䛾ᢞ㈨䛾㐺ษᛶ䛻䛴䛔䛶ㄽ
ホ䛩䜛䜒䛾䛷䛿䛒䜚䜎䛫䜣䚹MSFJ 䛿䚸ᢞ㈨ᐙ䛜䚸㉎ධ䚸ಖ᭷䚸ཪ䛿኎༷䜢᳨ウ䛩䜛ྛドๆ䛻䛴䛔䛶ᢞ㈨ᐙ⮬㌟䛷◊✲䞉ホ౯䛩
䜛䛸䛔䛖ᮇᚅཬ䜃⌮ゎ䛾ୗ䛷䚸ಙ⏝᱁௜䜢Ⓨ⾜䛧䜎䛩䚹
O
ET UT
H D
O AT
DO E
D
LO
G
Y
䛣䛣䛻グ㍕䛩䜛᝟ሗ䛿䛩䜉䛶䚸ⴭసᶒἲ䜢ྵ䜐ἲᚊ䛻䜘䜚ಖㆤ䛥䜜䛶䛚䜚䚸䛔䛛䛺䜛⪅䜒䚸䛔䛛䛺䜛ᙧᘧ䚸᪉ἲ䚸ᡭẁ䛻䜘䛳䛶
䜒䚸䛣䜜䜙䛾᝟ሗ䠄඲㒊䛛୍㒊䛛䜢ၥ䛔䜎䛫䜣䚹䠅䜢䚸MOODY䇻S 䛾஦๓䛾᭩㠃䛻䜘䜛ྠព䛺䛟䚸」〇䛭䛾௚䛾᪉ἲ䛻䜘䜚෌〇䚸
䝸䝟䝑䜿䞊䝆䚸㌿㏦䚸ㆡΏ䚸㡺ᕸ䚸㓄ᕸ䚸㌿኎䛩䜛䛣䛸䛿䛷䛝䛪䚸䜎䛯䚸䛣䜜䜙䛾┠ⓗ䛷෌౑⏝䛩䜛䛯䜑䛻ಖ⟶䛩䜛䛣䛸䛿䛷䛝䜎
䛫䜣䚹䛣䛣䛻グ㍕䛩䜛᝟ሗ䛿䚸䛩䜉䛶 MOODY䇻S 䛜ṇ☜䛛䛴ಙ㢗䛧䛖䜛䛸⪃䛘䜛᝟ሗ※䛛䜙ධᡭ䛧䛯䜒䛾䛷䛩䚹䛧䛛䛧䚸ேⓗཬ
䜃ᶵᲔⓗㄗ䜚䛜Ꮡᅾ䛩䜛ྍ⬟ᛶ䚸୪䜃䛻䛭䛾௚䛾஦᝟䛻䜘䜚䚸MOODY䇻S 䛿䛣䜜䜙䛾᝟ሗ䜢䛔䛛䛺䜛✀㢮䛾ಖド䜒䛴䛡䜛䛣䛸
䛺䛟䛂⌧≧᭷ጼ䛃䛷ᥦ౪䛧䛶䛔䜎䛩䚹MOODY䇻S 䛿䚸ಙ⏝᱁௜䜢௜୚䛩䜛㝿䛻⏝䛔䜛᝟ሗ䛜༑ศ䛺ရ㉁䜢᭷䛧䚸䜎䛯䛭䛾᝟ሗ※
䛜 MOODY䇻S 䛻䛸䛳䛶ಙ㢗䛷䛝䜛䛸⪃䛘䜙䜜䜛䜒䛾䛷䛒䜛䛣䛸䠄⊂❧䛧䛯➨୕⪅䛜䛣䛾᝟ሗ※䛻ヱᙜ䛩䜛ሙྜ䜒䛒䜛䚹䠅䜢☜ಖ
䛩䜛䛯䜑䚸඲䛶䛾ᚲせ䛺ᥐ⨨䜢ㅮ䛨䛶䛔䜎䛩䚹䛧䛛䛧䚸MOODY䇻S 䛿┘ᰝ䜢⾜䛖⪅䛷䛿䛺䛟䚸᱁௜䛾㐣⛬䛷ཷ㡿䛧䛯᝟ሗ䛾ṇ☜
ᛶཬ䜃᭷ຠᛶ䛻䛴䛔䛶ᖖ䛻⊂⮬䛾᳨ド䜢⾜䛖䛣䛸䛿䛷䛝䜎䛫䜣䚹MOODY䇻S 䛿䛔䛛䛺䜛≧ἣ䛻䛚䛔䛶䜒䚸䜎䛯䛔䛛䛺䜛⪅ཪ䛿
ἲே䛻ᑐ䛧䛶䜒䚸௨ୗ䛾(a)ཬ䜃(b)䛻䛴䛔䛶୍ษ㈐௵䜢㈇䛔䜎䛫䜣䚹
