Tokyo, November 27, 2012 -- Moody's SF Japan K.K. has assigned provisional ratings to NBL-1212, amounting to JPY 12.3 billion, backed by auto loan receivables originated by Orient corporation (Orico).

Moody's SF Japan K.K. is a registered credit rating agency under the Financial Instrument and Exchange Act but not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore the credit ratings assigned by Moody's SF Japan K.K. are Registered Credit Ratings to the FSA but are not NRSRO Credit Ratings.

The ratings address the expected loss posed to investors by the final maturity date. The structure allows for timely payments of dividends (in scheduled amounts, on scheduled payment dates), timely payments of interest, and ultimate payment of principal by the final maturity date.

Moody's issues provisional ratings in advance of the final sale of securities. These ratings, however, represent Moody's preliminary credit opinions only. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavor to assign definitive ratings to the securities. Definitive ratings may differ from provisional ratings. The provisional ratings are based on information received as of 26 November, 2012.

The complete rating actions are as follows:

Deal Name: NBL-1212

Class, Dividend/Interest, Rating

Class A Senior Beneficial Interests, Floating, (P)Aaa (sf)

Class B Senior Beneficial Interests, Floating, (P)Aaa (sf)

Class A Trust ABL, Floating, (P)Aaa (sf)

Class B Trust ABL, Floating, (P)Aaa (sf)

Scheduled Total Issue Amount*: JPY 12.3 billion

Payment Frequency: Monthly

Scheduled Entrustment Date: 7 December, 2012

Scheduled Transfer Date of Beneficial Interests / Scheduled Loan Funding Date: 26 December, 2012

Final Maturity Date/Final Payment Date: 25 December, 2020

Underlying Asset: Auto loan receivables

Seller (Originator/Initial Servicer): Orient Corporation ("Orico", Baa3)

Asset Trustee: Mizuho Trust & Banking Co., Ltd.

Arranger/Underwriter: Mizuho Securities Co., Ltd. ("MHSC")

*Total issue amount may be subject to change.

RATINGS RATIONALE

The underlying assets consist of auto loan receivables originated by Orico under the "New Budget Loan" program.

Unlike typical auto loans, this type of loan allows obligors to set irregular payment schedules and make partial prepayments.

Accordingly, the underlying pool will mainly consist of loans, which also allow obligors to skip payments and change payment schedules during the loan periods, but under specific conditions.

The seller will entrust a pool of its auto loan receivables to the asset trustee. The trustee will then issue the Senior Beneficial Interests (Class A and B Senior Beneficial Interests) and the Subordinated Beneficial Interest.

Entrustment of the receivables will be perfected against third parties under the Perfection Law (the Law Prescribing Exceptions, Etc. to the Civil Code Requirement for Setting Up Against a Third Party to an Assignment of Claims and Chattels). Perfection against obligors will not be made unless certain events occur.

The asset trustee will use the proceeds from a limited recourse loan (Class A and B Trust ABL) procured from the ABL investors to redeem a portion of the Senior Beneficial Interests.

The seller will hold the Subordinated Beneficial Interest and transfer the Senior Beneficial Interests (excluding the portion redeemed by the Trust ABL) to investors through MHSC.

The transfer will be perfected against relevant obligors and third parties under Article 94 of Japan's Trust Law.

Credit enhancement is provided by the senior/subordinated structure and available excess spread. Subordination (excluding that corresponding to a cash reserve) comprises approximately 22.8% of the total of the total initial principal balance amount of the receivables.

The Class A Beneficial Interests and the Class A Trust ABL will be redeemed in a scheduled monthly amortization. The Class B Beneficial Interests and Class B Trust ABL will be redeemed on a monthly pass-through basis. The Subordinated Beneficial Interest will be redeemed to the extent that the required enhancement level is maintained.

If any early amortization events occur, the dividend waterfall to the Subordinated Beneficial Interests will be suspended, and excess spread will be used to redeem the Senior Beneficial Interests and the Trust ABL.

Key early amortization events include a servicer replacement event occurring, or asset performance triggers being reached.

In preparation for servicer replacement, liquidity will be provided in the form of a cash reserve at closing. This reserve will cover dividend/interest payments on the Senior Beneficial Interests and the Trust ABL, trust fees, and fees relating to start back-up servicer operations, etc. If any servicer replacement events occur, the Trustee can dismiss the Servicer. A back-up servicer will be appointed at closing.

Commingling risk is covered by the Subordinated Beneficial Interest.

The asset trustee will enter into an interest rate cap agreement with an eligible cap provider to hedge its interest rate risk if any cap purchase events occur.

The ratings are based mainly on the strength of transaction structure, the credit of the receivables, and the servicer's experience.

Moody's has estimated the annualized expected default rate of the underlying assets at approximately 2.3%, taking into consideration the receivable attributes, historical data on the seller's entire pool, performance data on existing securitization pools, and industry trends.

The expected default rate is based on the default definition used in Moody's analysis and may not be comparable to other rates.

To determine the rating, Moody's also conducted a cash flow analysis in which it added stress consistent with the assigned rating on parameters such as the expected default rate.

Moody's assumes that, given the structure of the transaction as well as other factors, the risk of interruption to the cash flow from the assets -- in the event of the seller's or the asset trustee's bankruptcy -- is sufficiently minimized to achieve the rating assigned.

