JULY 2013 INTERNATIONAL STRUCTURED FINANCE SEPTEMBER 30, 2010 RATING METHODOLOGY 䝸䝟䝑䜿䞊䝆മ䛻ᑐ䛩䜛䝮䞊䝕䜱䞊 䝈䛾᱁ᡭἲ ┠ḟ: Moody's Approach to Rating Repackaged Securities 1. 䛿䛨䜑䛻 1 1 1.2 䝸䝟䝑䜿䞊䝆മ䛾䝍䜲䝥 1 O ET UT H D O AT DO E D LO G Y 1.1 ᮏ䝺䝫䞊䝖䛾┠ⓗ 1.3 䝸䝟䝑䜿䞊䝆മ䝥䝻䜾䝷䝮 2. 䝇䝖䝷䜽䝏䝱䞊䛾ศᯒ 3 2.1 䝇䝖䝷䜽䝏䝱䞊ୖ䛾ၥ㢟 4 2.2 䝥䝻䜾䝷䝮Ⓨ⾜䛻క䛖ၥ㢟 9 3. 䝮䞊䝕䜱䞊䝈䛾ᮇᚅᦆኻศᯒ 10 3.1 ᮇᚅᦆኻ䛾䝰䝕䝸䞁䜾ᡭἲ 10 3.2 ᮇᚅᦆኻ䛾ィ⟬ 11 3.3 ⤊⏤Ⓨ⏕ᚋ䛾ᦆኻ䛾⟬ᐃ 11 3.4 䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䞉䝸䝇䜽䛾 㐽᩿ 4. 䝰䝙䝍䝸䞁䜾ᡭ⥆䛝 14 14 14 4.2 䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䞉䝸䝇䜽䛾 ⥅⥆ⓗ䛺䝰䝙䝍䝸䞁䜾 14 4.3 䜽䝺䝆䝑䝖䞉䝸䞁䜽മ䛾 15 䝰䝙䝍䝸䞁䜾 㘓䊠䠖䝮䞊䝕䜱䞊䝈䛾⌮䛥䜜䛯 ⣼✚䝕䝣䜷䝹䝖⋡ཬ䜃 ᮇᚅᦆኻ⋡ ᮾி 16 1.1 ᮏ䝺䝫䞊䝖䛾┠ⓗ 䝮䞊䝕䜱䞊䝈䛿 2001 ᖺ䛻䝸䝟䝑䜿䞊䝆മ䛾ໟᣓⓗ䛺᱁ᡭἲ䜢බ⾲䛧䛶䛔䜛 1䚹䝮䞊䝕䜱䞊 䝈䛜䝸䝟䝑䜿䞊䝆മ䛾᱁䛻⏝䛔䛶䛔䜛ᡭἲ䛿䚸ᐇ㉁ⓗ䛻 2001 ᖺ䛾䝺䝫䞊䝖ෆᐜ䛛䜙ኚ᭦ 䛿䛺䛔䛜䚸䝮䞊䝕䜱䞊䝈䛿ྠ䝺䝫䞊䝖Ⓨ⾜ᚋ䚸䛔䛟䛴䛛䛾ᡭἲ䛾⢭⦓䜢⾜䛳䛶䛔䜛䚹ᮏ䝺䝫 䞊䝖䛿䚸2001 ᖺ∧䛾᱁ᡭἲ䛻䛭䜜䜙䛾ᨵゞ䜢⧊䜚㎸䜣䛷᭦᪂䛧䛯䜒䛾䛷䛒䜛䚹 ᨵゞ䛾䛺䝫䜲䞁䝖䛸䛧䛶䚸ᮏ䝺䝫䞊䝖䛷䛿䚸䝸䝟䝑䜿䞊䝆മ䝥䝻䜾䝷䝮䛻㛵㐃䛩䜛䝇䝖䝷䜽䝏䝱 䞊ୖ䛾ၥ㢟䛸ἲⓗ䛺ၥ㢟䠄1.3 㡯䠅䚸䝕䝣䜷䝹䝖䛾ᮇ䛸ᮇᚅᦆኻ䛾䝰䝕䝸䞁䜾䠄3 ❶䠅䚸ཬ䜃䜹 䜴䞁䝍䞊䝟䞊䝔䜱䞊䞉䝸䝇䜽䛾ศᯒ䠄3.3 㡯䛸 3.4 㡯䠅䛻䛴䛔䛶ㄝ᫂䛩䜛䚹䜎䛯䚸䝸䝟䝑䜿䞊䝆മ䛾 䝰䝙䝍䝸䞁䜾ᡭ⥆䛝䛻䛴䛔䛶䜒ྲྀ䜚ୖ䛢䜛䠄4 ❶䠅䚹 1.2 䝸䝟䝑䜿䞊䝆മ䛾䝍䜲䝥 03.5408.4100 M 䝁䞁䝍䜽䝖: 䝸䝟䝑䜿䞊䝆മ䛿䚸㛗ᖺ䚸ドๆᕷሙ䛻䛚䛔䛶ຊၟရ䛾୍䛴䛸⨨䛡䜙䜜䛶䛝䛯䠄䝸䝟䝑 䜿䞊䝆മ䛿≉䛻⡿ᅜ䛷䛿䛂䝇䝖䝷䜽䝏䝱䞊䝗䞉䝜䞊䝖䛃䛸䜀䜜䜛䛣䛸䜒䛒䜛䠅䚹2007 ᖺ༙䜀௨㝆 䛾ドๆၟရᕷሙ䛾⯡ⓗ⦰ᑠ䛻క䛔䚸䝸䝟䝑䜿䞊䝆മ䛾Ⓨ⾜㢠䜒ῶᑡ䛧䛶䛔䜛䛜䚸䛣䛾ၟ ရ䛿ᖜᗈ䛔ᢞ㈨ᐙᒙ䛾≉ู䛺䝙䞊䝈䜢⫼ᬒ䛸䛧䛶Ⓨ⾜䛜⥆䛔䛶䛔䜛䚹㏻ᖖ䚸䝸䝟䝑䜿䞊䝆മ 䛿⛯ົୖ䚸ィୖ䚸䛒䜛䛔䛿つไୖ䛾⌮⏤䛷ᢞ㈨ᐙ䛜䛡㈨⏘䜢㉎ධ䛷䛝䛺䛔ሙྜ䜔䚸 ⮬ᕫ຺ᐃ䛷䝕䝸䝞䝔䜱䝤ዎ⣙䜢⤖䜉䛺䛔ሙྜ䛺䛹䛻⤌ᡂ䛥䜜䜛䚹䝇䝖䝺䝇ୗ䛻䛒䜛⌧ᅾ䛾ᕷሙ ⎔ቃ䛻䛚䛔䛶䚸㒊ศ䛾䝸䝟䝑䜿䞊䝆മ䛿ẚ㍑ⓗ䝅䞁䝥䝹䛺ᙧែ䛾䜒䛾䛻䛺䛳䛶䛔䜛䚹 13 3.5 ኚືമ-᱁ᑐ㇟മົ 4.1 ᴫせ 1. 䛿䛨䜑䛻 4 1.2.1 ᶆ‽ⓗ䛺䝸䝟䝑䜿䞊䝆മ 䛂䝸䝟䝑䜿䞊䝆മ䛃䛸䛔䛖⏝ㄒ䛜䜟䜜䜛ドๆၟရ䛿ᖜᗈ䛔䚹᭱䜒䝅䞁䝥䝹䛺䝇䝖䝷䜽䝏䝱䞊 䛾䝸䝟䝑䜿䞊䝆മ䛻䛚䛔䛶䛿䚸≉ู┠ⓗ♫䠄䛂SPV䛃䠅䛜䚸മๆ䚸䝜䞊䝖䚸䝻䞊䞁䛺䛹䛾㔠⼥㈨ ⏘䠄ᢸಖ㈨⏘䠅䜢㉎ධ䛩䜛䛸䛸䜒䛻䚸䛭䜜䜙ᢸಖ㈨⏘䛾䜻䝱䝑䝅䝳䞉䝣䝻䞊ㄪᩚ䛾䛯䜑䛾䝕䝸䝞 䝔䜱䝤ዎ⣙䜢⥾⤖䛧䚸ドๆ䜢Ⓨ⾜䛩䜛䠄ᅗ⾲ 1䠅䚹 䛣䛾᱁ᡭἲ䛿䚸⌧⾜䛾䜒䛾䛷䛿䛺䛔䚹䝮䞊䝕䜱䞊䝈䞉䝆䝱䝟䞁䛜⌧ᅾ⏝䛧 䛶䛔䜛᱁ᡭἲ䛿䚸ᘢ♫䜴䜵䝤䝃䜲䝖䜢ཧ↷䛾䛣䛸䚹 This Moody’s Japan rating methodology is based on Moody’s Investors Service’s rating methodology titled “Moody's Approach to Rating Repackaged Securities, (April 14, 2010).” The rating approach described in the Moody’s Investors Service report was adopted by Moody’s Japan on September 30, 2010. 1 䝺䝫䞊䝖ྡ:"Repackaged Securities (October 2001)" 䠄᪥ᮏㄒ∧䛂䝸䝟䝑䜿䞊䝆മ䠄2002 ᖺ 1 ᭶䠅䛃䠅 䝮䞊䝕䜱䞊䝈䞉䝆䝱䝟䞁ᰴᘧ♫㻌 INTERNATIONAL STRUCTURED FINANCE ᅗ⾲ 1 䝸䝟䝑䜿䞊䝆മ䛾㻌 ᢸಖ㈨⏘䛾㉎ධ㻌 Ⓨ⾜௦䜟䜚㔠㻌 ᢸಖ㈨⏘㻌 㻿㻼㼂㻌 ᢞ㈨ᐙ㻌 ᢸಖ㈨⏘䛾㻌 䝸䝟䝑䜿䞊䝆മ䛾 ඖ㔠㻌 ඖ㔠㻌 䝜䞊䝖ᮇ᪥䛻㻌 ඖ㔠㻌 ᑐᛂ䛧䛯䝇䝽䝑䝥䛾ᨭᡶ䛔㻌 ➨ 㻝 ᪥┠㻌 䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊㻌 ௨㝆㻌 O ET UT H D O AT DO E D LO G Y 䝇䝽䝑䝥䞉㻌 SPV 䛜Ⓨ⾜䛩䜛䝸䝟䝑䜿䞊䝆മ䛿㏻ᖖ䚸ᢸಖ㈨⏘䛸ྠ㢠䛾ඖᮏ㔠㢠䛷⤌ᡂ䛥䜜䚸ᢸಖ㈨⏘Ⓨ⾜య䛾ಙ⏝䝸䝇 䜽䛻䛥䜙䛥䜜䜛䚹䜎䛯䝸䝟䝑䜿䞊䝆മ䛻䛿㏻ᖖ䚸㧗᱁䛾㔠⼥ᶵ㛵䠄䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䠅䛸䛾㛫䛷䛥䜜䜛䝕 䝸䝞䝔䜱䝤ዎ⣙䛜⤌䜏㎸䜎䜜䜛䚹䛣䜜䛿䚸䛘䜀ᅛᐃ㔠䛸ኚື㔠䚸䜎䛯䛿䛒䜛㏻㈌䛾䜻䝱䝑䝅䝳䝣䝻䞊䛸 䛾㏻㈌䛾䜻䝱䝑䝅䝳䝣䝻䞊䜢䛩䜛䚸䝅䞁䝥䝹䛺䝇䝽䝑䝥ዎ⣙䛷䛒䜛ሙྜ䛜ከ䛟䚸䛣䜜䛻䜘䜚䜻䝱䝑䝅䝳䝣䝻䞊 䛾≉ᚩ䛜ኚ᭦䛥䜜䜛䚹 ⡿ᅜ䛾䝇䝖䝷䜽䝏䝱䞊䝗䞉䝜䞊䝖䛿䚸ᢞ㈨ᐙ䛜 SPV 䛻䛚䛔䛶ᣢศ䜢ྲྀᚓ䛩䜛ドๆၟရ䛷䛒䜛䚹SPV 䛿㏻ᖖ䚸 䠄Ḣᕞ䛸䜰䝆䜰䛷䛾䝸䝟䝑䜿䞊䝆ྲྀᘬ䛷㏻ᖖ䜏䜙䜜䜛䜘䛖䛻䠅䝜䞊䝖ಖ᭷⪅䛻ᑐ䛧മົ䜢ド䛩䜛䝜䞊䝖䜢Ⓨ⾜䛩䜛 ௦䜟䜚䛻䚸SPV 䛜ಖ᭷䛩䜛䛡ドๆ䛻䛴䛔䛶䝜䞊䝖ಖ᭷⪅䛻┤᥋䛾ᡤ᭷ᶒ䜢䛘䜛ド᭩䜢Ⓨ⾜䛩䜛䚹䜎䛯䚸 SPV 䛿ᡤ᭷ᶒ䝖䝷䞁䝅䜵䜢」ᩘⓎ⾜䛩䜛䛣䛸䛜䛒䜛䚹 1.2.2 䜽䝺䝆䝑䝖䞉䝸䞁䜽മ䠄䛂CLN䛃䠅 CLN 䛾ᙧែ䛾䝸䝟䝑䜿䞊䝆മ䛷䛿䚸䜽䝺䝆䝑䝖䞉䝕䝸䝞䝔䜱䝤ዎ⣙䛾⥾⤖䛻䜘䜚䚸ᑐ㇟മົ⪅䛻ᑐ䛩䜛䜶䜽䝇䝫 䞊䝆䝱䞊䛜Ⓨ⏕䛩䜛䚹ᅗ⾲ 2 䛻♧䛩䜘䛖䛻䚸SPV 䛿䚸≉ᐃ䛾മົ⪅䜎䛯䛿ドๆ䚸ሙྜ䛻䜘䜚」ᩘ䛾മົ⪅䜎 䛯䛿ドๆ䠄䛂ཧ↷㖭䛃䠅䜢ཧ↷䛩䜛䜽䝺䝆䝑䝖䞉䝕䝣䜷䝹䝖䞉䝇䝽䝑䝥䠄䛂CDS䛃䠅ዎ⣙䜢⥾⤖䛩䜛䚹㏻ᖖ䚸䝸䝟䝑䜿 䞊䝆മ䛾Ⓨ⾜௦䜟䜚㔠䛿䚸䝸䝟䝑䜿䞊䝆മ䛾ྲྀᘬᮇ㛫䛻ᑐᛂ䛧䛯‶ᮇ䜢᭷䛩䜛䠄䛒䜛䛔䛿₯ᅾⓗ䛺ᕷሙ౯᱁ 䝸䝇䜽䜈䛾ᡭᙜ䛶䛜䛥䜜䛯䠅ᨻᗓമົ䛺䛹䛾㧗᱁䛾ᢸಖ㈨⏘䛷㐠⏝䛥䜜䜛䚹 ᅗ⾲ 2 䝸䝟䝑䜿䞊䝆മ䛾㻌 Ⓨ⾜௦䜟䜚㔠㻌 ᢸಖ㈨⏘䛾㉎ධ㻌 㻿㻼㼂㻌 M ᢸಖ㈨⏘ ᢞ㈨ᐙ㻌 䝸䝟䝑䜿䞊䝆മ䛾㻌 ᢸಖ ㈨⏘䛾ඖ 㔠䛒䜛 䛔䛿㻌 ඖ㔠㻌 ಙ ⏝ ⏤ 䛜 Ⓨ⏕ 䛧 䛯ሙ ྜ䛾㻌 ᨭᡶ䛔㻌 䝥䝺䝭䜰䝮㻌 ཧ↷㖭㻔㼄㼅㼆㻕㻌 2 SEPTEMBER 30, 2010 㻯㻰㻿㻌 䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊㻌 ᱁ᡭἲ䠖䝸䝟䝑䜿䞊䝆മ䛻ᑐ䛩䜛䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ INTERNATIONAL STRUCTURED FINANCE 䝸䝟䝑䜿䞊䝆മ䛿䚸ᢞ㈨ᐙ䛻ᑐ䛧ᑐ㇟മົ⪅䛾䜶䜽䝇䝫䞊䝆䝱䞊䜢ᥦ౪䛩䜛䜻䝱䝑䝅䝳ᆺ䛾ၟရ䛷䛒䜛䚹䜻䝱 䝑䝅䝳ᆺ䛷䛒䜛䛯䜑䚸䛘䜀䚸≉ᐃ䛾ཧ↷㖭䛾ಙ⏝䜶䜽䝇䝫䞊䝆䝱䞊䛻ᑐ䛩䜛䝙䞊䝈䛿䛒䜛䜒䛾䛾䚸┤᥋䛿 䜽䝺䝆䝑䝖䞉䝕䝸䝞䝔䜱䝤ዎ⣙䜢⤖䜉䛺䛔䚸䛒䜛䛔䛿䚸䝙䞊䝈䛻ྜ䛳䛯㔠⼥ၟရ䜢㉎ධ䛷䛝䛺䛔ᢞ㈨ᐙ䛾せồ 䛻ᛂ䛘䜛䛣䛸䛜ྍ⬟䛻䛺䜛䚹 1.2.3 䝖䝷䞁䝏䞁䜾䛥䜜䛯䝸䝟䝑䜿䞊䝆മ ㏻ᖖ䚸䝸䝟䝑䜿䞊䝆മ䛜䝖䝷䞁䝏䞁䜾䛥䜜䜛䛣䛸䛿䛺䛔䛜䚸ሙྜ䛻䜘䛳䛶䛿䚸SPV 䛜」ᩘ䛾മົ䜽䝷䝇䛛䜙䛺䜛䝸 䝟䝑䜿䞊䝆മ䜢Ⓨ⾜䛩䜛䛣䛸䜒䛒䜛䚹SPV 䛜䝅䝙䜰䞉䜽䝷䝇䛸ຎᚋ䜽䝷䝇䛾മົ䜢Ⓨ⾜䛩䜛䜿䞊䝇䛜䛭䛾䛷䛒 䜛䠄ᅗ⾲ 3䠅䚹ᮏ䝺䝫䞊䝖䛷䛿䝖䝷䞁䝏䞁䜾䛥䜜䛯ドๆ䛾᱁ᡭἲ䛾䝰䝕䝸䞁䜾䛻䛴䛔䛶䛿ྲྀ䜚ୖ䛢䛺䛔䛜䚸௨ 