(a) 䛣䜜䜙䛾᝟ሗ䛾ධᡭ䚸཰㞟䚸⦅⧩䚸ศᯒ䚸ゎ㔘䚸ఏ㐩䚸බ⾲ཪ䛿㓄ᕸ䛻㛵䛩䜛ㄗ䜚䠄㐣ኻ䛻䜘䜛䛛䚸䛭䛾௚䛾ཎᅉ䛻䜘䜛
䛛䜢ၥ䛔䜎䛫䜣䚹䠅ཪ䛿䛭䛾௚䛾≧ἣⱝ䛧䛟䛿അⓎ஦㇟䠄MOODY䇻S䚸䛒䜛䛔䛿䛭䛾ྲྀ⥾ᙺ䚸ᙺ⫋ဨ䚸ᚑᴗဨ䛒䜛䛔䛿௦⌮ே䛾
ᨭ㓄ຊ䛜ཬ䜆䛛ཬ䜀䛺䛔䛛䜢ၥ䛔䜎䛫䜣䚹䠅䛻䠄඲㒊䚸୍㒊䜢ၥ䜟䛪䠅㉳ᅉ䛧䚸⏤᮶䛧䚸ⱝ䛧䛟䛿㛵ಀ䛩䜛ᦆኻཪ䛿ᦆᐖ䚹
(b) MOODY䇻S 䛜஦๓䛻ᙜヱᦆᐖ䛾ྍ⬟ᛶ䛻䛴䛔䛶ຓゝ䜢ཷ䛡䛶䛔䛯ሙྜ䛻䛚䛔䛶䜒䚸䛣䜜䜙䛾᝟ሗ䛾౑⏝䛻䜘䜚ཪ䛿౑⏝
䛜୙ྍ⬟䛷䛒䜛䛣䛸䛻䜘䜚Ⓨ⏕䛩䜛䚸䛒䜙䜖䜛✀㢮䛾┤᥋ⓗ䚸㛫᥋ⓗ䚸≉ู䚸஧ḟⓗ䚸⿵ൾⓗ䚸ཪ䛿௜㝶ⓗᦆᐖ䠄㐓ኻ฼┈䜢
ྵ䜏䜎䛩䛜䛣䜜䛻㝈ᐃ䛥䜜䜛䜒䛾䛷䛿䛒䜚䜎䛫䜣䚹䠅䚹
䛣䛣䛻グ㍕䛥䜜䜛᝟ሗ䛾୍㒊䜢ᵓᡂ䛩䜛᱁௜䚸㈈ົሗ࿌ศᯒ䚸ண 䚸ཬ䜃䛭䛾௚䛾ぢゎ䠄䜒䛧䛒䜜䜀䠅䛿䚸MOODY䇻S 䛾ពぢ
䛾⾲᫂䛷䛒䜚䚸䜎䛯䛭䛾䜘䛖䛺䜒䛾䛸䛧䛶䛾䜏ゎ㔘䛥䜜䜛䜉䛝䛷䛒䜚䚸䛣䜜䛻䜘䛳䛶஦ᐇ䜢⾲᫂䛧䚸ཪ䛿ドๆ䛾㉎ධ䚸኎༷ⱝ䛧䛟
䛿ಖ᭷䜢᥎ዡ䛩䜛䜒䛾䛷䛿䛒䜚䜎䛫䜣䚹䛣䛣䛻グ㍕䛩䜛᝟ሗ䛾ྛ฼⏝⪅䛿䚸㉎ධ䚸ಖ᭷ཪ䛿኎༷䜢᳨ウ䛩䜛ྛドๆ䛻䛴䛔䛶䚸
⮬䜙◊✲䞉ホ౯䛧䛺䛡䜜䜀䛺䜚䜎䛫䜣䚹MOODY䇻S 䛿䚸䛔䛛䛺䜛ᙧᘧཪ䛿᪉ἲ䛻䜘䛳䛶䜒䚸䛣䜜䜙䛾᱁௜ⱝ䛧䛟䛿䛭䛾௚䛾ពぢ
ཪ䛿᝟ሗ䛾ṇ☜ᛶ䚸㐺᫬ᛶ䚸᏶඲ᛶ䚸ၟရᛶཬ䜃≉ᐃ䛾┠ⓗ䜈䛾㐺ྜᛶ䛻䛴䛔䛶䚸䠄᫂♧ⓗ䚸㯲♧ⓗ䜢ၥ䜟䛪䠅䛔䛛䛺䜛ಖ
ド䜒⾜䛳䛶䛔䜎䛫䜣䚹
MSFJ 䛿䚸䝮䞊䝕䜱䞊䝈䞉䝆䝱䝟䞁ᰴᘧ఍♫䠄䇾MJKK䇿䠅䛾᏶඲Ꮚ఍♫䛾ಙ⏝᱁௜఍♫䛷䛩䚹MJKK 䛿䚸䝮䞊䝕䜱䞊䝈䞉䜾䝹䞊䝥䞉䝆
䝱䝟䞁ྜྠ఍♫䛾᏶඲Ꮚ఍♫䛷䛒䜚䚸ྠ♫䛿䚸Moody䇻s Corporation (௨ୗ䛂MCO䛃䛸䛔䛔䜎䛩䚹)䛾᏶඲Ꮚ఍♫䛷䛒䜛 Moody䇻s