Moody's considers the seller sufficiently capable of servicing the pool, having took into account the Seller's business experience and the servicing operations.

Orient Corporation, established in 1951 and headquartered in Chiyoda-ku, Tokyo, is a major Japanese finance company. Its main lines of business include credit card shopping, installment shopping credit, credit guarantees, and loans.

As of end-September 2012, Orico had total consolidated assets of approximately JPY 4,420 billion and net assets of JPY 203.1 billion. Orico's auto loan receivables (non-consolidated and including securitized receivables) totaled approximately JPY 1,335.1 billion.

The principal methodology used in this rating was "Moody's Approach to Rating Japanese Auto Loan ABS," published on September 30, 2010 and available on www.moodys.co.jp.

Moody's did not receive or take into account any third-party due diligence reports on the underlying assets or financial instruments in this transaction.

The V Score for this transaction is Low/Medium, which is a little worse than the Low V score assigned to the Japanese auto loan ABS sector.

The difference stems from the transaction's loan characteristics and the data period for "New Budget Loans". In Moody's view, the amount of supplemental data it has received from the originator and from the analysis of the previous series is sufficient to assign the ratings.

Moody's V Scores provide a relative assessment of the quality of available credit information and the potential variability of various inputs in a rating determination.

The V Score ranks transactions by the potential for significant rating changes owing to uncertainty about the assumptions due to data quality, historical performance, the level of disclosure, transaction complexity, modeling, and the transaction governance that underlie the ratings.

V Scores apply to the entire transaction, not to individual tranches.

If the transaction default rate used in determining the initial rating were changed to 3.5% or 4.6%, the model output for Senior Beneficial Interests and the Trust ABL in these two scenarios would be one notch down (Aa1) for a 3.5% default rate, and three notches down (Aa3) for a 4.6% default rate (the "parameter sensitivities").

Parameter sensitivities are not intended to measure how the rating of the security might migrate over time; rather, they are designed to provide a quantitative calculation of how the initial rating might change if key input parameters used in the initial rating process differ.

The analysis assumes that the deal has not aged, and does not factor structural features such as sequential payment effect. Parameter sensitivities reflect only the ratings impact of each scenario from a quantitative/model-indicated standpoint.

Qualitative factors are also taken into consideration in the ratings process, so the actual ratings that would be assigned in each case could vary from the information presented in the parameter sensitivity analysis.

The rating implementation guidance, "Updated Report on V Scores and Parameter Sensitivities for Structured Finance Securities," published on September 30, 2010 and "V Scores and Parameter Sensitivities in the Non-U.S. Vehicle ABS Sector," published on September 30, 2010, are available on www.moodys.co.jp.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For an explanation of the (sf) indicator, please see "Moody's Structured Finance Rating Scale" on www.moodys.com.

The principal information used to prepare the credit rating comprised historical data, attribution data, and contracts.

Information sources used to prepare the credit rating are the following: parties involved in the ratings (the Arranger and the Seller); public information; and confidential and proprietary Moody's information.

Measures taken to ensure the quality of this information include representations and warranties.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's encouraged rating-related entities to disclose any information that may be pertinent to this transaction, including items described in "Information Considered Important in Evaluating the Appropriateness of a Credit Rating" on www.moodys.co.jp, or to take other measures to enable third parties to verify the appropriateness of the credit rating.

Rating-related entities have responded to us that they have not disclosed information pertinent to this transaction to third parties except through Moody's press release. However, they will disclose related information pertinent to this transaction to candidate investors who may invest in the transaction.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Credit ratings are Moody's current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. Moody's defines credit risk as the risk that an entity may not meet its contractual, financial obligations as they come due and any estimated financial loss in the event of default. Credit ratings do not address any other risk, including but not limited to: liquidity risk, market value risk, or price volatility. Credit ratings do not constitute investment or financial advice, and credit ratings are not recommendations to purchase, sell, or hold particular securities. No warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such rating or other opinion or information is given or made by Moody's in any form or manner whatsoever. The credit risk of an issuer or its obligations is assessed based on information received from the issuer or from public sources. Moody's may change the rating when it deems necessary. Moody's may also withdraw the rating due to insufficient information, or for other reasons.

Moody's SF Japan K.K. is a credit rating agency registered with the Japan Financial Services Agency and its registration number is FSA Commissioner (Ratings) No. 3. The Financial Services Agency has not imposed any supervisory measures on Moody's SF Japan K.K. in the past year.

Please see ratings tab on the issuer/entity page on the Moody's website for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on the Moody's website for further information.

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Daisuke KitazawaAsst Vice President - Analyst Structured Finance Group Moody's SF Japan K.K. Atago Green Hills Mori Tower 20fl 2-5-1 Atago, Minato-ku Tokyo 105-6220 Japan JOURNALISTS: (03) 5408-4220 SUBSCRIBERS: (03) 5408-4210 Yusuke Seki Associate Managing Director Structured Finance Group JOURNALISTS: (03) 5408-4220 SUBSCRIBERS: (03) 5408-4210 Releasing Office: Moody's SF Japan K.K. Atago Green Hills Mori Tower 20fl 2-5-1 Atago, Minato-ku Tokyo 105-6220 Japan JOURNALISTS: (03) 5408-4220 SUBSCRIBERS: (03) 5408-4210 Copyright 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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