㝆䛷㏙䜉䜛ἲⓗഃ㠃䛾ㄝ᫂䛾䜋䛸䜣䛹䛜䛭䜜䜙䛾ドๆ䛻䜒ᙜ䛶䛿䜎䜛䚹 ᅗ⾲ 3 䝸䝟䝑䜿䞊䝆മ䛾㻌 䝅䝙䜰ᢞ㈨ᐙ Ⓨ⾜௦䜟䜚㔠㻌 ᢸಖ㈨⏘䛾㻌 O ET UT H D O AT DO E D LO G Y ㉎ධ㻌 䝅䝙䜰മ䛾㻌 ඖ㔠㻌 㻿㻼㼂㻌 ᢸಖ㈨⏘㻌 䝸䝟䝑䜿䞊䝆മ䛾㻌 ᢸಖ㈨⏘䛾㻌 Ⓨ⾜௦䜟䜚㔠㻌 ඖ㔠㻌 䝆䝳䝙䜰മ䛾㻌 ඖ㔠㻌 ඖ㔠㻌 䝆䝳䝙䜰ᢞ㈨ᐙ 䝜䞊䝖ᮇ᪥䛻ᑐᛂ䛧䛯㻌 䝇䝽䝑䝥䛾ᨭᡶ䛔㻌 䝇䝽䝑䝥䞉㻌 䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊 䝅䝙䜰മ䛿SPV䛾䜻䝱䝑䝅䝳䝣䝻䞊䛻ᑐ䛧䛶➨ 1 㡰䛾ㄳồᶒ䜢᭷䛩䜛䚹䝸䝟䝑䜿䞊䝆മ䛾䛹䛱䜙䛾䜽䝷䝇䛷䜒 䝕䝣䜷䝹䝖☜⋡䛿ྠ䛨䛻䛺䜛䛜䚸䝆䝳䝙䜰മ䛾ຎᚋᛶ䛻䜘䛳䛶䚸䝕䝣䜷䝹䝖䛜Ⓨ⏕䛧䛯ሙྜ䛾ᦆኻ䛿䝅䝙䜰മ ಖ᭷⪅䛾᪉䛜ᑠ䛥䛟䛺䜛 2䚹ᮇᚅᦆኻ䛜ప䛔ศ䚸䝅䝙䜰മ䛿ᢸಖ㈨⏘䜘䜚㧗䛔᱁䜢ྲྀᚓ䛩䜛䛣䛸䜒ྍ⬟䛻䛺 䜛䚹 SPV䛿䚸」ᩘ䛾മົ䝖䝷䞁䝅䜵䜢Ⓨ⾜䛷䛝䚸䜎䛯」ᩘ䛾മົ⪅䛜Ⓨ⾜䛩䜛മົ䜢┤᥋㉎ධ䛩䜛䛛䚸䝅䞁䝉䝔䜱 䝑䜽䛾ᙧែ䛷」ᩘ䛾മົ⪅䛾䜶䜽䝇䝫䞊䝆䝱䞊䜢䜒䛴䛣䛸䛜䛷䛝䜛䚹䛩䛺䜟䛱䚸䝸䝟䝑䜿䞊䝆മ䛿ᐇ㉁ⓗ䛻䚸 CDO䜎䛯䛿CSO (Collateralised Synthetic Obligations) 䛾മົ䝖䝷䞁䝅䜵䛻䜒䛺䜚䛖䜛䚹䛭䛾ሙྜ䛻䛿䚸CLO䜔 CSO䛻ᑐ䛩䜛䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ䛜㐺⏝䛥䜜䜛 3䚹 M 1.3 䝸䝟䝑䜿䞊䝆മ䝥䝻䜾䝷䝮 䛣䛣䜎䛷䛿䚸༢యྲྀᘬ䛸䛧䛶䛾䝸䝟䝑䜿䞊䝆മ䛻䛴䛔䛶㏙䜉䛶䛝䛯䚹䝸䝟䝑䜿䞊䝆മ䛿≉ᐃ䛾ᢞ㈨ᐙ䛾䝙䞊䝈 䛻ᛂ䛨䛶⤌ᡂ䛥䜜䜛䛜䚸1 䛴䛾 SPV 䛜ከ䛟䛾മๆ䜢Ⓨ⾜䛷䛝䜛䜘䛖タᐃ䛥䜜䛯䝥䝻䜾䝷䝮䛾ᯟෆ䛷Ⓨ⾜䛥䜜䜛 䛣䛸䛜ከ䛔䚹ᅗ⾲ 4 䛿䚸1 䛴䛾 SPV 䛜 2 䛴䛾䝸䝟䝑䜿䞊䝆മ䜢Ⓨ⾜䛩䜛䝅䞁䝥䝹䛺䜿䞊䝇䜢♧䛧䛶䛔䜛䚹2.2.1 ⠇䛷ㄝ᫂䛩䜛䜘䛖䛻䚸ྛ䝸䝟䝑䜿䞊䝆ྲྀᘬ䛿┦䛻ศ㞳䛥䜜䚸ྲྀᘬ㛫䛷┦䛻ᢸಖ㈨⏘䛜ᥦ౪䛥䜜䜛䛣䛸䛿 䛺䛔䚹 䛘䜀䚸ᢸಖ㈨⏘䛾㢠㠃䛜 100 䝴䞊䝻䛷䚸䝅䝙䜰മ䛸䝆䝳䝙䜰മ䛾ඖᮏ㔠㢠䛜䛭䜜䛮䜜 70 䝴䞊䝻䛸 30 䝴䞊䝻䛰䛸௬ ᐃ䛩䜛䚹ᢸಖ㈨⏘䛜䝕䝣䜷䝹䝖䛧䚸௬䛻 40 䝴䞊䝻ᅇ䛥䜜䛯ሙྜ䚸䝅䝙䜰മ䛜⿕䜛ᦆኻ䛿(60-30)/70䚸䛩䛺䜟䛱⣙ 43% 䛸䛺䜚䚸ᢸಖ㈨⏘䛾ᦆኻ 60%䜘䜚䛿ప䛟䛺䜛䠄༢⣧䛾䛯䜑䚸ཷྲྀ䜽䞊䝫䞁䛾䝸䝍䞊䞁䜢↓ど䛧䛶䛔䜛䠅䚹 3 䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ "Moody's Approach to Rating Collateralized Loan Obligations(August 2009)" ཬ䜃䝮䞊䝕䜱䞊䝈 䛾᱁ᡭἲ "Moody's Approach to Rating Corporate Collateralized Synthetic Obligations (September 2009)" 䠄᪥ᮏㄒ∧ 䛂ᴗ CSO䠄䝅䞁䝉䝔䜱䝑䜽 CDO䠅䛻ᑐ䛩䜛䝮䞊䝕䜱䞊䝈䛾᱁䛡ᡭἲ䠄2009 ᖺ 10 ᭶䠅䛃䠅䜢ཧ↷䛥䜜䛯䛔䚹 2 3 SEPTEMBER 30, 2010 ᱁ᡭἲ䠖䝸䝟䝑䜿䞊䝆മ䛻ᑐ䛩䜛䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ INTERNATIONAL STRUCTURED FINANCE ᅗ⾲ 4 䝇䝽䝑䝥䞉䜹䜴䞁䝍䞊㻌 䝟䞊䝔䜱䞊㻝㻌 ඖ㔠㻌 䝜䞊䝖ᮇ᪥䛻ᑐᛂ䛧䛯㻌 䝇䝽䝑䝥䛾ᨭᡶ䛔㻌 䝸䝟䝑䜿䞊䝆മ䛾㻌 Ⓨ⾜௦䜟䜚㔠㻌 ᢸಖ㈨⏘䛾㉎ධ㻌 䝸䝟䝑䜿䞊䝆മ ᢸಖ㈨⏘ 㻝㻌 ඖ㔠㻌 㻝 ᢞ㈨ᐙ㻌 䝜䞊䝖䛾ඖ㔠㻌 㻿㻼㼂㻌 䝸䝟䝑䜿䞊䝆മ㻌 ᢸಖ㈨⏘䛾㉎ධ㻌 䝸䝟䝑䜿䞊䝆മ 䛾Ⓨ⾜௦䜟䜚㔠㻌 ᢸಖ㈨⏘ 㻞㻌 㻞 ᢞ㈨ᐙ㻌 䝜䞊䝖䛾ඖ㔠㻌 O ET UT H D O AT DO E D LO G Y ඖ㔠㻌 ඖ㔠㻌 䝜䞊䝖ᮇ᪥䛻ᑐᛂ䛧䛯㻌 䝇䝽䝑䝥䛾ᨭᡶ䛔㻌 䝇䝽䝑䝥䞉䜹䜴䞁䝍䞊 䝟䞊䝔䜱䞊㻞㻌 䝥䝻䜾䝷䝮Ⓨ⾜䛾ሙྜ䚸䝁䝇䝖䛜పῶ䛥䜜䚸Ⓨ⾜䛤䛸䛾ዎ⣙᭩㢮䛻㛵䜟䜛ᡭ⥆䛝䛜㍍ῶ䛥䜜䜛䛸䛔䛖䝯䝸䝑䝖䛜䛒 䜛䚹䛩䛺䜟䛱䚸ྛ䝸䝟䝑䜿䞊䝆മඹ㏻䛾ዎ⣙᭩㢮䛾⏝䜔䚸ྲྀᘬ䛾☜ㄆ᭩䛾ᶆ‽䛻䜘䜚䚸䝜䞊䝖Ⓨ⾜䛾ົ ฎ⌮㛫䛾▷⦰䛜ྍ⬟䛸䛺䜛䚹䝸䝟䝑䜿䞊䝆മ䛾ศᯒ䛻䛚䛡䜛せ䛺ㄢ㢟䛿䚸2.2 㡯䛷ㄝ᫂䛩䜛䜘䛖䛻䚸ྛ䝸 䝟䝑䜿䞊䝆മ䛜䚸SPV 䛜⥾⤖䛧䛯䛾ྲྀᘬ䛾മᶒ⪅䛾ᙳ㡪䜢ཷ䛡䜛䛣䛸䛺䛟䚸ᢸಖ㈨⏘䛻䛻㐳ồ䛷䛝䜛 䛣䛸䠄䛩䛺䜟䛱䛂䛻ศ㞳䛥䜜䛶䛔䜛 (perfectly ring-fenced)䛃䛣䛸䠅䜢☜ㄆ䛩䜛䛣䛸䛷䛒䜛䚹 2. 䝇䝖䝷䜽䝏䝱䞊䛾ศᯒ 䝸䝟䝑䜿䞊䝆മ䛜༢⊂Ⓨ⾜䛾ሙྜ䛷䜒䚸䝥䝻䜾䝷䝮Ⓨ⾜䛾ሙྜ䛷䜒䚸䝮䞊䝕䜱䞊䝈䛿䜎䛪ዎ⣙᭩㢮䛻グ㍕䛥 䜜䛶䛔䜛䝇䝖䝷䜽䝏䝱䞊䛾ศᯒ䜢⾜䛖䚹䝥䝻䜾䝷䝮Ⓨ⾜䛾䝸䝟䝑䜿䞊䝆മ䛻䛴䛔䛶䛿䚸ᚋ䛾 2.2 㡯䛷㏙䜉䜛䜘䛖 䛺ⱝᖸ䛾㏣ຍศᯒ䛜ᚲせ䛻䛺䜛䚹 2.1 䝇䝖䝷䜽䝏䝱䞊ୖ䛾ၥ㢟䠄༢⊂Ⓨ⾜ཬ䜃䝥䝻䜾䝷䝮Ⓨ⾜䛻ඹ㏻䛾ၥ㢟䠅 M 䝸䝟䝑䜿䞊䝆മ䛾ᢞ㈨ᐙ䛜㈇ᢸ䛩䜛ᮇᚅᦆኻ䛿䚸ᢸಖ㈨⏘䠄䝸䝟䝑䜿䞊䝆മ䛜 CLN 䛾ሙྜ䛿ཧ↷㖭䠅䛸䝇 䝽䝑䝥䞉䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾୧⪅䛾䝕䝣䜷䝹䝖☜⋡䛸䚸䝕䝣䜷䝹䝖䛜Ⓨ⏕䛧䛯ሙྜ䛾ᅇ⋡䛻䜘䛳䛶Ỵ䜎䜛䚹 ᅇ⋡䛿ྛྲྀᘬཧຍ⪅䛾ᨭᡶඃඛ㡰䛻ᕥྑ䛥䜜䜛䚹䝮䞊䝕䜱䞊䝈䛻䜘䜛䝸䝟䝑䜿䞊䝆മ䛾䝇䝖䝷䜽䝏䝱䞊ศ ᯒ䛿䚸䛣䛾 2 䛴䛾䛻↔Ⅼ䛜ᙜ䛶䜙䜜䜛䚹 2.1.1 䝇䝽䝑䝥ዎ⣙ 2.1.1.1 䝇䝽䝑䝥ዎ⣙᭩㢮䜢䜑䛠䜛୍⯡ⓗ䛺ၥ㢟 䝸䝟䝑䜿䞊䝆മ䛾䝇䝽䝑䝥ዎ⣙䛿䛭䛾㒊ศ䛜 ISDA 䝬䝇䝍䞊ዎ⣙䛻‽ᣐ䛧䛶సᡂ䛥䜜䜛䚹䝮䞊䝕䜱䞊䝈 䛿䚸䝇䝽䝑䝥ዎ⣙᭩㢮䛾䝺䝡䝳䞊䛻䛚䛔䛶ḟ䛾ㅖⅬ䜢᳨ウ䛩䜛䚹 䚽 4 SEPTEMBER 30, 2010 䝕䝣䜷䝹䝖⏤(Events of Default)䜔䚸⤊⏤(Termination Events)䚸₯ᅾⓗ䝕䝣䜷䝹䝖⏤䠄㏻▱ 䜒䛧䛟䛿㛫䛾⤒㐣䜎䛯䛿䛭䛾୧᪉䛻䜘䜚䝕䝣䜷䝹䝖⏤䛜ᡂ❧䛩䜛⏤䠅䛾ෆᐜ䚹䝮䞊䝕䜱䞊䝈䛿䚸 ྍ⬟䛺㝈䜚䚸䛣䜜䜙䛾䜲䝧䞁䝖䛻క䛖䝸䝇䜽䜢ᐃ㔞䛩䜛䚹䛧䛛䛧䚸䜸䝤䝸䝀䞊䝅䝵䞁䞉䝕䝣䜷䝹䝖 ᱁ᡭἲ䠖䝸䝟䝑䜿䞊䝆മ䛻ᑐ䛩䜛䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ INTERNATIONAL STRUCTURED FINANCE (Obligation Default䚸ISDAᐃ⩏䠅䛾䜘䛖䛺ィ㔞ᅔ㞴䛺䝸䝇䜽䛻䜘䜚䚸䝸䝟䝑䜿䞊䝆മ䛻㐺ษ䛺᱁䜢 䛩䜛䛾䛜ྍ⬟䛸䛺䜛ሙྜ䛜䛒䜛 4䚹 䚽 䝇䝽䝑䝥䞉䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾᱁ୗ䛢䛜䝸䝟䝑䜿䞊䝆മ䛾᱁ୗ䛢䛻䛴䛺䛜䜙䛺䛔䜘䛖䛻䚸㐺᱁䛺 ᱁䜢᭷䛩䜛䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䜈䛾௦䛜⾜䜟䜜䜛䜘䛖䛻䝇䝽䝑䝥䛾ㆡΏ䛻㛵䛩䜛つᐃ䛜ಟṇ 䛥䜜䛶䛔䜛䛛䚸䜎䛯䝇䝽䝑䝥䛜ᐇ㝿䛻ㆡΏྍ⬟䛻䛺䛳䛶䛔䜛䛛䚹䝸䝟䝑䜿䞊䝆മ䛾䝇䝖䝷䜽䝏䝱䞊䛿䝅 䞁䝥䝹䛷䛒䜛䛯䜑䚸ὶືᛶ䛾ప䛔䝇䝽䝑䝥ྲྀᘬ䛜䜟䜜䜛䛣䛸䛿䛒䜎䜚䛺䛔䚹䜎䛯䚸⛯ົ䞉ἲᚊၥ㢟 䛾ᡭᙜ䛶䛾䛯䜑䛻䝇䝽䝑䝥ዎ⣙䛾⛣㌿䜔ㆡΏ䛜つᐃ䛥䜜䜛䛣䛸䛜䛒䜛 5䚹 䚽 ዎ⣙᭩㢮䛜ಟṇ䛥䜜䜛ሙྜ䚸䝮䞊䝕䜱䞊䝈䛻๓䛻㏻▱䛜䛺䛥䜜䜛䜘䛖つᐃ䛥䜜䛶䛔䜛䛛䚹 䚽 㐺ษ䛺䝸䝭䝔䝑䝗䞉䝸䝁䞊䝇(Limited Recourse)ཬ䜃Ύ⟬⏦❧⚗Ṇ(Non-petition)᮲㡯䛜┒䜚㎸䜎䜜䛶䛔 䜛䛛䠄2.1.2 ⠇ཧ↷䠅䚹 2 .1.1.2 䝇䝽䝑䝥ዎ⣙䛾⤊つᐃ O ET UT H D O AT DO E D LO G Y 䝇䝽䝑䝥ዎ⣙䛾⤊つᐃ䛻㛵䛩䜛䝺䝡䝳䞊䛿䚸䝮䞊䝕䜱䞊䝈䛻䜘䜛䝇䝽䝑䝥ዎ⣙᭩㢮䛾ศᯒ䛾㔜せ䛺䝫䜲 䞁䝖䛸䛺䜛䚹䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䜎䛯䛿SPV䛾ᨭᡶ⬟(Insolvency)䛒䜛䛔䛿ᨭᡶᒚ⾜(Failure to Pay) ௨እ䛾⏤䛻䜘䜚䚸䝸䝟䝑䜿䞊䝆മ䛜䚸䝜䞊䝖ಖ᭷⪅䛾ᦆኻ䝸䝇䜽䜢క䛖䜘䛖䛺ᙧ䛷ᮇ㝈๓ൾ㑏䛥䜜䜛ྍ⬟ ᛶ䛜䛒䜛䛛䛹䛖䛛䛻䛴䛔䛶䛿䚸䝮䞊䝕䜱䞊䝈䛜☜ㄆ䛩䜉䛝Ⅼ䛾 1 䛴䛷䛒䜛 6䚹 SPV 䛻㐺⏝䛩䜛䝕䝣䜷䝹䝖⏤䜢ᨭᡶᒚ⾜䛸◚⏘(Bankruptcy)䛻㝈ᐃ䛧䚸䜎䛯⤊⏤䜢㐪ἲ⏤ (Illegality)䛻㝈ᐃ䛩䜛䛣䛸䛷䚸ᮇ㝈๓ൾ㑏䛾䝸䝇䜽䜢ᢚไ䛷䛝䜛䛣䛸䛜ከ䛔䚹䝮䞊䝕䜱䞊䝈䛿௨ୗ䛾Ⅼ䛻䜒 ὀព䜢ᡶ䛖䚹 䚽 䛂䝔䜽䝙䜹䝹䞉䝕䝣䜷䝹䝖䛃䛾䝸䝇䜽䜢⦆䛩䜛䛯䜑䚸SPV 䛛䜙䛾ᨭᡶ䛔䛻㛵䛧䛶䚸㐺ษ䛺⊰ணᮇ㛫䜔 ᨭᡶ᮲௳䛜㐺⏝䛥䜜䜛䛛 䚽 ◚⏘䛾ᐃ⩏䛻䛿䚸ᶆ‽ⓗಟṇ䛜ຍ䛘䜙䜜䛶䛚䜚䚸䜎䛯䛂ἲᚊୖ↓౯್䛺◚⏘⏦ㄳ(frivolous petition)䛃䜢༷ୗ䛩䜛ᮇ㛫䛸䛧䛶ᶆ‽ⓗ䛺 30 ᪥㛫䛾⊰ணᮇ㛫䛜タ䛡䜙䜜䛶䛔䜛䛛 SPV 䛻㐺⏝䛥䜜䛺䛔䜘䛖䛺䝕䝣䜷䝹䝖⏤䜔⤊⏤䛿䚸㏻ᖖ䚸䝸䝟䝑䜿䞊䝆മ䛻䛚䛡䜛䝇䝽䝑䝥ዎ⣙᭩ 㢮䛻䛚䛔䛶䜒㐺⏝䛥䜜䛺䛔䚹ᚑ䛳䛶䚸മົ䛾⥅ᢎ䜢క䜟䛺䛔ྜే(the Merger without Assumption)䛾䝕䝣 䜷䝹䝖⏤䜔䚸ྜే䛻క䛖ㄢ⛯⏤䞉ಙ⏝Ᏻ⏤(the Tax and Credit Event Upon Merger)䛻䛛䛛䜟䜛⤊ ⏤䜒㐺⏝䛥䜜䛺䛔䚹ྠᵝ䛻䚸ᣦᐃྲྀᘬ(Specified Transaction)䛾䝕䝣䜷䝹䝖䜔䜽䝻䝇䞉䝕䝣䜷䝹䝖䜒㐺⏝ 䛥䜜䛺䛔䠄ᚋ⪅䛿」ᩘⓎ⾜䛾 SPV 䛾ሙྜ≉䛻㔜せ䛸䛺䜛䠅䚹᭱ᚋ䛻䚸SPV 䛻䜘䜛⾲᫂䛿㏻ᖖ౫ᣐ䛷䛝䜛䜒 䛾䛷䛿䛺䛟䚸SPV 䛾⩏ົ䜒㝈ᐃ䛥䜜䛶䛔䜛䛾䛷䚸ዎ⣙᮲㡯㐪(Breach of Agreement)ཬ䜃ᐇ䛾⾲᫂ (Misrepresentation)䛻䛛䛛䜟䜛䝕䝣䜷䝹䝖⏤䜒๐㝖䛥䜜䜛䛾䛜ᮃ䜎䛧䛔䚹䛣䜜䜙䛾䜲䝧䞁䝖䛾㐺⏝㝖እ䛿䚸 䝇䝽䝑䝥䛜ಙ⏝⏤௨እ䛾⌮⏤䛷⤊䛸䛺䜚䚸ྲྀᘬ䛜⤊䛩䜛䝸䝇䜽䜢㍍ῶ䛩䜛䚹 䛭䛾䛾⤊⏤䛻㛵䛧䛶䛿䚸䝮䞊䝕䜱䞊䝈䛿䚸Ⓨ⏕☜⋡䜢᥎ᐃ䛧䚸Ⓨ⏕䛧䛯ሙྜ䛾䝜䞊䝖ಖ᭷⪅䜈䛾 ₯ᅾⓗ䛺ᙳ㡪䜢⪃៖䛩䜛䚹䛭䛾䛯䜑䝮䞊䝕䜱䞊䝈䛿䚸䝇䝽䝑䝥⤊䛻䛚䛡䜛ᨭᡶ㢠䛾ィ⟬᪉ἲ䜔ᨭᡶ 䛾ඃඛ㡰䜢䚸ὀព῝䛟᳨ド䛩䜛䚹 2.1.2 SPV 䛾ಽ⏘㝸㞳 M SPV䛜◚⏘ᡭ⥆䛝䛻ධ䜛ྍ⬟ᛶ䜢䛻㝖䛩䜛䛣䛸䛿䛷䛝䛺䛔 7䚹䛧䛛䛧䚸SPV䛻㛵䜟䜛㏣ຍⓗ䛺䝸䝇䜽䜢ᅇ 㑊䛩䜛䛣䛸䛜ᮇᚅ䛥䜜䜛䝸䝟䝑䜿䞊䝆മ䛷䛿䚸ྍ⬟䛺㝈䜚ಽ⏘㝸㞳䜢ᅗ䜛䛣䛸䛜㔜せ䛷䛒䜛䚹䝸䝟䝑䜿䞊䝆മ䛾 ዎ⣙᭩㢮䛻䛚䛔䛶䛿䚸SPV䛾ᴗົ䛿䚸䝸䝟䝑䜿䞊䝆മ䛻㛵㐃䛩䜛ᴗົ䛻ไ㝈䛥䜜䜛䚹䛭䛾䛯䜑SPV䛻㛵䛧䛶䛿䚸 䝸䝟䝑䜿䞊䝆മ䛻ᚲせ䛸䛥䜜䜛䜒䛾䜢㝖䛔䛶䛾മົ䜢㈇䜟䛪䚸䜎䛯䝕䝸䝞䝔䜱䝤ዎ⣙䜢⥾⤖䛧䛺䛔䛣䛸䚸ᚑᴗ ဨ䜢㞠⏝䛫䛪䜎䛯㈨⏘䜢ಖ᭷䛧䛺䛔䛣䛸䚸ᰴᘧ䛾㏣ຍⓎ⾜䜔㓄ᙜ䜢⾜䜟䛺䛔䛣䛸䚸Ꮚ♫䜢ᣢ䛯䛪䛾ἲே 䛸ྜే䛧䛺䛔䛣䛸䛺䛹䛜つᐃ䛥䜜䜛䚹 䝮䞊䝕䜱䞊䝈䛾䝇䝨䝅䝱䝹䞉䝁䝯䞁䝖 "Understanding The Risks in Credit Default Swaps (March 2001)" 䠄᪥ᮏㄒ∧䛂䜽䝺䝆 䝑䝖䞉䝕䝣䜷䝹䝖䞉䝇䝽䝑䝥䛻䛚䛡䜛䝸䝇䜽䠄2001 ᖺ 5 ᭶䠅䛃䠅䜢ཧ↷䛥䜜䛯䛔䚹 5 䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ "Framework for De-Linking Hedge Counterparty Risks from Global Structured Finance Cashflow Transactions Moody's Methodology (May 2007)" 䠄᪥ᮏㄒ∧䛂䜻䝱䝑䝅䝳䝣䝻䞊ᆺドๆၟရ䛻䛚䛔䛶䝦䝑䝆䛾䜹䜴䞁䝍 䞊䝟䞊䝔䜱䛾䝸䝇䜽䜢㐽᩿䛩䜛䛯䜑䛾䝣䝺䞊䝮䝽䞊䜽䠄2007 ᖺ 6 ᭶䠅䛃䠅䜢ཧ↷䛥䜜䛯䛔䚹 6 䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾ᨭᡶ⬟ཬ䜃മົᒚ⾜䛿䚸᱁䛻㝿䛧⪃៖䛥䜜䛶䛔䜛䚹SPV 䛾ᨭᡶ⬟䛻䛴䛔䛶䛿 2.1.2 ⠇䛷䛥䜙䛻ゎㄝ䛩䜛䚹 7 "Moody's Weekly Credit Outlook, GGP Bankruptcy Judge questions Structured Finance keystone (May 11, 2009)" 䜢ཧ↷䛥 䜜䛯䛔䚹 4 5 SEPTEMBER 30, 2010 ᱁ᡭἲ䠖䝸䝟䝑䜿䞊䝆മ䛻ᑐ䛩䜛䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ INTERNATIONAL STRUCTURED FINANCE 䝮䞊䝕䜱䞊䝈䛿 SPV 䛾䜸䞊䝘䞊䝅䝑䝥䛸䜺䝞䝘䞁䝇䜒☜ㄆ䛩䜛䚹≉䛻ྲྀ⥾ᙺ䛭䛾䛾♫㐠Ⴀ⤌⧊䛻䛿䚸 䜰䝺䞁䝆䝱䞊䛛䜙⊂❧䛧䚸༑ศ䛺ᴗົ⤒㦂䜢᭷䛩䜛䝯䞁䝞䞊䛜ྵ䜎䜜䛶䛔䛺䛡䜜䜀䛺䜙䛺䛔䚹♫䛾ゎᩓ䜔 㓄ᙜᨭᡶ䛺䛹䛾㔜せ䛺䜺䝞䝘䞁䝇䛻㛵䜟䜛Ỵᐃ䛿⊂❧䛧䛯䝯䞁䝞䞊䛜ཧຍ䛧䛯ୖ䛷⾜䜟䜜䛺䛡䜜䜀䛺䜙䛺 䛔䚹SPV 䛿㏻ᖖ䚸ᰴ䛜ྲྀᘬ䛸㛵ಀ䛧䛯䜚ᐖ㛵ಀ䜢ᣢ䛴䛣䛸䛜䛺䛔䜘䛖䛻タ❧䛥䜜䜛䚹䛣䜜䛿䚸SPV 䛾ᡤ᭷ ⪅䛜♫䛾ゎᩓ䛺䛹䚸䝜䞊䝖ಖ᭷⪅䛻䛻䛺䜛䜘䛖䛺ఱ➼䛛䛾⾜ື䛻ᐖ䜢ᣢ䛯䛺䛔䜘䛖䛻䛩䜛䛯䜑䛷䛒䜛䚹 ㏻ᖖ䚸䜰䜲䝹䝷䞁䝗䚸䝆䝱䞊䝆䞊䚸䜿䜲䝬䞁ㅖᓥ䛺䛹䚸䝁䝰䞁䞉䝻䞊య⣔䛾ྖἲ⟶㎄䛻䛚䛔䛶タ❧䛥䜜䜛 SPV 䛿䚸 ཷク⪅䜔ឿၿಙク䛜ᰴᘧ䜢ᡤ᭷䛩䜛䛂Ꮩඣἲே(orphan entity)䛃䛸䛺䜛䚹䛣䜜䛻䜘䜚䚸SPV 䛜ᡤ᭷⪅䛻䜘䛳䛶Ύ ⟬䛥䜜䜛ྍ⬟ᛶ䚸䛒䜛䛔䛿 SPV 䛾㈨⏘䛜䛾ἲே䛾㈨⏘䛻⤫ྜ䛥䜜䜛ྍ⬟ᛶ䛜ᴟ䜑䛶ప䛟䛺䜛䚹 䝇䝽䝑䝥䞉䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䜢ྵ䜐ྲྀᘬ䛾ᙜ⪅䛿䚸ᙜ⪅䛜ཷ㡿䛩䜛㈨㔠䛿䛶䝸䝟䝑䜿䞊䝆മ䛾ዎ⣙ ᭩㢮䛾ᐃ䜑䛻ᚑ䛳䛶ᨭᡶ䜟䜜䜛䛣䛸䚸ཬ䜃䚸ᙜ⪅䛿䛭䜜䛮䜜䛾┠ⓗ䛾䛯䜑䛻⏝ྍ⬟䛺 SPV 䛾㈨⏘䛻ᑐ 䛧䛶䛾䜏ㄳồᶒ䜢᭷䛧䚸䛭䛾ᨭᡶ䛔䛿ዎ⣙᭩㢮䛻つᐃ䛥䜜䛯ඃඛ㡰䛻ᚑ䛳䛶⾜䜟䜜䜛䛣䛸䛻ྠព䛧䛶䛔䜛䚹 䛣䜜䛿䝸䝟䝑䜿䞊䝆മ䛾ዎ⣙᭩㢮䛻䛚䛡䜛㔜せ䛺せ⣲䛷䛒䜛䚹䛣䛾䝸䝭䝔䝑䝗䞉䝸䝁䞊䝇䛾つᐃ䛻䜘䛳䛶䚸ྲྀᘬ䛾 ᙜ⪅䛜䚸䝸䝟䝑䜿䞊䝆മ䛾മົᒚ⾜⬟ຊ䛻ᙳ㡪䜢䛘䜛䜘䛖䛺⾜ື䜢䛸䛳䛯䜚䚸SPV 䛾Ύ⟬䜢⏦䛧❧䛶䛯䜚 䛩䜛䛣䛸䜢ไ㝈䛷䛝䜛䚹 O ET UT H D O AT DO E D LO G Y 䝸䝟䝑䜿䞊䝆മ䛾ዎ⣙᭩㢮䛻䛿୍⯡ⓗ䛻䚸ᢞ㈨ᐙ䚸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䚸௦⌮ே䛺䛹ྲྀᘬ䛾ᙜ⪅䛜 SPV 䛾Ύ⟬䛾⏦䛧❧䛶䜢⾜䜟䛺䛔䛣䛸䛻ྠព䛩䜛䛂Ύ⟬⏦❧⚗Ṇ᮲㡯䛃䛜ྵ䜎䜜䛶䛔䜛䚹 䝮䞊䝕䜱䞊䝈䛿䚸SPV 䛜ᢸಖ㈨⏘䛭䛾䛾㈨⏘䛻ᑐ䛧䛶䝜䞊䝖ಖ᭷⪅䛾ᢸಖᶒ䜢タᐃ䛧䛶䛔䜛䛛䛹䛖䛛䜢☜ ㄆ䛩䜛䚹ᢸಖᶒ䛿ᬑ㏻䚸䝜䞊䝖ಖ᭷⪅䜔䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䠄䛻䛿䛭䛾䛾ᙜ⪅䠅䛺䛹䛾ᢸಖᶒ⪅䛾௦ ⌮ே䛯䜛ཷク⪅䛻ᑐ䛧䛶タᐃ䛥䜜䜛䚹䝸䝟䝑䜿䞊䝆മ䛾㏉῭ཎ㈨䛸䛺䜛㈨⏘䛻᭷ຠ䛺ᢸಖᶒ䛜タᐃ䛥䜜䜜䜀䚸 ㈨⏘䛾䛂ศ㞳(ring-fence)䛃䛜ྍ⬟䛸䛺䜛䚹䛩䛺䜟䛱䚸SPV 䛜䝕䝣䜷䝹䝖䛧䛯ሙྜ䛷䜒䝜䞊䝖ಖ᭷⪅䛜ᢸಖᶒ䜢⾜ 䛷䛝䜛䛯䜑䚸SPV 䛾䛾മᶒ⪅䛜䝜䞊䝖ಖ᭷⪅䛻ඃඛ䛧䛶ᶒ䜢ᙇ䛩䜛䝸䝇䜽䜢㝖䛷䛝䜛䚹 ྖἲ⟶㎄䜢⪃៖䛻ධ䜜䚸䝮䞊䝕䜱䞊䝈䛿䚸┿ᛶ㈙䛻㛵䜟䜛ၥ㢟䛾᭷↓䜢ุ᩿䛩䜛䛯䜑䛻䚸SPV 䛜㉎ධ䛧 䛯䛡㈨⏘䛸 SPV 䛜Ⓨ⾜䛧䛯ドๆ䛾୧⪅䛾ᡤ᭷ᶒ䜢ៅ㔜䛻☜ㄆ䛩䜛䛣䛸䜒䛒䜛䚹┿ᛶ㈙䛾ၥ㢟䛿䚸ྲྀ ᘬ䛾┠ⓗ䛜ᢸಖ㈨⏘䛾ᪧᡤ᭷⪅䛾䝞䝷䞁䝇䝅䞊䝖䛻㛵㐃䛧䛶䛔䜛䛸䜏䜙䜜䜛ሙྜ䛻≉䛻㔜せ䛸䛺䜛䚹 䝮䞊䝕䜱䞊䝈䛿䜎䛯䚸SPV 䛾タ❧䛻㛵㐃䛧䛶సᡂ䛥䜜䛯䝸䞊䜺䝹䞉䜸䝢䝙䜸䞁䛜䚸SPV 䛜┤㠃䛩䜛ᵝ䚻䛺ἲⓗ 䝸䝇䜽䛻༑ศ䛻ᑐᛂ䛧䛶䛔䜛䛛䛹䛖䛛䜢᳨ド䛩䜛䚹䛣䜜䜙䛾ពぢ᭩䛻䛚䛔䛶䛿㏻ᖖ䚸SPV 䛻㛵䛩䜛ᵝ䚻䛺ᙜ ⪅䠄䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䚸ᢸಖ⟶⌮ே䛺䛹䠅䛾⩏ົ䛾ᇳ⾜ྍ⬟ᛶ䛜ᑐ㇟䛸䛺䜚䚸䜎䛯ሙྜ䛻䜘䜚䛂┿ᛶ㈙ (True Sale)䛃䚸䛂⤫ྜ䛾⚗Ṇ(Non-consolidation)䛃䚸䛂Ύ⟬⏦❧⚗Ṇ䜔䝸䝭䝔䝑䝗䞉䝸䝁䞊䝇つᐃ䛾ຠຊ䛃䛺䛹䛾 SPV 䛾ಽ⏘㝸㞳(Bankruptcy-remoteness)䛻㛵䛩䜛㡯䜒ᑐ㇟䛸䛺䜛䚹䝸䞊䜺䝹䞉䜸䝢䝙䜸䞁䛿䚸㐺ษ䛺ᘚㆤኈ 