Ratings

TOKYO (Standard & Poor's) Dec. 14, 2007--Standard & Poor's Ratings Services 
today affirmed its STRONG Servicer Evaluation Ranking on Capital Servicing Co. 
Ltd. (CSC) as a special servicer, mainly handling distressed real estate 
backed loans. The outlook on the ranking is stable. CSC remains on Standard & 
Poor's Select Servicer List as a special servicer.
     CSC was established in September 1998, and was licensed by Japan's 
Ministry of Justice as the 23rd servicer in the country in September 1999. It 
was permitted to conduct servicing operations, as regulated under Japan's Law 
Concerning Special Measures for Servicing Business (Servicer Law), which came 
into effect in February 1999. The company actually began its special servicing 
business in December 1999.
     Currently, CSC's primary focus is to service its investors' distressed 
real estate backed commercial loans as well as performing loans, and to manage 
and collect payments on mortgages.
     The affirmation of the ranking on CSC reflects the servicer's improved 
operational efficiency, which is due to the utilization of its well-developed 
system, as well as its increasing focus on internal control. Standard & Poor's 
determines its overall ranking after evaluating whether there are any concerns 
over the company's financial position, and assessing the servicer with respect 
to: 1) Management and Organization; and 2) Special Servicing (or Loan/Asset 
Administration). The assessment is described in five rankings: STRONG, ABOVE 
AVERAGE, AVERAGE, BELOW AVERAGE, and WEAK.
     Standard & Poor's affirmed its ranking on CSC at STRONG by analyzing the 
factors listed below:
  -- The company's track record as a special servicer;
  -- The servicing experience of its management and collection staff, and 
their retention rates;
  -- Its detailed internal policies and procedures;
  -- Its future business expansion plans;
  -- Its track record in corporate restructuring-type transactions and 
policies;
  -- The implementation and results of its internal audits;
  -- Its framework in maintaining internal control;
  -- Its internal training system;
  -- Its disaster contingency programs, including computer backup systems;
  -- The quality and capacity of its computer system in supporting day-to-day 
business operations;
  -- Its experience in servicing securitization transactions;
  -- Its cash management methods;
  -- Its ability to report to investors and other relevant parties;
  -- Its decision-making process for collection strategies;
  -- The number of transactions assigned to collection workers; and
  -- Its oversight and control over third parties to which it outsources a 
part of its servicing business.
     The stable outlook reflects Standard & Poor's expectations that CSC will 
continue to provide servicing to its clients, and will expand its servicing of 
NPLs acquired by third parties. CSC is also expected to further participate in 
corporate restructuring-type transactions in collaboration with its group 
companies. 
     Standard & Poor's will continue to closely monitor progress in the 
company's business plan, as well as the company's reaction to market sentiment 
and investor expectations for special servicing business.
     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 <GO>.