Overseas Holdings Inc.䛾᏶඲Ꮚ఍♫䛷䛩䚹MSFJ 䛿䚸NRSRO 䠄Nationally Recognized Statistical Rating Organization = ⡿ᅜ䠯䠡䠟䠄⡿
ᅜドๆྲྀᘬ┘どጤဨ఍䠅䛾Ⓩ㘓䜢ཷ䛡䛯᱁௜ᶵ㛵䠅䛷䛿䛒䜚䜎䛫䜣䚹ᚑ䛳䛶䚸MSFJ 䛾ಙ⏝᱁௜䛿䚸䛂NRSRO 䛷䛿䛺䛔ಙ⏝᱁
௜䛃䛷䛩䚹䛂NRSRO 䛷䛿䛺䛔ಙ⏝᱁௜䛃䛿䚸NRSRO 䛷䛿䛺䛔⪅䛻䜘䜚௜୚䛥䜜䛯ಙ⏝᱁௜䛷䛒䜚䚸䛧䛯䛜䛳䛶䚸ᮏಙ⏝᱁௜䛾ᑐ
㇟䛸䛺䜛മົ䛻䛴䛔䛶䛿䚸᱁௜䜢ᇶ♏䛸䛩䜛ᇶ‽䠄NRSRO ᱁௜䜢ཧ↷䛧䛶䛔䜛䜒䛾䠅䜢ྵ䜐⡿ᅜἲ䛾ୗ䛷୍ᐃ䛾ྲྀᢅ䜢ཷ䛡䜛
䛯䜑䛾せ௳䜢‶䛯䛧䛶䛔䜎䛫䜣䚹MSFJ 䛿䚸᪥ᮏ䛾㔠⼥ၟရྲྀᘬἲ䛾ୗ䛷㔠⼥ᗇ䛻Ⓩ㘓䛥䜜䛯ಙ⏝᱁௜ᴗ⪅䛷䛒䜚䚸Ⓩ㘓␒
ྕ䛿㔠⼥ᗇ㛗ᐁ䠄᱁௜䠅➨ 3 ྕ䛷䛩䚹
M
MSFJ 䛿䚸MSFJ 䛜᱁௜䜢⾜䛳䛶䛔䜛മๆ䠄♫മ䚸ᆅ᪉മ䚸മๆ䚸ᡭᙧ䚸CP 䜢ྵ䜏䜎䛩䚹䠅ཬ䜃ඃඛᰴᘧ䛾Ⓨ⾜⪅䛾኱㒊ศ䛜䚸
MSFJ 䛜⾜䛖ホ౯䞉᱁௜䝃䞊䝡䝇䛻ᑐ䛧䛶䚸MSFJ 䛻䜘䜛᱁௜䛾௜୚䛻ඛ❧䛱䚸20 ୓෇䛛䜙⣙ 3 ൨ 5,000 ୓෇䛾ᡭᩘᩱ䜢 MSFJ
䛻ᨭᡶ䛖䛣䛸䛻ྠព䛧䛶䛔䜛䛣䛸䜢䚸䛣䛣䛻㛤♧䛧䜎䛩䚹䜎䛯䚸MCO ཬ䜃 MSFJ 䛿䚸MSFJ 䛾᱁௜ཬ䜃᱁௜㐣⛬䛾⊂❧ᛶ䜢☜ಖ䛩
䜛䛯䜑䛾᪉㔪䛸ᡭ⥆䛝䜢ᩚഛ䛧䛶䛔䜎䛩䚹MCO 䛾ྲྀ⥾ᙺ䛸᱁௜ᑐ㇟఍♫䛸䛾㛫䛾ఱ䜙䛛䛾฼ᐖ㛵ಀ䛾Ꮡᅾ䚸ཬ䜃 MSFJ 䛛䜙
᱁௜䜢௜୚䛥䜜䚸䛛䛴 MCO 䛾ᰴᘧ䛾 5%௨ୖ䜢ಖ᭷䛧䛶䛔䜛䛣䛸䜢 SEC 䛻බᘧ䛻ሗ࿌䛧䛶䛔䜛఍♫㛫䛾ఱ䜙䛛䛾฼ᐖ㛵ಀ䛾