䛻䜘䛳䛶సᡂ䛥䜜䚸SPV 䛜タ❧䛥䜜䜛ྖἲ⟶㎄䚸ዎ⣙䛾‽ᣐἲ䛾ྖἲ⟶㎄䚸ཬ䜃 SPV 䛜ᥦッ䛥䜜䜛䛛◚⏘ 䜎䛯䛿䛭䜜䛻‽䛨䜛ᡭ⥆䛝䛜⾜䜟䜜䜛ྍ⬟ᛶ䛾䛒䜛ྖἲ⟶㎄䛾ἲᚊ䛻㛵䜟䜛ពぢ䛷䛺䛡䜜䜀䛺䜙䛺䛔䚹䜎䛯䚸 ពぢ᭩䛿㛵ಀ䛩䜛ྖἲ⟶㎄䛻䛚䛡䜛䚸タᐃ䛥䜜䛯䛶䛾ᢸಖᶒ䛾᭷ຠᛶ䛸ᇳ⾜ྍ⬟ᛶ䜢ㄽ䛨䜛䜒䛾䛷䛺䛡 䜜䜀䛺䜙䛺䛔䚹 2.1.3 ⛒⛯䛻䛛䛛䜟䜛ၥ㢟 M SPV䜢⤌䜏㎸䜣䛰ྲྀᘬ䜢⤌ᡂ䛩䜛㝿䛻䚸ㄢ⛯䝸䝇䜽䛜᰿ᮏⓗ䛺ၥ㢟䠄䛒䜛䛔䛿䝮䞊䝕䜱䞊䝈䛾䝰䝕䝸䞁䜾䛾 ᐃ䛻㛵䜟䜛ၥ㢟䠅䛸䛺䜛䛣䛸䜒䛒䜛䚹䛘䜀䚸⡿ᅜ䛷䛿䚸䝸䝟䝑䜿䞊䝆മ䛻䛚䛡䜛SPV䛿䚸⡿ᅜ䛾ᡤᚓ⛯ἲୖ䜾 䝷䞁䝍䞊䞉䝖䝷䝇䝖(grantor trust)䛾せ௳䜢ഛ䛘䛶䛔䜛䛣䛸䛜ከ䛔䚹䛭䛾ሙྜSPV䛿䚸䛭䛾ᡤᚓ䛻䛴䛔䛶ἲே䝺䝧 䝹䛷ㄢ⛯䛥䜜䛺䛔䚹䜎䛯䚸⡿ᅜ䛻䛚䛡䜛⛒⛯㛵ಀ䛾ศᯒ䛷䛿䚸SPV䛜⡿ᅜ䛻䛚䛔䛶ྲྀᘬ䜔ᴗ䛻ᚑ䛧䛶䛔 䛺䛔䛸⤖ㄽ䛡䜙䜜䜛䛣䛸䛜ᚲせ䛷䛒䜛䚹䛭䜜䛻䜘䜚䚸䛡㈨⏘䛛䜙ᢞ㈨ᐙ䜈䛾䜻䝱䝑䝅䝳䝣䝻䞊䛻䛚䛔䛶 SPV䝺䝧䝹䛾⛯മົ䛜Ⓨ⏕䛧䛺䛔䛸䛔䛖䝮䞊䝕䜱䞊䝈䛾ᐃ䛸ᩚྜⓗ䛻䛺䜛䚹ྠᵝ䛻䚸䜒䛖 1 䛴䛾⛒⛯ୖ䛾㛵 ᚰ㡯䛸䛧䛶䚸ᢸಖ㈨⏘䛾ྖἲ⟶㎄䛻䜘䛳䛶※Ἠᡤᚓ⛯䛜ㄢ䛥䜜䜛䛣䛸䛻䜘䜚䚸SPV䜈䛾ᨭᡶ䛔䚸ᘏ䛔䛶䛿 SPV䛛䜙ᢞ㈨ᐙ䜈䛾ᨭᡶ䛔䛜ᙳ㡪䜢ཷ䛡䜛䛣䛸䛜䛺䛔䛛䛸䛔䛖ၥ㢟䛜䛒䜛 8䚹䝮䞊䝕䜱䞊䝈䛿䚸䝸䝟䝑䜿䞊䝆മ 䛾ศᯒ䛸ዎ⣙᭩㢮䛾䝺䝡䝳䞊䛻䛚䛔䛶䚸䛡㈨⏘䛻㛵䛧䛶⌧Ⅼ䛷※Ἠᡤᚓ⛯䛜ㄢ䛥䜜䜛䝸䝇䜽䛜䛺䛔䛛䚸 䜎䛯ᑗ᮶※Ἠᡤᚓ⛯䛜ㄢ䛥䜜䜛䛸ᐃ䛷䛝䜛ఱ䜙䛛䛾ྜ⌮ⓗ䛺᰿ᣐ䛜䛺䛔䛛䜢᳨ウ䛩䜛䚹ཷྲྀே䛜ཷ㡿㔠 㢠䛾ῶ㢠䜢⿕䜛䛣䛸䛾䛺䛔䜘䛖䚸※Ἠᡤᚓ⛯㢠䜢䜾䝻䝇䜰䝑䝥䛩䜛᪨䛾つᐃ䜢タ䛡䜛䛣䛸䛻䜘䛳䛶䛣䛾䝸䝇䜽䛜 8 6 SEPTEMBER 30, 2010 ྠᵝ䛻䚸䝇䝽䝑䝥䞉䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾ᨭᡶ䛔䛻⛒⛯䛜ㄢ䛫䜙䜜䜛䝸䝇䜽䜒⪃៖䛩䜛ᚲせ䛜䛒䜛䚹䜒䛳䛸䜒䚸䜹䜴䞁䝍䞊 䝟䞊䝔䜱䞊䛿⛒⛯䝸䝇䜽䛜ᴟ䜑䛶ᑠ䛥䛔せ䛺㔠⼥䝉䞁䝍䞊䛻ᡤᅾ䛧䛶䛔䜛䛣䛸䛜ከ䛔䛾䛷䚸䛣䛾䝸䝇䜽䛿㏻ᖖᴟ䜑䛶ᑠ 䛥䛔䚹※Ἠ⛯䛜ㄢ䛥䜜䜛ሙྜ䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛜ᨭᡶ䛔䜢䜾䝻䝇䜰䝑䝥䛩䜛᪨䛾つᐃ䜔䚸⌧Ⅼ䛷※Ἠ⛯㐺⏝䛜䛺 䛔᪨䛾༑ศ䛺䝸䞊䜺䝹䞉䜸䝢䝙䜸䞁䛾ᥦ౪䛻䜘䜚䚸䛣䛾ၥ㢟䛜ᡭᙜ䛶䛥䜜䜛䚹 ᱁ᡭἲ䠖䝸䝟䝑䜿䞊䝆മ䛻ᑐ䛩䜛䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ INTERNATIONAL STRUCTURED FINANCE ᡭᙜ䛶䛥䜜䛶䛔䜛ሙྜ䛜䛒䜛䚹䛒䜛䛔䛿䚸SPV䝺䝧䝹䜎䛯䛿※Ἠᚩ䜢㏻䛨䛶⛯㈇ᢸ䛜Ⓨ⏕䛩䜛ሙྜ䚸ᢞ㈨ ᐙ䛜മๆ䛾ൾ㑏䜢ཷ䛡䜙䜜䜛᪨䚸ዎ⣙᭩㢮䛻つᐃ䛥䜜䜛ሙྜ䜒䛒䜛䚹 SPV 䛿䜰䜲䝹䝷䞁䝗䚸䜸䝷䞁䝎䚸䝹䜽䝉䞁䝤䝹䜽䛺䛹䚸⛯ไ䛜᭷䛺ྖἲ⟶㎄䛷タ❧䛥䜜䜛䛯䜑䚸㏻ᖖ䚸SPV 䛾 ྖἲ⟶㎄䛻䛚䛡䜛※Ἠᡤᚓ⛯䜔䛭䛾䛾⛒⛯䛜ၥ㢟䛻䛺䜛䛣䛸䛿䛺䛔䚹SPV 䛜ᙜヱྖἲ⟶㎄䛷⛯മົ䜢㈇ 䛖ሙྜ䚸⛯ົᙜᒁ䛾ㄳồᶒ䛿䝜䞊䝖ಖ᭷⪅䛾䛭䜜䛻ඃඛ䛩䜛䛾䛷䛣䛾Ⅼ䛿㔜せ䛸䛺䜛䚹⛯㔠ᮍ⣡䛾ሙྜ䚸⛯ ົᙜᒁ䛜ᢸಖ㈨⏘䛾ᕪ䛧ᢲ䛥䛘䜔 SPV 䛾Ύ⟬䜈ື䛟ྍ⬟ᛶ䛜䛒䜛䚹㏻ᖖྲྀᘬ㛤ጞ䛻㝿䛧䚸SPV 䛜ἲே䝺䝧 䝹䛷ㄢ⛯䛥䜜䜛䝸䝇䜽䜔ᡤᚓ䛜※Ἠᚩ䛾ᑐ㇟䛸䛺䜛䝸䝇䜽䛻㛵䛩䜛⛯ົពぢ᭩䛜 SPV 䛾⛯ົ㢳ၥ䛻䜘䛳䛶 సᡂ䛥䜜䜛䚹 2.1.4 ⤒㈝䛾㈇ᢸ 䝸䝟䝑䜿䞊䝆മ䛻䛚䛡䜛 SPV 䛻䛿㏻ᖖ䚸䝜䞊䝖ಖ᭷⪅䜔䝇䝽䝑䝥䞉䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛻䝟䝇䝇䝹䞊䛥䜜䜛ᢸ ಖ㈨⏘䛛䜙䛾䜻䝱䝑䝅䝳䝣䝻䞊௨እ䛻䚸ᡤᚓ䛿Ⓨ⏕䛧䛺䛔䚹䝃䞊䝡䝇ᥦ౪⪅䜈䛾ᡭᩘᩱᨭᡶ䛔䛺䛹䛾 SPV 䛾 ⤒ᖖⓗ䛺ᴗ⤒㈝䜔䚸䝕䝣䜷䝹䝖䛻క䛖ㄳồ䛺䛹ἲⓗᡭ⥆䛝䛻㛵㐃䛩䜛㠀⤒ᖖⓗ䛺⤒㈝䛺䛹䛾ᨭᡶ䛔䛿䚸ู 䛾㈈※䛷㈥䜟䜜䛺䛡䜜䜀䛺䜙䛺䛔䚹⤒㈝䛿㏻ᖖ䚸䝥䝻䜾䝷䝮䞉䝺䝧䝹䛛ྲྀᘬ䝺䝧䝹䛷ḟ䛾䜘䛖䛻㈇ᢸ䛥䜜䜛䚹 O ET UT H D O AT DO E D LO G Y 䞉 ᘬཷ♫䜔䜰䝺䞁䝆䝱䞊䛜⤒ᖖ⤒㈝䛸㠀⤒ᖖ⤒㈝䜢㈇ᢸ䛩䜛⩏ົ䜢ᣢ䛴 䞉 ➨୕⪅䛜⤒㈝䜢ᘬ䛝ཷ䛡䜛ዎ⣙䜢ู㏵⥾⤖䛩䜛 䞉 ྲྀᘬ㛤ጞ䛻䚸⤒㈝䜢㈥䛖㈨㔠䜢㡸ク䛩䜛ཷク⪅ྡ⩏䛾ཱྀᗙ䜢 SPV 䛜㛤タ䛩䜛 ༢యྲྀᘬ䛸䛧䛶⤌ᡂ䛥䜜䜛䝸䝟䝑䜿䞊䝆മ䛾ሙྜ䛸ྠᵝ䛻䚸䝥䝻䜾䝷䝮ᯟෆ䛷Ⓨ⾜䛥䜜䜛ሙྜ䜒䚸䝜䞊䝖䛻㛵䜟 䜛⤒㈝䛿㏻ᖖ䚸㧗᱁䜢᭷䛩䜛ἲே䛜㈇ᢸ䛩䜛䛛䚸䛒䜛䛔䛿䛾ఱ䜙䛛䛾᪉ἲ䛷䝜䞊䝖ಖ᭷⪅䜈䛾䜻䝱䝑䝅 䝳䝣䝻䞊䛻䛝䛺ᙳ㡪䛜ཬ䜀䛺䛔ᙧ䛷ᡭᙜ䛶䛥䜜䜛䚹䝥䝻䜾䝷䝮Ⓨ⾜䛾ሙྜ䚸䝥䝻䜾䝷䝮䞉䝺䝧䝹䛾⤒㈝䜔 䛾മๆ䛾Ⓨ⾜䛻క䛖⤒㈝䛜䚸≉ᐃ䛾䝜䞊䝖䛾ᨭᡶ䛔䛻䛶䜛㈨㔠䛻ఱ䜙䛛䛾ᙳ㡪䜢ཬ䜌䛧䛖䜛䛛䛸䛔䛖Ⅼ䛻䛴 䛔䛶䛿ὀព䛜ᚲせ䛷䛒䜛䚹 䛔䛪䜜䛻䛫䜘䝮䞊䝕䜱䞊䝈䛿䚸SPV䛜⤒ᖖ⤒㈝ཬ䜃㠀⤒ᖖ⤒㈝䜢㈥䛖䛯䜑䛻ྲྀ䜚ධ䜜䜛⤌䜏䛾ጇᙜᛶ䜢ホ ౯䛩䜛䚹䜎䛯䚸䝮䞊䝕䜱䞊䝈䛿䚸⤒㈝ᨭᡶ⩏ົ⪅䛒䜛䛔䛿⤒㈝຺ᐃ䛻㈨㔠䜢ᥦ౪䛩䜛⪅䛾᱁䜢☜ㄆ䛩䜛 9䚹 䛭䛾䛾ᡭᙜ䛶䛸䛧䛶䚸ᖖ⤒㈝㈇ᢸ䛻⏝ྍ⬟䛺ὶືᛶ䝣䜯䝅䝸䝔䜱䞊䛾タᐃ䜔䚸ඃඛ㡰䛜ᴟ䜑䛶ຎᚋ 䛩䜛䝻䞊䞁䜔䝜䞊䝖䛾Ⓨ⾜䛺䛹䛜⾜䜟䜜䜛䛣䛸䛜䛒䜛䚹 2.1.5 䛭䛾䛾䝇䝖䝷䜽䝏䝱䞊䛸ዎ⣙᭩㢮䛻䛛䛛䜟䜛ၥ㢟 2 .1.5.1 ᮇ㝈๓ൾ㑏ཬ䜃⤊⏤ 䝕䝣䜷䝹䝖☜⋡䛻㛵䛩䜛䝮䞊䝕䜱䞊䝈䛾⪃䛘᪉䜢ྲྀ䜚ධ䜜䛯䝰䝕䝸䞁䜾䜢᥇⏝䛩䜛ሙྜ䚸䝸䝟䝑䜿䞊䝆മ 䛾ዎ⣙᭩㢮䛻つᐃ䛥䜜䛯䝕䝣䜷䝹䝖⏤䛜䚸䛂䝕䝣䜷䝹䝖䛃䛾ᵓᡂせ⣲䛻䛴䛔䛶䛾䝮䞊䝕䜱䞊䝈䛾ᴫᛕ䛸 ᩚྜⓗ䛷䛒䜛䛛䜢☜ㄆ䛩䜛䛣䛸䛜㔜せ䛷䛒䜛䚹䝮䞊䝕䜱䞊䝈䛜ᐃ⩏䛩䜛䛂䝕䝣䜷䝹䝖䛃䛿䚸ඖ㔠䛾ᨭᡶ ᒚ⾜䜎䛯䛿㐜ᘏ䚸◚⏘ἲ䛾㐺⏝⏦ㄳ䜎䛯䛿䛭䜜䛻‽䛨䜛ᨭᡶ⬟⏤䚸ཬ䜃䚸മົ㈇ᢸ㍍ῶ䜢క䛖䚸ᨭ ᡶ⬟䜢ᅇ㑊䛩䜛䛣䛸䜢ពᅗ䛧䛯ᩆ῭┠ⓗ䛾മົ䠄distressed exchange䠅䜢ྵ䜐 10䚹 M 䝸䝟䝑䜿䞊䝆മ䛻䛚䛡䜛ዎ⣙᭩㢮䛻䛚䛔䛶䚸ᮇ㝈๓⤊䛾᮲௳䛸䛥䜜䜛䛂ᢸಖ㈨⏘䛻ᑐ䛧䛶┤䛱䛻ᮇ㝈 䛾┈䛾႙ኻ䜢ᐉゝ䛷䛝䜛≧ែ䛻䛺䜛䛣䛸䛃䛸䛔䛖䜘䛖䛺ዎ⣙ᩥゝ䜢ྵ䜑䜛䛣䛸䛜ၥ㢟䛸䛺䜛䛣䛸䛜䜘䛟䛒䜛䚹 䛣䛾ᩥゝ䛿ཝᐦ䛻ᐃ⩏䛥䜜䛶䛔䜛䛸䛿䛔䛘䛪䚸䝮䞊䝕䜱䞊䝈䛾䝕䝣䜷䝹䝖䛾ᐃ⩏䜘䜚䜒ᗈ⠊䛺䜒䛾䛸䛺䜚䛖 䜛 11䚹䛣䛾⾲⌧䛜ఱ䜢ព䛩䜛䛛䛜᫂☜䛷䛺䛔ሙྜ䚸䝮䞊䝕䜱䞊䝈䛿䛭䛾䜘䛖䛺ィ ྍ⬟䛺䝸䝇䜽䜢ᥦ ㉳䛩䜛䝸䝟䝑䜿䞊䝆മ䛻᱁䜢䛩䜉䛝䛛䛹䛖䛛䜢ὀព῝䛟᳨ウ䛩䜛䚹 ⛒⛯⏤(Tax Events)䛻䛴䛔䛶䜒䛂ಙクዎ⣙䛜ᐃ䜑䜛⩏ົ䜢㑂Ᏺ䛩䜛䛯䜑䚸䜎䛯䛿ᴗ⤒㈝䛒䜛䛔䛿⟶ ⌮⤒㈝䜢㈥䛖䛯䜑䛾Ⓨ⾜య䛾䝁䝇䝖䛜ᖜ䛻ቑຍ䛩䜛䛸Ⓨ⾜య䛜⪃䛘䜛䛣䛸䛃䛺䛹䛾᫂☜ᛶ䜢Ḟ䛟⾲⌧䛜 ྲྀᘬ⤊⏤䛻ྵ䜎䜜䛶䛔䜛ሙྜ䚸ྠᵝ䛾ၥ㢟䛜Ⓨ⏕䛩䜛䚹䛣䛾⾲⌧䜒ᴟ䜑䛶ᖜᗈ䛔ゎ㔘䛜ྍ⬟䛷䚸 㐺ษ䛻ィ ྍ⬟䛺䝸䝇䜽䛾ㄝ᫂䛻䛿䛺䛳䛶䛔䛺䛔䚹䜎䛯䚸䜶䜽䝇䝏䜵䞁䝆⟶⌮䜔ྠᵝ䛾⛣㌿ไ㝈䜒䚸SPV 䛾䝁䝇䝖䜢䛂ᖜ䛻䛃ቑຍ䛥䛫䛛䛽䛺䛔⏤䛸䛧䛶ᣲ䛢䜙䜜䜛䚹䛣䜜䜙䛾᭕䛻ᐃ⩏䛥䜜䛯つᐃ䛻䛴䛝䜎䛸䛖 ㈨㔠ᥦ౪⪅䛾ಙ⏝ຊ䜢ྲྀᘬ䛛䜙ษ䜚㞳䛩䛯䜑䛻䛿䚸䛭䛾⪅䛾᱁䛜 A1 ௨ୖ䛷䛒䜛䛛䚸 A2 ௨ୖ䛛䛴 P-1 䛷䛒䜛ᚲせ 䛜䛒䜚䚸䛣䛾Ỉ‽ᮍ‶䛻᱁ୗ䛢䛥䜜䛯ሙྜ䛻䛿௦䛩䜛䛛ᢸಖ䜢ᥦ౪䛩䜛䛸䛔䛖つᐃ䜢タ䛡䛺䛡䜜䜀䛺䜙䛺䛔䚹 10 䝮䞊䝕䜱䞊䝈䛾䝇䝨䝅䝱䝹䞉䝁䝯䞁䝖 "Corporate Default and Recovery Rates, 1920-2009 (February 2010)" 䠄᪥ᮏㄒ∧䛂♫ മ䞉䝻䞊䞁䛾䝕䝣䜷䝹䝖⋡䛸ᅇ⋡ 1920-2009 䠄2010 ᖺ 3 ᭶䠅䛃䠅䜢ཧ↷䛥䜜䛯䛔䚹 11 䝮䞊䝕䜱䞊䝈䛾䝇䝨䝅䝱䝹䞉䝺䝫䞊䝖"Understanding The Risks In Credit Default Swaps (March 2001)" 䠄᪥ᮏㄒ∧䛂䜽䝺䝆 䝑䝖䞉䝕䝣䜷䝹䝖䞉䝇䝽䝑䝥䛻䛚䛡䜛䝸䝇䜽䠄2001 ᖺ 5 ᭶䠅䛃䠅 䜢ཧ↷䛥䜜䛯䛔䚹 9 7 SEPTEMBER 30, 2010 ᱁ᡭἲ䠖䝸䝟䝑䜿䞊䝆മ䛻ᑐ䛩䜛䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ INTERNATIONAL