DECEMBER 16, 2013 ASSET-BACKED SECURITIES RATING : 1 2 3 5 I: 10 (DPR) 14 III: 20 23 03.5408.4100 ABS Moody s Approach to Rating Future Receivables Transactions 3» Moody s Approach to Rating Diversified Payment Rights Securitisations (Moody s Investors Service, March 2009)» Moody s Approach to Rating Obligations Backed by Future Export Receivables (Moody s Investors Service, October 2005)» Moody s Approach to Rating Obligations Backed by Future International Credit and Debit Card Merchant Voucher Receivables (Moody s Investors Service, June 2009) (Diversified Payment Rights= DPR) This Moody s Japan rating methodology is based on Moody s Investors Service s rating methodology titled Moody s Approach to Rating Future Receivables Transactions, (May 24, 2013). The rating approach described in the Moody s Investors Service report was adopted by Moody s Japan on December 16, 2013.
SPESPE 1 SPE» DPR»»»»»» /» 1 SPE SPE 2 DECEMBER 16, 2013 ABS
SPE SPE 2 1) SPE2) SPE SPE SPE SPE SPE 1 SPV 3 SPE 4 2 SPE 3 4 SPE 3 DECEMBER 16, 2013 ABS
2 SPE SPE SPE 5 SPE SPE DSCR / / 6 5 6 (IFC)(MIGA ) (OPIC ) 4 DECEMBER 16, 2013 ABS
7 SPE VISA MasterCard 7 SRE 5 DECEMBER 16, 2013 ABS
8» 8 6 DECEMBER 16, 2013 ABS
»» SPE»»»»»» SPE» DSCR DSCR DSCR 7 DECEMBER 16, 2013 ABS
SPE SPE» DSCR : DSCR DSCR» DPR DSCR SPE 50 SPE SPE : SPE 8 DECEMBER 16, 2013 ABS
SPE SRE SPE SRE»»»»»» SPE SRE 9 SRE DSCR SRE 9 ABS 9 DECEMBER 16, 2013 ABS
I:? 1) 2) Visa MasterCard American Express Visa MasterCard American Express Visa MasterCard American Express SPE»»» SPE» SPE» 10 DECEMBER 16, 2013 ABS
»» 2 : / 3 1) ATM 2) 3)» ATM ATM 11 DECEMBER 16, 2013 ABS
ATM»» Visa MasterCard American Express 12 DECEMBER 16, 2013 ABS
»»» 13 DECEMBER 16, 2013 ABS
(DPR) 3 1 2 3 4 :»»» DPR 14 DECEMBER 16, 2013 ABS
4 DPR 1 3 2 3 : 4» DPR SPE» DPR» DDB DDB DPR DPR DDB 5 5»» DDB 5 1 2 6 3 + 4 8 4 5 7 : 15 DECEMBER 16, 2013 ABS
»» DDB» DDB DDB DDB DPR DDB» DDB»» DDB»» SPE 6 DPR DPR 6 5 1 4 7 2 3 6 16 DECEMBER 16, 2013 ABS
»»»» DDB» DDB»» SPE DPR DPR DPR DPR DPR DPR DPR DPR DPR DSCR 17 DECEMBER 16, 2013 ABS
» DDB» DPR SPE DPR DPR DDB SPE DPR SPE DDB DDB SPE DDB SPE DPR DDB DDB DDB DPR DDB SPE DDB DDB DDB SPE DDB DSCR DPR 18 DECEMBER 16, 2013 ABS
DPR 1) SPE DPR 2) 19 DECEMBER 16, 2013 ABS
III:» SPE SPE»» :»» :» : 20 DECEMBER 16, 2013 ABS
: 21 DECEMBER 16, 2013 ABS
»»»»» 22 DECEMBER 16, 2013 ABS
23 DECEMBER 16, 2013 ABS
Report Number: JP002662 (Japanese) SF321369 (English) 2013 SF ( ) SF MJKKMSFJMJKK / MSFJ MJKK / MSFJ MJKK MSFJ MJKK / MSFJ MJKK / MSFJ MJKK / MSFJ MJKK / MSFJ MJKK MSFJ MJKK / MSFJ ( ) (a) (b) (a) (b) MJKK Moody s Corporation (MCO ) Moody s Overseas Holdings Inc.MSFJ MSFJ NRSRO Nationally Recognized Statistical Rating Organization = MSFJ NRSRO NRSRO MSFJ MJKK MSFJ 2 3 MJKK MSFJ MJKK MSFJ CP MJKK MSFJ 20 3 5,000 MJKK MSFJ MCO MJKK MSFJ MJKK MSFJ MCO MJKK MSFJ MCO 5% SEC www.moodys.com "Shareholder Relations-Corporate Governance-Director and Shareholder Affiliation Policy" 336969 Moody s Investors Service Pty Limited ABN 61 003 399 657 2001 761G 2001 761G 24 DECEMBER 16, 2013 ABS