Ꮡᅾ䛻㛵䛩䜛᝟ሗ䛿䚸MOODY䇻S 䛾䜴䜵䝤䝃䜲䝖 www.moodys.com ୖ䛻"Shareholder Relations-Corporate Governance-Director
and Shareholder Affiliation Policy"䛸䛔䛖⾲㢟䛷ẖᖺ䚸ᥖ㍕䛥䜜䜎䛩䚹
ᮏ᭩䛾䜸䞊䝇䝖䝷䝸䜰䛷䛾බ㛤䛿䚸䜸䞊䝇䝖䝷䝸䜰㔠⼥䝃䞊䝡䝇ㄆྍ␒ྕ 336969 䜢᭷䛩䜛 MOODY䇻S 䛾㛵㐃఍♫䛷䛒䜛
Moody䇻s Investors Service Pty Limited ABN 61 003 399 657 䛻䜘䛳䛶⾜䜟䜜䜎䛩䚹ᮏᩥ᭩䛿䠄2001 ᖺ఍♫ἲ 761G ᮲䛾ᐃ䜑䜛ព
࿡䛻䛚䛡䜛䠅䛂䝩䞊䝹䝉䞊䝹㢳ᐈ䛃䛾䜏䜈䛾ᥦ౪䜢ពᅗ䛧䛯䜒䛾䛷䛩䚹䜸䞊䝇䝖䝷䝸䜰ᅜෆ䛛䜙ᮏᩥ᭩䛻⥅⥆ⓗ䛻䜰䜽䝉䝇䛧䛯
ሙྜ䚸MOODY䇻S 䛻ᑐ䛧䛶䚸䛂䝩䞊䝹䝉䞊䝹㢳ᐈ䛃䛷䛒䜛䛛ཪ䛿䛂䝩䞊䝹䝉䞊䝹㢳ᐈ䛃䛾௦⾲⪅䛸䛧䛶ᮏᩥ᭩䛻䜰䜽䝉䝇䛧䛶䛔䜛
䛣䛸䚸ཬ䜃䚸㈗Ẋཪ䛿㈗Ẋ䛜௦⾲䛩䜛ἲே䛜䚸┤᥋ཪ䛿㛫᥋䛻䚸ᮏ᭩ཪ䛿䛭䛾ෆᐜ䜢䠄2001 ᖺ఍♫ἲ 761G ᮲䛾ᐃ䜑䜛ព࿡
䛻䛚䛡䜛䠅䛂䝸䝔䞊䝹㢳ᐈ䛃䛻㓄ᕸ䛧䛺䛔䛣䛸䜢⾲᫂䛧䛯䛣䛸䛻䛺䜚䜎䛩䚹
ᮏಙ⏝᱁௜䛿䚸Ⓨ⾜⪅䛾ಙ⏝ຊཪ䛿മົ䛻䛴䛔䛶䛾ពぢ䛷䛒䜚䚸Ⓨ⾜⪅䛾䜶䜽䜲䝔䜱ドๆཪ䛿䝸䝔䞊䝹ᢞ㈨ᐙ䛜ྲྀᚓྍ⬟䛺
䛭䛾௚䛾ᙧᘧ䛾ドๆ䛻䛴䛔䛶ពぢ䜢㏙䜉䜛䜒䛾䛷䛿䛒䜚䜎䛫䜣䚹䝸䝔䞊䝹ᢞ㈨ᐙ䛜䚸ᮏಙ⏝᱁௜䛻ᇶ䛵䛔䛶ᢞ㈨ุ᩿䜢䛩䜛
䛾䛿༴㝤䛷䛩䚹䜒䛧䚸␲ၥ䛜䛒䜛ሙྜ䛻䛿䚸䝣䜱䝘䞁䝅䝱䝹䞉䜰䝗䝞䜲䝄䞊䛭䛾௚䛾ᑓ㛛ᐙ䛻┦ㄯ䛩䜛䛣䛸䜢᥎ዡ䛧䜎䛩䚹
6
OCTOBER 31, 2011
䝮䞊䝕䜱䞊䝈 SF 䝆䝱䝟䞁䞉᱁௜ᡭἲ䠖䝔䞊䝹ᮇ㛫䛻䛚䛡䜛 CMBS 䛾᱁௜ୖ㝈