STRUCTURED FINANCE ☜ᐇᛶ䛿䚸䛭䛾䜘䛖䛺⏤䛾Ⓨ⏕䜢䚸ᐇ㝿䛾ἲᨵṇ䛻䜘䛳䛶⏕䛨䜛ሙྜ䛻㝈ᐃ䛩䜛䛣䛸䛻䜘䛳䛶䚸䝜䞊䝖 ಖ᭷⪅䜈䛾䝸䝇䜽䜢⦆䛩䜛䛣䛸䛜䛷䛝䜛䚹 2 .1.5.2 ཷク⪅䛻䜘䜛䛂㔜䛺ᦆᐖ䛃䛾ุ᩿䛸 RAC ᮲㡯 ྲྀᘬ䛻㔜䛺ᦆᐖ䜢䜒䛯䜙䛩䠄䜎䛯䛿㔜䛺ᝏᙳ㡪䜢ཬ䜌䛩䠅ᜍ䜜䛜䛒䜛㇟䛻㛵䛧䚸ཷク⪅䛜⾜ື䜢 ㉳䛣䛩䛻䛒䛯䛳䛶᱁♫䛾᮲௳䠄Rating Agency Condition䚸䛂RAC䛃䠅䛾ྲྀᚓ䜢᮲௳䛸䛩䜛䛣䛸䛜ዎ⣙᭩ 㢮䛻᫂グ䛥䜜䜛䛣䛸䛜䛒䜛 12䚹䛭䛾䜘䛖䛺ุ᩿䛻㝿䛧䚸ཷク⪅䛿⮬㌟䛷䛭䛾≧ἣ䜢ホ౯䛧䛺䛡䜜䜀䛺䜙䛺 䛔䚹䝮䞊䝕䜱䞊䝈䛿䚸䛒䜛㇟䛜㔜䛺ᦆኻ䜢䜒䛯䜙䛩䛛ྰ䛛䛾ุ᩿䜢䚸䝮䞊䝕䜱䞊䝈䛾RACⓎ⾜䛻౫ Ꮡ䛩䜉䛝䛷䛿䛺䛔䛸⪃䛘䜛 13䚹ዎ⣙᭩㢮䛾䛔䛪䜜䛛䛻RAC᮲㡯䛜ྵ䜎䜜䛶䛔䜛䛛ྰ䛛䛻䛛䛛䜟䜙䛪䚸䝮 䞊䝕䜱䞊䝈䛿䛔䛛䛺䜛ྲྀᘬ䛾ዎ⣙᭩㢮䛻䛚䛔䛶䜒ᙜ⪅䛸䛿䛺䜙䛪䚸ᚑ䛳䛶ዎ⣙᭩㢮䛻䛚䛡䜛᱁ ♫䛾☜ㄆ᮲㡯䛺䛹䛻ᣊ᮰䛥䜜䛺䛔䚹䝮䞊䝕䜱䞊䝈䛿䛔䛛䛺䜛RAC䛾Ⓨ⾜⩏ົ䜒㈇䜟䛪䚸Ⓨ⾜䛩䜛䛛ྰ䛛 䛾ุ᩿䛿ᖖ䛻⮬䜙⾜䛖䚹RAC䛿䚸ᥦ䛥䜜䛶䛔䜛䜰䜽䝅䝵䞁䛻䜘䜛᪤Ꮡ᱁䜈䛾ᙳ㡪䛻㝈ᐃ䛧䛯䝮䞊䝕䜱 䞊䝈䛾ពぢ䛻㐣䛞䛪䚸䛛䛛䜛≧ἣ䛻䛚䛔䛶RAC䛻౫Ꮡ䛩䜛䛾䛿䚸RAC䛜ពᅗ䛩䜛ពぢ䛾⠊ᅖ䜢㉸䛘䜛 䛣䛸䜢ព䛩䜛 14䚹 2.1.5.3 䛂䜲䞁䝇䝖䝷䜽䝔䜱䞁䜾മᶒ⪅䛃䛸䛧䛶䛾䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊 O ET UT H D O AT DO E D LO G Y 䝸䝟䝑䜿䞊䝆മ䛾ዎ⣙᭩㢮䛾୰䛻䛿䚸ᢸಖ㈨⏘䜔 SPV 䛾䝜䞊䝖䜎䛯䛿ド᭩䛻䛛䛛䜟䜛≉ᐃ䛾⾜ື䠄䝕䝣 䜷䝹䝖⏤䛾ᐉゝ䚸ᢸಖᶒ䛾ᐇ⾜䛺䛹䠅䜢⾜䛖䜘䛖ཷク⪅䛻ᣦ♧䛩䜛ᶒ㝈䜢ᣢ䛴䜲䞁䝇䝖䝷䜽䝔䜱䞁䜾മᶒ ⪅䠄䛂䝁䞁䝖䝻䞊䝸䞁䜾മᶒ⪅䛃䚸䜎䛯䛿⡿ᅜ䛾ྲྀᘬ䛷䛿䛂䝁䞁䝖䝻䞊䝸䞁䜾䞉䜽䝷䝇䛃䛸䜀䜜䜛䛣䛸䜒ከ䛔䠅䛜 つᐃ䛥䜜䜛䛣䛸䛜䛒䜛䚹㏻ᖖ䚸≉ᐃ䛾䜽䝷䝇䛾䝜䞊䝖ಖ᭷⪅䛛䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛜䜲䞁䝇䝖䝷䜽䝔䜱䞁䜾 മᶒ⪅䛸䛺䜛䚹ಖド䜔ಖ㝤䝷䝑䝥䜢⤌䜏ධ䜜䛯䝸䝟䝑䜿䞊䝆മ䛾ሙྜ䚸ಖドே䜔ಖ㝤♫䛜㏻ᖖ䚸䜲䞁 䝇䝖䝷䜽䝔䜱䞁䜾മᶒ⪅䛸䛺䜛䚹 䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾┈䛿ᚲ䛪䛧䜒䝜䞊䝖ಖ᭷⪅䛾䛭䜜䛸୍⮴䛩䜛䛸䛿㝈䜙䛺䛔䚹䜹䜴䞁䝍䞊䝟䞊䝔䜱 䞊䛜䜲䞁䝇䝖䝷䜽䝔䜱䞁䜾മᶒ⪅䛾ሙྜ䚸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛻䛸䛳䛶䜲䞁䞉䝄䞉䝬䝛䞊䛾䝇䝽䝑䝥䛾ᨭᡶ 䛔䜢᪩䜑䜛䛯䜑䝕䝣䜷䝹䝖⏤䜢ᐉゝ䛩䜛䛺䛹䚸䝜䞊䝖ಖ᭷⪅䛾┈䛻䛩䜛⾜ື䜢㉳䛣䛩ᠱᛕ䛜䛒䜛䚹 䛭䛾䜘䛖䛺┈┦䜢ᅇ㑊䛩䜛䛯䜑䚸䝮䞊䝕䜱䞊䝈䛿䚸䝸䝟䝑䜿䞊䝆മ䛾ዎ⣙᭩㢮䛻䛚䛔䛶䚸䛂ዎ⣙᭩㢮 䛻ᇶ䛵䛔䛶䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛻ᨭᡶ䜟䜜䜛䜉䛝㔠㢠䛜ᮍᡶ䛔䛾≧ែ䛻䛒䜛䛃䚸䛂䜹䜴䞁䝍䞊䝟䞊䝔䜱 䞊䛜䝕䝣䜷䝹䝖䛧䛶䛔䛺䛔䛃䚸䛂≉ᐃ䛾䜰䜽䝅䝵䞁䛾ᣦᅗ䛻䜘䜚䝜䞊䝖ಖ᭷⪅䛻㔜䛺ᦆᐖ䜢ཬ䜌䛥䛺䛔䛸ཷ ク⪅䛜ุ᩿䛩䜛䛃䛺䛹䛾ሙྜ䛻䛾䜏䚸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛜୍ᐃ䛾ᣦ♧䜢ฟ䛫䜛᪨つᐃ䛥䜜䛶䛔䜛䛛 䛹䛖䛛䜢☜ㄆ䛩䜛䚹 2.1.5.4 CLN 䛾ᢸಖ㈨⏘ M ๓ᥖ䛾ᅗ⾲ 2 䛻♧䛧䛯䜘䛖䛻䚸CLNᙧែ䛾䝸䝟䝑䜿䞊䝆മ䛾Ⓨ⾜௦䜟䜚㔠䛿䚸୍ᐃ䛾᮲௳䛾ୗ䛷㐠⏝䛥 䜜䛺䛡䜜䜀䛺䜙䛺䛔䚹㏻ᖖ䛿䚸䝸䝟䝑䜿䞊䝆മ䛾᱁䜢ᢸಖ㈨⏘䛾മົ⪅䛛䜙ษ䜚㞳䛩䛯䜑䚸ᴟ䜑䛶䝸䝇 䜽䛜ప䛔ドๆ䠄ಙ⏝䝸䝇䜽䚸ᕷሙ䝸䝇䜽䚸ὶືᛶ䝸䝇䜽䛜ప䛔ドๆ䠅䛷㐠⏝䛥䜜䜛䚹䛘䜀䚸▷ᮇ㡸㔠᱁ 䛜P-1 䛷㛗ᮇ᱁䛷䛒䜜䜀A2 ௨ୖ䛾㖟⾜䛷䛾⌧㔠㡸㔠䛺䛹䛷䛒䜛䚹㖟⾜䛾▷ᮇ᱁䛒䜛䛔䛿㛗ᮇ᱁ 䛾䛔䛪䜜䛛䛜䛣䛾Ỉ‽䜢ୗᅇ䛳䛯ሙྜ䚸㖟⾜ཱྀᗙ䛿㏻ᖖ䚸SPV䛾䝁䝇䝖㈇ᢸ䜢క䜟䛪䚸䛣䜜䜙䛾᱁ Ỉ‽䜢‶䛯䛩䛾㔠⼥ᶵ㛵䛻⛣䛥䜜䜛 15䚹ᢸಖ㈨⏘䛜᱁䛾䛒䜛ドๆ䛺䛹䛾ᙧែ䜢䛸䜛ሙྜ䚸᱁䛾 䝺䝧䝹䛻䜘䛳䛶䛿䚸䛭䛾ᢸಖ㈨⏘䛾᱁䛜䠄ఱ䜙䛛䛾㍍ῶ䝯䜹䝙䝈䝮䛜Ꮡᅾ䛧䛺䛔ሙྜ䠅䝸䝟䝑䜿䞊䝆മ 䛾᱁䛻ᙳ㡪䜢ཬ䜌䛩䛣䛸䛸䛺䜛䚹㏻ᖖ䚸ᢸಖ㈨⏘䛾᱁䛜䝸䝟䝑䜿䞊䝆മ䛾᱁䜘䜚䜒㧗䛔Ỉ‽䛷䛒䜛 䜋䛹䚸ᢸಖ㈨⏘䛾᱁䛜䝸䝟䝑䜿䞊䝆മ䛾᱁䛻䛘䜛ᙳ㡪䛿ᑠ䛥䛟䛺䜛䚹 䝮䞊䝕䜱䞊䝈䛾䝇䝨䝅䝱䝹䞉䝁䝯䞁䝖"The Role of Trustees in EMEA Structured Finance Transactions (February 2005)"䜢ཧ ↷䛥䜜䛯䛔䚹 13 䝮䞊䝕䜱䞊䝈䛾᱁䛿ಙ⏝䝸䝇䜽䛾䜏䜢ᑐ㇟䛸䛩䜛䚹ཷク⪅䛿䛒䜛㇟䛜䚸ಙ⏝䝸䝇䜽䛻㛵㐃䛧䛯䜒䛾䛷䛺䛟䛸䜒䚸ఱ䜙䛛 䛾⌮⏤䛷㠀ᖖ䛻᭷ᐖ䛷䛒䜛䛛䛹䛖䛛䜢᳨ウ䛧䛺䛡䜜䜀䛺䜙䛺䛔䚹䝮䞊䝕䜱䞊䝈䛾 RAC 䛜㏻ᖖ䚸ྲྀᘬ䛾䝇䝖䝷䜽䝏䝱䞊ୖ ணᐃ䛥䜜䜛ኚ᭦䛾䜏䜢ᑐ㇟䛸䛩䜛䛾䛻ᑐ䛧䛶䚸ཷク⪅䛿䚸䛭䛾㇟䛜䝇䝖䝷䜽䝏䝱䞊䛾ኚ᭦䜢క䛖䛛ྰ䛛䛻䛛䛛䜟䜙䛪䚸 䛭䛾㇟䛻㛵㐃䛧䛶⪃䛘䜙䜜䜛୍㐃䛾䜰䜽䝅䝵䞁䜢᳨ウ䛩䜛⩏ົ䜢㈇䛖䚹 14 䝮䞊䝕䜱䞊䝈䛾䝇䝨䝅䝱䝹䞉䝺䝫䞊䝖"Moody's Clarifies Policy for the Issuance of RACs (March 2010)" 䠄᪥ᮏㄒ∧䛂RAC Ⓨ ⾜䛻㛵䛩䜛䝮䞊䝕䜱䞊䝈䛾᪉㔪䜢᫂☜䠄2010 ᖺ 5 ᭶䠅䛃䠅䜢ཧ↷䛥䜜䛯䛔䚹 15 䝮䞊䝕䜱䞊䝈䛾䜰䝘䜴䞁䝇䝯䞁䝖 "Moody's Clarifies Criteria For Account Bank Exposure In Synthetic Securitisation (September 2009)"䜢ཧ↷䛥䜜䛯䛔䚹 12 8 SEPTEMBER 30, 2010 ᱁ᡭἲ䠖䝸䝟䝑䜿䞊䝆മ䛻ᑐ䛩䜛䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ INTERNATIONAL STRUCTURED FINANCE ᢸಖ㈨⏘䛾ಙ⏝䝸䝇䜽䛜䝸䝟䝑䜿䞊䝆മ䛾᱁䛻ᑡ䛺䛛䜙䛪ᙳ㡪䜢ཬ䜌䛩ሙྜ䚸䛭䛾㏣ຍ䝸䝇䜽䜢⧊䜚㎸ 䜐 16䚹㏻ᖖ䚸㏣ຍ䝸䝇䜽䜢⪃៖䛧䛺䛔䝸䝟䝑䜿䞊䝆മ䛾ᮇᚅᦆኻ䛻ᢸಖ㈨⏘䛾ᮇᚅᦆኻ䜢ຍ䛩䜛䛣䛸䛻 䜘䛳䛶᱁Ỉ‽䛜Ỵ䜎䜛䚹 2.1.6 ᨭᡶ䛔䛾ᩚྜᛶ 䝸䝟䝑䜿䞊䝆മ䛾ಙ⏝ຊ䛿䛡㈨⏘䛾ಙ⏝ຊ䜢ᫎ䛩䜛䛜䚸䝸䝟䝑䜿䞊䝆മ䛾䝇䝖䝷䜽䝏䝱䞊ୖ䛾≉ᚩ䛻䜘 䛳䛶㏣ຍⓗ䝸䝇䜽䛜⏕䛨䛶䛔䛺䛔䛣䛸䜢☜ㄆ䛩䜛ᚲせ䛜䛒䜛䚹䜻䝱䝑䝅䝳䝣䝻䞊䛸ᨭᡶ䛔ᮇ䛿䚸䛡㈨⏘䛜 䝕䝣䜷䝹䝖䛧䛶䛔䛺䛔䛻䜒䛛䛛䜟䜙䛪䚸䝇䝖䝷䜽䝏䝱䞊ୖ䛾ၥ㢟䛷䝸䝟䝑䜿䞊䝆മ䛜䝕䝣䜷䝹䝖䛩䜛䛸䛔䛖䛣䛸䛜 䛺䛔䜘䛖䛻タᐃ䛥䜜䛺䛡䜜䜀䛺䜙䛺䛔䚹ಶ䚻䛾ၥ㢟Ⅼ䛻ᛂ䛨䛶ᑐฎ᪉ἲ䛿䛔䛟䛴䛛䛒䜛䚹䛡㈨⏘䛾‶ᮇ 䛸䝸䝟䝑䜿䞊䝆മ䛾‶ᮇ䜢୍⮴䛥䛫䛶䜻䝱䝑䝅䝳䝣䝻䞊䛾ၥ㢟䜢ᅇ㑊䛩䜛䛾䛜䛭䛾୍䛷䛒䜛䚹䛡㈨⏘䛻 ᮇ㝈๓ൾ㑏䛾つᐃ䛜䛒䜛ሙྜ䛻䛿䚸䝸䝟䝑䜿䞊䝆മ䛻䜒ᑐᛂ䛩䜛つᐃ䜢タ䛡䜛䛣䛸䛸䛺䜛䚹䜎䛯䚸SPV 䛜ᨭᡶ 䛔䜢⾜䛖ᮇ䜎䛷䛻 SPV 䛾ཱྀᗙ䛻ᚲせ㈨㔠䛜ධ㔠䛥䜜䜛䜘䛖䚸༑ศ䛺㛫䛜☜ಖ䛥䜜䛶䛔䜛ᚲせ䛜䛒䜛䚹ྠ ᵝ䛻㏻ᖖ䚸䝸䝟䝑䜿䞊䝆മ䛾ົฎ⌮ୖ䛾వ⿱䜢☜ಖ䛧䚸⣧⢋䛺䝔䜽䝙䜹䝹䞉䝕䝣䜷䝹䝖䜢ᅇ㑊䛷䛝䜛䜘䛖䛻䛩 䜛䛯䜑䚸䛡㈨⏘䛾⊰ணᮇ㛫䛻┦ᙜ䛩䜛ᨭᡶ⊰ணᮇ㛫䛜タᐃ䛥䜜䜛䚹䜎䛯䚸㔠ᇶ‽䚸㏻㈌䚸ᨭᡶᮇ䚸 䛭䛾䛜␗䛺䜛ሙྜ䛻䛿䚸䝇䝖䝷䜽䝏䝱䞊ୖ䛾ᥐ⨨䜎䛯䛿๓㏙䛾䝇䝽䝑䝥ዎ⣙䛻䜘䜚ᑐฎ䛩䜛ᚲせ䛜䛒䜛䚹 O ET UT H D O AT DO E D LO G Y 2.2 䝥䝻䜾䝷䝮Ⓨ⾜䛻క䛖ၥ㢟 䝸䝟䝑䜿䞊䝆മ䛿䛭䛾༙䛜䚸」ᩘമๆ䜢Ⓨ⾜䛩䜛䝥䝻䜾䝷䝮䛾ୗ䛷⤌ᡂ䛥䜜䜛䚹䜋䛸䜣䛹䛾ሙྜ䚸1 䛴䛾 SPV 䛜䝥䝻䜾䝷䝮䛾䛶䛾䝜䞊䝖䛾Ⓨ⾜య䛸䛺䜛䚹 ⡿ᅜ䛻䛚䛡䜛䛂䝇䝖䝷䜽䝏䝱䞊䝗䞉䝜䞊䝖䞉䝥䝻䜾䝷䝮䛃䛿㏻ᖖ䚸ከ䛟䛾ಶู䝅䝸䞊䝈䛷ᵓᡂ䛥䜜䚸ಶ䚻䛾䝅䝸䞊䝈 䛾ෆᐜ䛿䝅䝸䞊䝈䞉䝃䝥䝸䝯䞁䝖䛷つᐃ䛥䜜䜛䚹ᢞ㈨ᐙ䛿䛭䜜䜙䛾䝅䝸䞊䝈䞉䝃䝥䝸䝯䞁䝖䛻グ㍕䛥䜜䛯᮲௳䛻ᛂ 䛨䛶ドๆ䜢ྲྀᚓ䛩䜛䚹䝅䝸䞊䝈䞉䝃䝥䝸䝯䞁䝖䛜つᐃ䛩䜛ಶ䚻䛾䝡䞊䜽䝹䛿㏻ᖖ䚸䛡㈨⏘䛻䛴䛔䛶䝅䝸䞊䝈 ẖ䛻タᐃ䛥䜜䜛䛂ಙク䛃䛾ᙧែ䛷⤌ᡂ䛥䜜䚸ධཬ䜃മົ䛿ᑓ䜙䛭䛾ಶู䛾ಙク䛻ᖐᒓ䛩䜛䚹䝅䝸䞊䝈ẖ䛾 ศ㞳䛾䛯䜑䛾ᥐ⨨䛻㛵䛧␗䛺䜛᪉ἲ䛜⏝䛔䜙䜜䜛ሙྜ䚸䝮䞊䝕䜱䞊䝈䛿䚸䛭䛾≧ἣ䜔⫼ᬒ䜢ヲ⣽䛻☜ㄆ䛧䛯 ୖ䛷䚸ಶู䝅䝸䞊䝈䛾ಙ⏝䝸䝇䜽䛜䛾䝅䝸䞊䝈䛻ᙳ㡪䛩䜛䛣䛸䛜䛺䛔䜘䛖䚸䝥䝻䜾䝷䝮䛸䛧䛶༑ศ䛻ศ㞳䛜ᅗ䜙 䜜䛶䛔䜛䛛䜢ุ᩿䛩䜛䚹 䜎䛯䚸䛭䛾䜘䛖䛺䝥䝻䜾䝷䝮䛷䛿䚸1 䛴䛾䝸䝟䝑䜿䞊䝆മ䛒䜛䛔䛿ド᭩䛾┈䛜䚸䝥䝻䜾䝷䝮ෆ䛾ู䛾䝅䝸䞊䝈 䛾ྲྀᘬᙜ⪅䛾┈䜔⾜ື䛾ᙳ㡪䜢ཷ䛡䜛ྍ⬟ᛶ䛜䛒䜛䛛䛸䛔䛖Ⅼ䛻䜒ὀព䛜ᚲせ䛷䛒䜛䚹 2.2.1 ㈨⏘䛾䛂ศ㞳䛃 2.1 㡯䛷ㄝ᫂䛧䛯つᐃ䛻㛵䛩䜛ዎ⣙᭩㢮䛾䝺䝡䝳䞊䛾䚸䝮䞊䝕䜱䞊䝈䛿䚸䝥䝻䜾䝷䝮䛻䛚䛔䛶䛡㈨⏘ 䛜㐺ษ䛻䛂ศ㞳䛃䛥䜜䛶䛔䜛䛛䛹䛖䛛䜢ホ౯䛩䜛䚹䛣䛣䛷䛔䛖䛂ศ㞳䛃䛸䛿䚸䛒䜛䝅䝸䞊䝈䛾䝜䞊䝖䛒䜛䛔䛿ド᭩䛜 䛾䝅䝸䞊䝈䛾䛡㈨⏘䛻䜰䜽䝉䝇䛷䛝䛺䛔䜘䛖䛺⤌䜏䛾ୗ䚸ಶ䚻䛾䝸䝟䝑䜿䞊䝆മ䛜䛭䜜䛮䜜䛾ᢸಖ ㈨⏘䛻䛻㐳ồ䚸౫ᣐ䛷䛝䜛䜘䛖䛺䚸䝥䝻䜾䝷䝮ෆ䛷䛾㈨⏘䛾ཝᐦ䛺ศ㞳䜢ព䛩䜛䚹䛣䜜䛻䛿䚸2.1.2 ⠇ 䛷ㄝ᫂䛧䛯䝸䝭䝔䝑䝗䞉䝸䝁䞊䝇䜔䚸Ύ⟬⏦❧⚗Ṇ䚸ᢸಖつᐃ䛻㛵䛩䜛䚸䜘䜚ヲ⣽䛺グ㏙䜒ྵ䜎䜜䜛䚹 2 .2.1.1 䝮䞊䝕䜱䞊䝈䛾᱁䛜䛥䜜䛶䛔䛺䛔മົ䛾䝺䝡䝳䞊 M ㈨⏘䛾ศ㞳䛻㛵㐃䛧䚸ྠ䛨䝸䝟䝑䜿䞊䝆മ䝥䝻䜾䝷䝮䛛䜙Ⓨ⾜䛥䜜䜛䚸䝮䞊䝕䜱䞊䝈䛾᱁䛜䛥䜜䛶 䛔䛺䛔മົ䛜䚸䝮䞊䝕䜱䞊䝈䛜᱁䜢䛧䛶䛔䜛䝜䞊䝖䛾ಖ᭷⪅䛻䛸䛳䛶ఱ䜙䛛䛾䝸䝇䜽䛸䛺䜛䛣䛸䛿䛺 䛔䛛䛸䛔䛖ၥ㢟䜒䛒䜛䚹ᠱᛕ䛥䜜䜛䛾䛿䚸䝮䞊䝕䜱䞊䝈䛾᱁䛜䛥䜜䛶䛔䛺䛔䝸䝟䝑䜿䞊䝆മ䛾മᶒ ⪅䛛䜙䛾ㄳồ䛻ᑐ䛩䜛ᨭᡶ䛔䛾䛯䜑䛻䚸䝮䞊䝕䜱䞊䝈᱁䜢᭷䛩䜛䝸䝟䝑䜿䞊䝆മ䛾ᢸಖ㈨⏘䜢ᙜ䛩 䜛ᚲせ䛜⏕䛨䜛䛺䛹䚸䝮䞊䝕䜱䞊䝈᱁䜢᭷䛩䜛䝸䝟䝑䜿䞊䝆മ䛾ಖ᭷⪅䛾ㄳồᶒ䛜ᐖ䛥䜜䜛ែ䛷䛒䜛䚹 䛣䛾䜘䛖䛺䚸䝮䞊䝕䜱䞊䝈䛾᱁䛜䛥䜜䛶䛔䛺䛔ྲྀᘬ䛻䜘䜚⏕䛨䜛䝸䝇䜽䛿䚸䛔䛟䛴䛛䛾᪉ἲ䛷⦆䛩 䜛䛣䛸䛜䛷䛝䜛䛸䝮䞊䝕䜱䞊䝈䛿⪃䛘䛶䛔䜛䚹Ḣᕞ䛾䝥䝻䜾䝷䝮䜢䛻䛸䜛䛸䚸䛣䛾✀䛾䝸䝇䜽䛿䚸᪤䛻ᕷሙ ཧຍ⪅䛻䜘䜚ᥦ䛥䜜䛶䛔䜛ḟ䛾䜘䛖䛺᪉ἲ䛻䜘䜚༑ศ䛻⦆䛩䜛䛣䛸䛜䛷䛝䜛䚹 i 䛶䛾ᙜ⪅䛜䚸ᣊ᮰ຊ䛾䛒䜛䝸䝭䝔䝑䝗䞉䝸䝁䞊䝇᮲㡯䚸Ύ⟬⏦❧⚗Ṇ᮲㡯䚸ཬ䜃䝜䞊䜰䜽䝅䝵䞁᮲ 㡯䠄ཷク⪅䛜ዎ⣙䛻ᇶ䛵䛔䛶⾜䛖ሙྜ䜢㝖䛝䚸䛔䛪䜜䛾മᶒ⪅䜒ἲⓗ⾜ື䜔㈺ൾㄳồ䛜䛷䛝䛺䛔 ᪨䛾᮲㡯䠅䛻ᚑ䛖䜘䛖つᐃ䛥䜜䛶䛔䜛䚹䛛䛴䚸 䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ "Moody's Approach to Rating Corporate Collateralized Synthetic Obligations(September 2009)" 䠄᪥ᮏㄒ∧䛂ᴗ CSO䠄䝅䞁䝉䝔䜱䝑䜽 CDO䠅䛻ᑐ䛩䜛䝮䞊䝕䜱䞊䝈䛾᱁䛡ᡭἲ䠄2009 ᖺ 10 ᭶䠅䛃䠅 䛾 Section 4.2.䠄➨ 4.2 㡯䠅䜢ཧ↷䛥䜜䛯䛔䚹 16 9 SEPTEMBER 30, 2010 ᱁ᡭἲ䠖䝸䝟䝑䜿䞊䝆മ䛻ᑐ䛩䜛䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ INTERNATIONAL STRUCTURED FINANCE ii 䝮䞊䝕䜱䞊䝈䛾᱁䛜䛥䜜䛶䛔䛺䛔䝅䝸䞊䝈䛻䛴䛔䛶䚸(1)䛭䜜䜙↓᱁䛾䝅䝸䞊䝈䛻㛵䛩䜛Ⓨ ⾜య䛾⩏ົ䛿ᇳ⾜ྍ⬟䛷䛒䜚䚸(2)Ⓨ⾜య䛜䛭䜜䜙↓᱁䛾䝅䝸䞊䝈䛾Ⓨ⾜䛻䜘䛳䛶ྲྀᘬ䛻グ㍕䛥 䜜䛶䛔䛺䛔⛒⛯ᨭᡶ⩏ົ䜢㈇䛖䛣䛸䛿䛺䛔䛸䛔䛖䝸䞊䜺䝹䞉䜸䝢䝙䜸䞁䛜ண䜑ᥦฟ䛥䜜䛶䛔䜛䚹䛛䛴䚸 iii SPV 䛾⤒ᖖ⤒㈝䜢㈥䛖ᥐ⨨䛜ㅮ䛨䜙䜜䛶䛚䜚䚸䛛䛴䠄䝥䝻䜾䝷䝮䞉䝺䝧䝹䛷ᡭᙜ䛶䛥䜜䛶䛔䛺䛔ሙྜ䠅 䛶䛾䝮䞊䝕䜱䞊䝈䛾᱁䛜䛥䜜䛶䛔䛺䛔ྲྀᘬ䛻㛵䛧䚸㠀⤒ᖖⓗ䛺⤒㈝䜢㈥䛖ᥐ⨨䛜ㅮ䛨䜙 䜜䛶䛔䜛䚹䛛䛴䚸 iv 䝮䞊䝕䜱䞊䝈䛾᱁䛜䛥䜜䛶䛔䛺䛔䝅䝸䞊䝈䛾ྲྀᘬ㛤ጞ䜎䛷䛻(i)䛸(ii)䛷㏙䜉䜙䜜䛯᮲௳䛜‶ 䛯䛥䜜䛶䛔䜛᪨䛾እ㒊ἲᚊ㢳ၥ䛾☜ㄆ䜢ᚓ䛶䛔䜛䚹䛛䛴䚸 v ᑡ䛺䛟䛸䜒ᖺ 1 ᅇ䚸ᅜ㝿ⓗ䛻ㄆ▱䛥䜜䛯┘ᰝົᡤ䜘䜚䚸ୖグᑐᛂ䜢ᑐ㇟䛸䛩䜛≉ᐃ䛾ྜព䛥䜜䛯 ᡭ⥆䛝(AUP)䛜䝥䝻䜾䝷䝮䛾ୗ䛷㑂Ᏺ䛥䜜䛶䛔䜛᪨䛾☜ㄆ䜢ᚓ䛶䛔䜛䚹 䛣䜜䜙䛾つᐃ䛿㏻ᖖಙクዎ⣙䛻ྵ䜎䜜䚸䠄ಙクዎ⣙䛾ୗ䛷䠅SPV䛿SPV䛜䛣䜜䜙䝁䝧䝘䞁䝒䛻䛛䛛䜟䜛㐪䜢 ⾜䜟䛺䛔᪨ㄋ⣙䛩䜛䚹䛥䜙䛻䛣䜜䜙䛾䝁䝧䝘䞁䝒䛻㛵䛧䛶䛿䚸つᐃ䛾๐㝖䜔ᚋⓗ䛺ᒓዎ⣙䛻䛚䛡䜛ᨵゞ 䜢⾜䜟䛺䛔᪨つᐃ䛥䜜䜛䜉䛝䛷䛒䜛 17䚹 O ET UT H D O AT DO E D LO G Y 2 .2.1.2 䝹䜽䝉䞁䝤䝹䜽䛾 SPV䠄䝮䞊䝕䜱䞊䝈䛾᱁䛜䛥䜜䛶䛔䛺䛔ྲྀᘬ䛾䝺䝡䝳䞊䛿せ䠅 䝹䜽䝉䞁䝤䝹䜽䛾 2004 ᖺドๆἲ(Securitization Law䚸௨ୗ䛂ྠἲ䛃䠅䛻ᇶ䛵䛔䛶⤌ᡂ䛥䜜䛯SPV䛻䛴䛔 䛶䛿䚸䝮䞊䝕䜱䞊䝈䛾᱁䛾䛒䜛ྲྀᘬ䜢ྵ䜣䛰䝥䝻䜾䝷䝮䛾ୗ䛷Ⓨ⾜䛥䜜䛯䝮䞊䝕䜱䞊䝈䛾᱁䛾䛺䛔䝜 䞊䝖䛾䝺䝡䝳䞊䛿せ䛸䛺䜛 18䚹 ྠἲ䛻䜘䜜䜀䚸䝥䝻䜾䝷䝮ෆ䛷䛾ಶูⓎ⾜䛿䚸᫂☜䛻ศ㞳䛥䜜䛯䛂䝁䞁䝟䞊䝖䝯䞁䝖䛃䛸䛧䛶ᢅ䜟䜜䜛䚹ྠἲ 䛷䛿䚸䛶䛾മᶒ⪅䠄ዎ⣙ୖ䛾മᶒ⪅䛷䛒䜛䛛䚸⛯ົᙜᒁ䛺䛹䛭䛾䛾⌮⏤䛷മᶒ⪅䛻䛺䛳䛯⪅䛷䛒䜛 䛛䜢ၥ䜟䛺䛔䠅䛾ㄳồᶒ䛿䚸䛭䜜䜙䛜Ⓨ⏕䛧䛯䝁䞁䝟䞊䝖䝯䞁䝖䛻␃ಖ䛥䜜䛶䛔䜛㈨⏘䛻䛧䛛㐳ồ䛷䛝䛺䛔 䛸つᐃ䛥䜜䛶䛔䜛䚹䛩䛺䜟䛱䚸䝁䞁䝟䞊䝖䝯䞁䝖ෆ䛾㈨⏘䛿䚸䛭䛾䝁䞁䝟䞊䝖䝯䞁䝖䛾䝜䞊䝖ಖ᭷⪅䚸䜹䜴䞁䝍 䞊䝟䞊䝔䜱䞊䚸ཬ䜃䛭䛾䛾㛵㐃മᶒ⪅䛾䜏䛻⏝ྍ⬟䛸䛺䜛䚹 䛥䜙䛻ྠἲ䛿䚸മᶒ⪅䛿 SPV 䛾㈨⏘䜢ᕪ䛧ᢲ䛥䛘䜛䛣䛸䛜䛷䛝䛪䚸◚⏘⏦ㄳ䜒䛷䛝䛪䚸SPV 䛻ᑐ䛩䜛䛭䛾 䛾㞟ᅋⓗッゴ䜔᭦⏕㛤ጞ䛾ᡭ⥆䛝䜒䛷䛝䛺䛔䛸つᐃ䛩䜛䚹ྠἲ䛾ୗ䛷䛿䛭䛾䜘䛖䛺ᡭ⥆䛝䛜㛤ጞ䛥䜜 䛯䛸䛧䛶䜒チᐜ䛥䜜䛺䛔䚹 3. 䝮䞊䝕䜱䞊䝈䛾ᮇᚅᦆኻศᯒ 䝮䞊䝕䜱䞊䝈䛿䝸䝟䝑䜿䞊䝆മ䛾ᐃ㔞ศᯒ䛻䛚䛔䛶䚸ྲྀᘬ䛾䝇䝖䝷䜽䝏䝱䞊䚸ᢸಖ㈨⏘ཬ䜃ྲྀᘬ䛾ୗ䛷Ⓨ⏕ 䛩䜛䛭䛾䛾ಙ⏝䝸䝇䜽䛻㛵䛧䚸䝸䝟䝑䜿䞊䝆മ䛾ᢞ㈨ᐙ䛜⿕䜚䛖䜛ᮇᚅᦆኻ䠄䛂EL䛃䠅䜢ィ⟬䛩䜛䚹䛣䛣䛷䛿䚸䝜 䞊䝖ಖ᭷⪅䛜ᦆኻ䜢⿕䜛ྍ⬟ᛶ䛾䛒䜛㇟ཬ䜃䛭䛾Ⓨ⏕☜⋡䜢≉ᐃ䛧䚸EL ศᯒ䜢⾜䛖䚹 3.1 ᮇᚅᦆኻ䛾䝰䝕䝸䞁䜾ᡭἲ 䝮䞊䝕䜱䞊䝈䛿 EL 䛾ィ⟬䛻㝿䛧䚸୍ᐃ䛾㛫㝸䠄㏻ᖖ 1 ᖺ䠅䛷ྲྀᘬ䛾ᮇ㛫䜢㏻䛨䛶Ⓨ⏕䛧䛖䜛ᦆኻ䜢క䛖 ⏤䛾Ⓨ⏕☜⋡䛸䛭䛾㝿䛾ᦆኻ䜢ホ౯䛩䜛䚹ḟ䛻䛣䜜䜙䛾ྛⅬ䛻䛚䛡䜛 EL 䜢ྜィ䛧䚸᱁ᑐ㇟䝜䞊䝖䛾ຍ 㔜ᖹᆒ EL 䜢⟬ᐃ䛩䜛䚹 3.1.1 ⤊䛾ྍ⬟ᛶ M 䝸䝟䝑䜿䞊䝆മ䛾ྲྀᘬ䛷䛿㏻ᖖ䚸ᦆኻ䛜Ⓨ⏕䛩䜛䛾䛿䚸䛡㈨⏘䛾䝕䝣䜷䝹䝖䛛䠄ᚋẁ䛾 3.4 㡯䛷㏙䜉䜛䜘 䛖䛻䝸䝟䝑䜿䞊䝆മ䛾᱁䛜䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾ಙ⏝ຊ䛛䜙䛂ษ䜚㞳䛥䜜䛶䛃䛔䛺䛔ሙྜ䛿䠅䜹䜴䞁䝍䞊䝟 䞊䝔䜱䞊䛾䝕䝣䜷䝹䝖䛾䛔䛪䜜䛛䛜Ⓨ⏕䛧䛯ሙྜ䛷䛒䜛䚹ᢸಖ㈨⏘䛸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛭䜜䛮䜜䛻㛵䛧䚸 ྲྀᘬᮇ㛫ෆ䛾≉ᐃᮇ䠄≉ᐃᖺ䠅䛻䝕䝣䜷䝹䝖䛜Ⓨ⏕䛩䜛☜⋡䛿䚸䛂䝮䞊䝕䜱䞊䝈䛾⌮䛥䜜䛯䝕䝣䜷䝹䝖 ᶆ‽ዎ⣙ᵝᘧ䜢䛳䛶タᐃ䛥䜜䛶䛔䜛䜒䛾䛾䚸䝥䝻䜾䝷䝮ዎ⣙䛜Ꮡᅾ䛧䛺䛔䝥䝻䜾䝷䝮䛜୍㒊䛻䛒䜛䚹䛭䜜䜙䛿チᐜ䛥䜜 䜛ᵝᘧ䛷䛒䜛䛜䚸SPV 䛿䚸ྲྀᘬ䛻᱁䛜䛥䜜䛺䛔ሙྜ䜒ྵ䜑䚸䛭䛾ᵝᘧ䛻ᚑ䛖䛣䛸䜢ᣊ᮰ຊ䛾䛒䜛᭩㢮䛷つᐃ䛧䛺 䛡䜜䜀䛺䜙䛺䛔䚹䛣䜜䜙䛾䝁䝧䝘䞁䝒䛿䚸䝥䝻䜾䝷䝮䞉䝺䝧䝹䛷ู㏵⥾⤖䞉⨫ྡ䛥䜜䜛ᚲせ䛜䛒䜛䚹䛥䜙䛻䚸䛭䛾ዎ⣙䛾᭷ ຠᛶ䜢☜ㄆ䛩䜛䝥䝻䜾䝷䝮䞉䝺䝧䝹䛷䛾䝸䞊䜺䝹䞉䜸䝢䝙䜸䞁䚸䜎䛯䛿䝁䝧䝘䞁䝒䛜ᒓಙクዎ⣙䛒䜛䛔䛿ᒓ䜲䞁䝕䞁 䝏䝱䞊䛻ྵ䜎䜜䚸䛭䛾୍㒊䜢ᡂ䛩䛣䛸䜢☜ㄆ䛩䜛ἲᚊົᡤ䛾ド᫂䜒ᚲせ䛷䛒䜝䛖䚹ዎ⣙ୖ䛾ྜព䛷䛿䛺䛟䚸䛂ศ㞳䛃䜢 つᐃ䛩䜛ἲయ⣔䜢ᣢ䛴ྖἲ⟶㎄䛻タ❧䛥䜜䛯♫䠄䛘䜀䚸2.2.1.2 䛷ゝཬ䛧䛯䝹䜽䝉䞁䝤䝹䜽䛾ศ㞳䝉䝹(cell)♫䠅 䛻䛴䛔䛶䛿䚸䛭䛾䜘䛖䛺ἲไ䛜 SPV 䛻㐺⏝䛥䜜䜛䛯䜑䛾せ௳䛜‶䛯䛥䜜䛶䛔䜛䛣䛸䜢☜ㄆ䛩䜛䛣䛸䛜ᚲせ䛻䛺䜛䚹䛭䛾䜘 䛖䛺᮲௳䜢䚸SPV 䛾タ❧ᐃḰ䛻㏣ຍつᐃ䛸䛧䛶⧊䜚㎸䜐䛣䛸䛜ᚲせ䛻䛺䜛ሙྜ䛜䛒䜛䚹 18 Luxembourg Securitisation Law of 22 March, 2004. 17 10 SEPTEMBER 30, 2010 ᱁ᡭἲ䠖䝸䝟䝑䜿䞊䝆മ䛻ᑐ䛩䜛䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ INTERNATIONAL STRUCTURED FINANCE ⋡䝔䞊䝤䝹䛃䠄㘓 1䠅䛻䜘䜚ồ䜑䜛䚹≉ᐃᖺ t 䛾ᖺ㛫䝕䝣䜷䝹䝖⋡䛿䚸䝔䞊䝤䝹䛻䛚䛡䜛 t ᖺ䛾䝕䝣䜷䝹䝖⋡ 䛛䜙 t-1 ᖺ䛾䝕䝣䜷䝹䝖⋡䜢ᘬ䛔䛶⟬ᐃ䛩䜛䚹 䝮䞊䝕䜱䞊䝈䛾䝕䝣䜷䝹䝖⋡䝔䞊䝤䝹䛿ᢸಖ㈨⏘䛾മົ⪅䛒䜛䛔䛿䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾䛔䛪䜜䛛䛻㐺⏝ 䛥䜜䜛䛣䛸䛜ከ䛔䛜䚸䛣䛾୧⪅䛾䝆䝵䜲䞁䝖䞉䝕䝣䜷䝹䝖☜⋡䛾ィ⟬䛿䜘䜚」㞧䛻䛺䜛䚹䛧䛛䛧䚸ᚋẁ䛾 3.2 㡯䛷 ㏙䜉䜛䜘䛖䛻䚸ᢸಖ㈨⏘മົ⪅䛸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾䝕䝣䜷䝹䝖䛿䛭䜜䛮䜜⊂❧䛧䛶Ⓨ⏕䛩䜛䛸䜏䛺䛧䛶䚸 ศᯒ䜢༢⣧䛩䜛䛾䛿ጇᙜ䛸⪃䛘䜙䜜䜛䚹 3.1.2 ⤊⏤Ⓨ⏕ᚋ䛾ᦆኻ䛾☜ᐃ ᢸಖ㈨⏘ཬ䜃䝇䝽䝑䝥䛻㛵䜟䜛䝮䞊䝕䜱䞊䝈䛾ᅇ⋡䛾ᐃ䛻ᇶ䛵䛝䚸⤊⏤䛻క䛖ᦆኻ䜢ィ⟬䛩䜛䠄3.3 㡯䛷ㄝ᫂䠅䚹 3.2 ᮇᚅᦆኻ䛾ィ⟬䠄ྛ䝅䝘䝸䜸䛻䛚䛡䜛ᦆኻ䛾ຍ㔜ᖹᆒ䠅 O ET UT H D O AT DO E D LO G Y 䜋䛸䜣䛹䛾䝸䝟䝑䜿䞊䝆മ䛿䝅䞁䝥䝹䛺䚸༢୍䝖䝷䞁䝅䜵䛾⌧≀ྲྀᘬ䠄๓ᥖᅗ⾲ 1䠅䛛䝅䞁䝉䝔䜱䝑䜽ྲྀᘬ䠄๓ᥖ ᅗ⾲ 2䠅䛾ᙧែ䜢䛸䜛䚹䛤䛟ᑡᩘ䛾እ䜢㝖䛔䛶䚸䝮䞊䝕䜱䞊䝈䛾䝰䝕䝸䞁䜾䛻ᇶ䛵䛟䝸䝟䝑䜿䞊䝆മ䛾 EL 䛿䚸 ྛ䝅䝘䝸䜸䛻䛚䛡䜛䝕䝣䜷䝹䝖䜎䛯䛿㠀䝕䝣䜷䝹䝖䛾⤖ᯝⓎ⏕䛧䛖䜛ᦆኻ䜢䚸☜⋡䛷ຍ㔜ᖹᆒ䛧䛯䜒䛾䛷䛒䜛䚹 ୍᪉䚸䝮䞊䝕䜱䞊䝈䛿䚸య䛾ຍ㔜ᖹᆒ EL 䛸᭱పỈ‽䛾䝕䝣䜷䝹䝖☜⋡䜒ẚ㍑᳨ウ䛩䜛䚹᭱పỈ‽䛾䝕䝣 䜷䝹䝖☜⋡䛷䜏䜜䜀 Ba 䛾᱁Ỉ‽䛻䛒䛳䛶䜒䚸ຍ㔜ᖹᆒ EL 䛿䝅䞁䜾䝹 A 䛻┦ᙜ䛩䜛ሙྜ䛜䛒䜛䚹䛭䛾䜘䛖 䛺ሙྜ䛻䛿䚸᱁ጤဨ䛻䛚䛔䛶䛭䛾ᕪ␗䜢᳨ド䛩䜛䚹 ⪃䛘䜙䜜䜛䝅䝘䝸䜸䛿ḟ䛾㏻䜚䚹 » ᢸಖ㈨⏘䛾䝕䝣䜷䝹䝖 » 䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾䝕䝣䜷䝹䝖 » ᢸಖ㈨⏘䛸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾䝕䝣䜷䝹䝖 » 䝕䝣䜷䝹䝖䛺䛧 䜋䛸䜣䛹䛾ሙྜ䚸ḟ䛾䜘䛖䛻ᐃ䛩䜛䛾䛜ጇᙜ䛸⪃䛘䜙䜜䜛䚹 1. ᢸಖ㈨⏘䛸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾䝕䝣䜷䝹䝖䛿䛔䛻⊂❧䛧䛶䛚䜚䚸䛛䛴 2. ྠᮇ䛻୧⪅䛜䝕䝣䜷䝹䝖䛩䜛☜⋡䛿䜋䜋䝊䝻䛷䛒䜛 䜋䛸䜣䛹䛾䝸䝟䝑䜿䞊䝆മ䛻䛴䛔䛶ᢸಖ㈨⏘䛸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾㛫䛻䛿᫂ⓑ䛺┦㛵㛵ಀ䛿䛺䛔䠄䛘 䜀䚸䛡മົ⪅䛜䝣䝷䞁䝇ᴗ䛷䚸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛜ⱥᅜ䛾㖟⾜䛷䛒䜛ሙྜ䛺䛹䠅䚹 ୍⯡ⓗ䛺䝸䝟䝑䜿䞊䝆മ䛾䝇䝖䝷䜽䝏䝱䞊䜢⪃៖䛩䜜䜀䚸䝕䝣䜷䝹䝖┦㛵䛿䚸ᙜึ䛾ᐃ䜘䜚䛥䜙䛻㝈ᐃⓗ䛸䛺 䜛䚹䛡㈨⏘䛒䜛䛔䛿䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾䛔䛪䜜䛛䛜䝕䝣䜷䝹䝖䛧䛯ሙྜ䚸㏻ᖖ䝸䝟䝑䜿䞊䝆മ䛿⤊ 䛒䜛䛔䛿ゎ⣙䛸䛺䜛䚹」ྜ䝕䝣䜷䝹䝖䛜ၥ㢟䛸䛺䜛䛾䛿䚸୧⪅䛜ྠᮇ䛻䝕䝣䜷䝹䝖䛧䛯ሙྜ䛷䛒䜛䚹ᐦ᥋䛻 㛵㐃䛧䛯ᴗྠኈ䛷䛒䛳䛶䜒䚸」ྜ䝕䝣䜷䝹䝖䛜ྠᮇ䛻Ⓨ⏕䛩䜛☜⋡䛿䚸䝸䝟䝑䜿䞊䝆മ䛾ྲྀᘬᮇ㛫䠄5 ᖺ 䛺䛹䠅䜢㏻䛨䛶Ⓨ⏕䛩䜛☜⋡䜘䜚䜒ᖜ䛻ᑠ䛥䛟䛺䜝䛖䚹 M 䛴䜎䜚䚸୍ᥱ䜚䛾䝸䝟䝑䜿䞊䝆മ䜢㝖䛡䜀䚸」ྜ䝕䝣䜷䝹䝖䛾☜⋡䛿ᐇ㉁ⓗ䛻ၥ㢟䛻䛺䜙䛺䛔䛸䛔䛖䛣䛸䛸䛺䜛䚹 䛭䛾ሙྜ䚸䝸䝟䝑䜿䞊䝆മ䛾 EL 䛿ྛ䝅䝘䝸䜸ୗ䛷䛾ᦆኻ䜢ྛ䝅䝘䝸䜸䛜Ⓨ⏕䛩䜛☜⋡䛷ຍ㔜ᖹᆒ䛧䛯䜒䛾䛻 䜋䜌➼䛧䛟䛺䜛䚹䛘䜀䚸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾᱁䛜 Aa3 䛷ᢸಖ㈨⏘䛾᱁䛜 Baa3 䛾ྲྀᘬᮇ㛫䛜 1 ᖺ 䛾䝸䝟䝑䜿䞊䝆മ䛾ሙྜ䚸୧⪅䛜ඹ䛻䝕䝣䜷䝹䝖䛩䜛☜⋡䛿䚸Aa3 䛾䝕䝣䜷䝹䝖☜⋡䛻 Baa3 䛾䝕䝣䜷䝹䝖☜⋡ 䜢䛨䛯್䛻➼䛧䛟䛺䜛䚹ィ⟬䛩䜛䛸䚸0.003020%㽢0.420000%=0.000013%䛸䛺䜚䚸䛣䜜䛿 Aaa 䛻┦ᙜ䛩䜛䚹 3.3 ⤊⏤Ⓨ⏕ᚋ䛾ᦆኻ䛾⟬ᐃ 䛣䛾㡯䛷䛿䚸䝸䝟䝑䜿䞊䝆മ䛻ྲྀᘬ⤊⏤䛜Ⓨ⏕䛧䛯㝿䛾ᮇᚅᅇ⋡䛻䛴䛔䛶ヲ䛧䛟ㄝ᫂䛩䜛䚹䜎䛪䛿ᢸ ಖ㈨⏘䛜䝕䝣䜷䝹䝖䛧䛯ሙྜ䛻䛴䛔䛶㏙䜉䚸⥆䛔䛶䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛜䝕䝣䜷䝹䝖䛧䛯ሙྜ䛻䛴䛔䛶⪃ᐹ 䛩䜛䚹 3.3.1 ᢸಖ㈨⏘䛾䝕䝣䜷䝹䝖䛾ᙳ㡪 3.3.1.1 ᢸಖ㈨⏘䛻Ⓨ⏕䛩䜛ᦆኻ ୍⯡䛻ᢸಖ㈨⏘䛻䝕䝣䜷䝹䝖⏤䛜Ⓨ⏕䛧䛯ሙྜ䚸䝕䝣䜷䝹䝖䛧䛯㈨⏘䛿༷䛥䜜䚸ዎ⣙᭩㢮䛾ᐃ䜑䛻 ᚑ䛳䛶ྲྀᘬ䛿ゎᾘ䛥䜜䜛䚹ᮇ㝈๓⤊䛻క䛔䚸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛸䛾㈨㔠Ỵ῭䛜⏕䛨䜛ሙྜ䛿䚸ዎ 11 SEPTEMBER 30, 2010 ᱁ᡭἲ䠖䝸䝟䝑䜿䞊䝆മ䛻ᑐ䛩䜛䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ INTERNATIONAL STRUCTURED FINANCE ⣙䛻ᐃ䜑䜙䜜䛯ඃඛ㡰䛻ᚑ䛔䚸SPV 䛜⏝ྍ⬟䛺㈨㔠䛻䜘䜚Ỵ῭䛥䜜䜛䚹ᢸಖ㈨⏘䛾䝕䝣䜷䝹䝖䛻క 䛳䛶䝸䝟䝑䜿䞊䝆മ䛜⤊䛩䜛䛾䛷䛒䜜䜀䚸୍⯡ⓗ䛻䛿䚸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䜈䛾ᨭᡶ䛔䛜䝜䞊䝖ಖ᭷ ⪅䛻ඃඛ䛩䜛䠄୰䛻䛿䚸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛜䝜䞊䝖ಖ᭷⪅䛸ྠ㡰䛻䛺䜛ሙྜ䜒䛒䜛䠅䚹 䝮䞊䝕䜱䞊䝈䛜୍⯡ⓗ䛺ᴗമົᢸಖ䛻㛵䜟䜛䝕䝣䜷䝹䝖䜢䝰䝕䝸䞁䜾䛩䜛㝿䛻䛿䚸45%䛾ᅇ⋡䜢 ᐃ䛩䜛 19䚹䠄⌧ᅾ䛷䛿⛥䛰䛜䠅ドๆၟရ䛜ᢸಖ㈨⏘䛻䛺䛳䛶䛔䜛ሙྜ䛻䛿䚸䛭䜜䜙䛾᱁Ỉ‽䛸㈨⏘ 䝍䜲䝥䛻ᛂ䛨䛯ᅇ⋡ཬ䜃䝕䝣䜷䝹䝖⋡䜢⏝䛩䜛 20䚹 䝅䞁䝉䝔䜱䝑䜽ᆺ䛾䝸䝟䝑䜿䞊䝆മ䛷ཧ↷മົ䛻ಙ⏝⏤䛜Ⓨ⏕䛧䛯ሙྜ䚸㏻ᖖ䚸SPV䛜CDS䛻ᇶ䛵䛟䝥 䝻䝔䜽䝅䝵䞁䛾ᨭᡶ䛔䜢⾜䛖䛯䜑䛻䚸ᢸಖ㈨⏘䛾㈨㔠䛜ᚲせ䛻䛺䜛䚹㏻ᖖ䛾ሙྜ䛻ᐃ䛥䜜䜛䜘䛖䛻䚸 ᢸಖ㈨⏘䛾ᕷሙ䝸䝇䜽䛸ಙ⏝䝸䝇䜽䛜䜋䜌䝊䝻䛷䛒䜜䜀䠄䛘䜀A2/P-1 ᱁䜢᭷䛩䜛㖟⾜㡸㔠䛷㐠⏝䛥 䜜䛶䛔䜛ሙྜ䛺䛹䠅䚸䝮䞊䝕䜱䞊䝈䛿CDS䛾ୗ䛷せồ䛥䜜䜛䝥䝻䝔䜽䝅䝵䞁䛾ᨭᡶ䛔䜢䝜䞊䝖ಖ᭷⪅䛜⿕䜛 ᦆኻ䛸䛧䛶䝰䝕䝸䞁䜾䛩䜛䚹୍⯡ⓗ䛺ᴗമົ䜢ᑐ㇟മົ䛸䛧䛯CDS䛷䚸ಙ⏝⏤䛾ᐃ⩏䛜䝮䞊䝕䜱䞊 䝈䛾䝕䝣䜷䝹䝖䛾ᐃ⩏䛻䜋䜌୍⮴䛩䜛ሙྜ䛿䚸ཧ↷ᴗമົ䛾ᅇ⋡䛸䛧䛶 45%䛜ᐃ䛥䜜䜛䛷䛒䜝 䛖 21䚹 3.3.1.2 㔠䝇䝽䝑䝥䛸㏻㈌䝇䝽䝑䝥䛾Ύ⟬ O ET UT H D O AT DO E D LO G Y ఏ⤫ⓗ䛺䜻䝱䝑䝅䝳ᆺ䛾䝸䝟䝑䜿䞊䝆മ䛻䛚䛔䛶䚸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛸䛾Ύ⟬䛾㝿䛻Ⓨ⏕䛧䛖䜛ᦆኻ 䛿䚸䜘䜚」㞧䛺ၥ㢟䜢క䛖䚹ᆺⓗ䛺㔠䝇䝽䝑䝥䜔㏻㈌䝇䝽䝑䝥䛾ሙྜ䛿䚸䝸䝟䝑䜿䞊䝆മ䛾ྲྀᘬᮇ㛫 䛻䛚䛡䜛ྛⅬ䠄ᖺḟ䛺䛹䠅䛷䛾䝇䝖䝺䝇䜢⪃៖䛧䛯Ύ⟬౯್䜢᥎ィ䛩䜛䚹䛣䛾Ύ⟬౯್䛿䚸䝇䝽䝑䝥᪉ 䛾ṧᏑ䜻䝱䝑䝅䝳䝣䝻䞊䛾⌧ᅾ౯್(NPV)䛾ᕪ㢠䛸䛺䜛䚹䛣䜜䜙䛾 NPV ᥎ィ䛾㝿䛻䛿䚸䝇䝖䝺䝇䜢ຍ䛧 䛯㔠ཬ䜃Ⅽ᭰䝺䞊䝖䛾ኚືண䛜⪃៖䛥䜜䜛䚹 Ύ⟬౯್䛿䚸䠄㐣ཤ䛾䝺䞊䝖ኚືᐇ⦼䛻ᇶ䛵䛟䠅ศᯒ䝕䞊䝍䛸䚸ศᯒᑐ㇟ᮇ㛫䛻㛵䜟䜛ኚືண䛾᭱ᝏ 䝅䝘䝸䜸䛾⤌䜏䛒䜟䛫䛻䜘䛳䛶᥎ィ䛥䜜䜛䚹᥎ィᮇ㛫䛜㛗䛔䜋䛹䝺䞊䝖䛾ணศᕸ䛿䛝䛟䛺䜚䚸୍᪉䝇 䝽䝑䝥ṧᏑᮇ㛫䛾ኚ䛻䜘䜚䝇䝽䝑䝥౯䛾ᕷሙ䝺䞊䝖䛻ᑐ䛩䜛ឤᛂᗘ䜒ኚ䛩䜛䚹ᚑ䛳䛶䚸EL ศᯒ䛷 䛿䚸䝸䝟䝑䜿䞊䝆മ䛾ྲྀᘬᮇ㛫୰䛾ྛᮇ㛫䛻䛚䛡䜛ᢸಖ㈨⏘䛾䝕䝣䜷䝹䝖⋡䛜⪃៖䛥䜜䚸䛭䛾ᮇ㛫䛤䛸 䠄6 䜹᭶ᚋ䚸1 ᖺᚋ䛺䛹䠅䛻␗䛺䜛Ύ⟬౯್䠄䝇䝖䝺䝇㈿ㄢᚋ䠅䛜㐺⏝䛥䜜䜛䛣䛸䛸䛺䜛䚹ྍ⬟䛺ሙྜ䛻䛿㐣 ཤᐇ⦼䝕䞊䝍䛜ά⏝䛥䜜䜛䚹 3.3.2 䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾䝕䝣䜷䝹䝖䛾ᙳ㡪䠄䛂ษ䜚㞳䛧(De-linkage)䛃䛜䛺䛥䜜䛶䛔䛺䛔ሙྜ䠅 3.3.2.1 䝇䝽䝑䝥䛾⤊ 䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛻䝕䝣䜷䝹䝖⏤䛜Ⓨ⏕䛧䛯ሙྜ䚸㏻ᖖ䚸䝇䝽䝑䝥ዎ⣙䛻ᇶ䛵䛔䛶䝇䝽䝑䝥䛿⤊ 䛸䛺䜚䚸᪩ᮇ⤊䛻క䛖Ύ⟬㔠䛜 SPV 䛛䜙䠄䜎䛯䛿 SPV 䛻䠅ᨭᡶ䜟䜜䜛䚹䜋䛸䜣䛹䛾䜿䞊䝇䛷䚸䜹䜴䞁䝍䞊 䝟䞊䝔䜱䞊䛜䝕䝣䜷䝹䝖䛧䛯䠄䛂ᮇ㝈䛾┈႙ኻᙜ⪅(Defaulting Party)䛃䛸䛺䜛䠅ሙྜ䚸䜹䜴䞁䝍䞊䝟䞊䝔 䜱䞊䛻ᨭᡶ䜟䜜䜛㔠㢠䛿䚸䝜䞊䝖ಖ᭷⪅䜈䛾ᨭᡶ䛔䛻ຎᚋ䛩䜛䚹ຎᚋ䛧䛺䛔ሙྜ䛿䚸䝮䞊䝕䜱䞊䝈䛿๓ ⠇䛷ㄝ᫂䛧䛯䜘䛖䛻䝇䝽䝑䝥Ύ⟬౯್䜢᥎ィ䛩䜛䚹 M ⡿ᅜ䛾◚⏘ᑂᰝุᡤ䛿䚸2010 ᖺ 1 ᭶ 25 ᪥䛾ุỴ䛾୰䛷䚸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾䝕䝣䜷䝹䝖䛻㝿䛧 䛶᪩ᮇ⤊Ύ⟬㔠䛾ᨭᡶ䛔䜢ຎᚋ䛥䛫䜛つᐃ䛿䚸◚⏘ᡭ⥆䛝ୖᇳ⾜ྍ⬟䛷䛿䛺䛔䛸䛧䛶䛔䜛䚹ⱥᅜ䛾 ุ䛻䛚䛡䜛ྠᵝ䛾䜿䞊䝇䛷䛿䚸䛭䛾䜘䛖䛺つᐃ䛿ᇳ⾜ྍ⬟䛷䛒䜛䛸䛥䜜䛶䛔䜛䚹⡿ᅜ䛾ุỴ䛿᥍ッ䛥 䜜䜛ணᐃ䛷䚸䛣䛾ၥ㢟䛻㛵䛩䜛ἲᚊୖ䛾ᢅ䛔䛿ᐃ䜎䛳䛶䛔䛺䛔䚹⡿ᅜ䛾◚⏘ἲ䛾㐺⏝䜢ཷ䛡䜛䜹䜴䞁䝍 䞊䝟䞊䝔䜱䞊䛾ྲྀ䜚ᢅ䛔䛜䜘䜚᫂☜䛻䛺䜛䜎䛷䚸ዎ⣙᭩㢮䛻䛚䛔䛶䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䜈䛾ᨭᡶ䛔䛜 ຎᚋ䛩䜛᪨つᐃ䛥䜜䛶䛔䜛ሙྜ䛻䛚䛔䛶䜒䚸䝮䞊䝕䜱䞊䝈䛿ຎᚋ䛧䛺䛔ሙྜ䛾ᙳ㡪䜢ὀព῝䛟ศᯒ䛩䜛䚹 䝇䝽䝑䝥䛜䠄䝮䞊䝕䜱䞊䝈䛾ᕷሙ䝺䞊䝖䛾䝰䝕䝸䞁䜾䛻ᇶ䛵䛔䛶䠅SPV 䛻䛸䛳䛶䜲䞁䞉䝄䞉䝬䝛䞊䛾ሙྜ䚸䝮 䞊䝕䜱䞊䝈䛿䛭䛾㢠䛻ᑐ䛧䛶ᅇ⋡䜢㐺⏝䛩䜛䚹 ᢸಖ㈨⏘䛛䜙䛾䛶䛾䜻䝱䝑䝅䝳䝣䝻䞊䜢ಟṇ䛺䛧䛻䝟䝇䝇䝹䞊䛩䜛䝸䝟䝑䜿䞊䝆മ䛻䚸ᚲ䛪䛧䜒ᢸಖ㈨⏘䛸ྠ䛨᱁䛜 䛥䜜䜛䜟䛡䛷䛿䛺䛔䚹䝸䝟䝑䜿䞊䝆മ䛾㐺ษ䛺᱁Ỉ‽䜢ぢᴟ䜑䜛䛯䜑䛻䜒䚸䝮䞊䝕䜱䞊䝈䛾⌮䛥䜜䛯ᮇᚅᦆ ኻ⋡䝔䞊䝤䝹䛻⏝䛥䜜䜛ᦆኻ⋡䠄䜎䛯䛿ᅇ⋡䠅䛾ᐃ䛸䚸ᢸಖ㈨⏘䛻⏝䛥䜜䜛ᐃ䛿䚸ྠ䛨䛷䛒䜛䛣䛸䛜㔜せ䛷 䛒䜛䚹 20 䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ "Moody's Approach to Rating SF CDOs(March 2009)" 䠄᪥ᮏㄒ∧䛂SF CDO 䛻ᑐ䛩䜛䝮䞊䝕䜱 䞊䝈䛾᱁ᡭἲ䠄2010 ᖺ 9 ᭶䠅䛃䠅䜢ཧ↷䛥䜜䛯䛔䚹 21 䛧䛛䛧䚸䝅䞁䝉䝔䜱䝑䜽ྲྀᘬ䛾ሙྜ䚸ཧ↷മົ䛾ᛶ᱁䜔ホ౯ᡭ⥆䛝䛺䛹䚸CDS ಶู䛾᮲௳䜢ᫎ䛩䜛䛯䜑䝰䝕䝹䛻㐺 ⏝䛩䜛ᅇ⋡䜢ㄪᩚ䛩䜛ሙྜ䛜䛒䜛䚹ヲ䛧䛟䛿䚸"Moody's Approach to Rating Corporate Collateralized Synthetic Obligations"䠄᪥ᮏㄒ∧䛂ᴗ CSO䠄䝅䞁䝉䝔䜱䝑䜽 CDO䠅䛻ᑐ䛩䜛䝮䞊䝕䜱䞊䝈䛾᱁䛡ᡭἲ䛃䠅䜢ཧ↷䛥䜜䛯䛔䚹䜎䛯 ྲྀᘬ䛻䜘䛳䛶䛿䚸䝕䝣䜷䝹䝖മົ䛾ᕷሙ౯್䛻ᕥྑ䛥䜜䛺䛔ᅛᐃᅇ⋡䜢䛒䜙䛛䛨䜑つᐃ䛩䜛ሙྜ䛜䛒䜛䚹䛭䛾ሙྜ䛻 䛿䛭䛾ᅛᐃᅇ⋡䛷䝰䝕䝸䞁䜾䜢⾜䛖䚹 19 12 SEPTEMBER 30, 2010 ᱁ᡭἲ䠖䝸䝟䝑䜿䞊䝆മ䛻ᑐ䛩䜛䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ INTERNATIONAL STRUCTURED FINANCE 3.3.2.2 ᢸಖ㈨⏘䛾ฎศ 䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾䝕䝣䜷䝹䝖䛻క䛖䜒䛖 1 䛴䛾ၥ㢟䛿䚸ᢸಖ㈨⏘䜢ᕷሙ༷䛩䜛㝿䛻䛚䛡䜛౯᱁䛾 ☜ᐇᛶ䛷䛒䜛䚹ᢞ㈨ᐙ䛿ᢸಖ㈨⏘ฎศ䛻క䛔䚸ḟ䛾䜘䛖䛺せᅉ䛻䜘䜚ᦆኻ䜢⿕䜛ྍ⬟ᛶ䛜䛒䜛䚹 䚽 ᢸಖ㈨⏘䛾ಙ⏝ຊ䛾ᝏ䠄᱁ୗ䛢䛺䛹䠅 䚽 ಙ⏝䝇䝥䝺䝑䝗䛾ኚ 䚽 㔠䜔ᇶ‽䝇䝥䝺䝑䝗䛾ኚ 䚽 Ⅽ᭰䝺䞊䝖䛾ኚ䠄㛵ಀ䛩䜛ሙྜ䠅 䚽 ὶືᛶ 䚽 つᶍ䛺㔠⼥ᶵ㛵䛾◚⥢䛻క䛖ᕷሙ䛾ΰ O ET UT H D O AT DO E D LO G Y 㔠䞉㏻㈌䝇䝽䝑䝥䛾ホ౯䛾ሙྜ䛸ྠᵝ䚸ୖグせᅉ䛾୍㒊䛾ኚືᖜ䛿᥎ィᮇ㛫䛜㛗䛔䜋䛹䛝䛟䛺䜛ྍ ⬟ᛶ䛜䛒䜛䚹୍᪉䚸ᢸಖ㈨⏘౯್䛾ྛせᅉ䛻ᑐ䛩䜛ឤᛂᗘ䛿㛫䛸䛸䜒䛻పୗ䛩䜛ഴྥ䛜䛒䜛䚹 䛣䜜䜙䛾ᙳ㡪䜢⪃៖䛩䜛䛯䜑䚸ᢸಖ㈨⏘䛾ฎศ䛻㛵䜟䜛ᮇᚅᦆኻศᯒ䛻䛚䛔䛶䜒䚸䝮䞊䝕䜱䞊䝈䛿Ⅼ 䛤䛸䛻䝇䝖䝺䝇䜢ຍ䛧䛯ᕷሙ౯᱁᥎ィ䜢⾜䛖䚹㐺⏝䝇䝖䝺䝇䛿㐣ཤ䝕䞊䝍ཬ䜃ᐃᛶせᅉ䛻ᇶ䛵䛔䛶Ỵᐃ 䛥䜜䜛䚹 䜎䛯 SPV 䛸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾㛵ಀ䜢つᐃ䛩䜛 ISDA ዎ⣙᭩㢮䛾୰䛻䚸୍ᐃ䛾≧ἣୗ䛷䜹䜴䞁䝍䞊 䝟䞊䝔䜱䞊䛻ᢸಖ㈨⏘ᥦ౪䜢⩏ົ䛵䛡䜛 Credit Support Annex (CSA)䛜ྵ䜎䜜䜛ሙྜ䛜䛒䜛䚹ᢸಖ㈨⏘ 䛜ᥦ౪䛥䜜䛶䛔䜛ሙྜ䚸䛒䜛䛔䛿ᑗ᮶䚸䛘䜀䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾᱁ୗ䛢䛻క䛳䛶ᢸಖ㈨⏘ᥦ౪䛜 せồ䛥䜜䜛ሙྜ䚸䝮䞊䝕䜱䞊䝈䛿䛭䜜䜙䛾ᢸಖ㈨⏘䛾㊊ᛶ䜒☜ㄆ䛩䜛䚹 ୖグ䛾ㄝ᫂䛛䜙䜒᫂䜙䛛䛺㏻䜚䚸䝮䞊䝕䜱䞊䝈䛿ᢸಖ㈨⏘ฎศ䛻క䛖ᦆኻホ౯䛾㝿䚸䝇䝽䝑䝥䛾䝦䝑䝆ຠ ᯝ䜢⪃៖䛧䛶䛔䛺䛔䚹 䠄䝕䝣䜷䝹䝖䛧䛶䛔䛺䛔䠅ᢸಖ㈨⏘䛾ฎศ䛜ᚲせ䛸䛺䜛⏤䛷᭱䜒ྍ⬟ᛶ䛜㧗䛔䛾 䛿䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾䝕䝣䜷䝹䝖䛷䛒䜚䚸䛭䛾㝿䛻䛿䚸䛘䜀㔠䝇䝽䝑䝥䛻䜘䜛䝦䝑䝆䛿䜒䛿䜔᭷ຠ 䛷䛿䛺䛟䛺䜛䛸ᐃ䛥䜜䜛䚹ᚑ䛳䛶䚸䝦䝑䝆ຠᯝ䜢⪃៖䛧䛺䛔ಖᏲⓗ䛺ᐃ䛿ጇᙜ䛸⪃䛘䜙䜜䜛䚹䜹䜴䞁䝍 䞊䝟䞊䝔䜱䞊䛾䝕䝣䜷䝹䝖䚸䝇䝽䝑䝥䛜 SPV 䛻䛸䛳䛶䜲䞁䞉䝄䞉䝬䝛䞊䛷䛒䜛ሙྜ䚸䝇䝽䝑䝥Ύ⟬౯್䛾 ୍㒊䛜 SPV 䛻ᨭᡶ䜟䜜䜛䜒䛾䛸䝮䞊䝕䜱䞊䝈䛿ᐃ䛩䜛䚹 3.4 䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䞉䝸䝇䜽䛾㐽᩿ 䛣䜜䜎䛷㏙䜉䛶䛝䛯䜘䛖䛻䚸䝸䝟䝑䜿䞊䝆മ䛾᱁䛸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾᱁䛿ᐦ᥋䛻㛵㐃䛧䛶䛔䜛䚹䛧䛛 䛧䚸ᢸಖ㈨⏘䛾ᮇᚅᦆኻ䛻ᑐ䛧䛶䝇䝽䝑䝥䛻㛵䜟䜛䝸䝇䜽䛜༑ศ䛻ᑠ䛥䛟㍍ῶ䛥䜜䛶䛔䜛䝇䝖䝷䜽䝏䝱䞊䛻䛚䛔 䛶䛿䚸䝸䝟䝑䜿䞊䝆മ䛾᱁䛜䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾᱁䛛䜙䜋䜌⊂❧䛧䛶䛔䜛ሙྜ䛜䛒䜛䚹୍⯡䛻䚸䜹䜴 䞁䝍䞊䝟䞊䝔䜱䞊䛾᱁䛜ᢸಖ㈨⏘䛾᱁䛻ẚ䜉䛶㧗䛔䜋䛹䚸䝸䝟䝑䜿䞊䝆മ䛾᱁䛾䜹䜴䞁䝍䞊䝟䞊䝔䜱 䞊䛾᱁䜈䛾౫Ꮡᗘ䜒ᑠ䛥䛟䛺䜛䠄䛯䛰䛧᪩ᮇൾ㑏䛻క䛖ᨭᡶ䛔䛻䛚䛡䜛䚸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾ඃඛ㡰 䛿ᘬ䛝⥆䛝㔜せ䛸䛺䜛䠅䚹 M 䝮䞊䝕䜱䞊䝈䛿䚸ドๆၟရ䛻ᖜᗈ䛟㐺⏝䛩䜛ᯟ⤌䜏䛸䛧䛶䚸≉ᐃ䛾䝇䝽䝑䝥䛾䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾᱁ 䜢ドๆၟရ䛾᱁䛛䜙ษ䜚㞳䛩䛯䜑䛾䝣䝺䞊䝮䝽䞊䜽䜢ᐃ䜑䛶䛔䜛 22䚹䛣䛾䝣䝺䞊䝮䝽䞊䜽䛿䚸䝇䝽䝑䝥䞉䜹 䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾᱁䛜ドๆၟရ䛾᱁䛻ᙳ㡪䛧䛺䛔䜘䛖䛺⤌䜏䛻䛴䛔䛶䛾ᣦ㔪䜢䛘䜛䜒䛾䛷䛒 䜛䚹୰䛷䜒䚸ྲྀᘬ䛾Ᏻᛶ䜢⥔ᣢ䛩䜛䛯䜑䛾䚸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊௦ᇶ‽䜔CSA䛻ᇶ䛵䛟ᢸಖᥦ౪ᇶ‽ 䛻↔Ⅼ䜢ᙜ䛶䛶䛔䜛䚹 䝸䝟䝑䜿䞊䝆മ䛾᱁䜢䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾᱁䛛䜙ษ䜚㞳䛩䛣䛸䛜ᮃ䜎䜜䜛ሙ㠃䛿ከ䛔䛜䚸䛭䜜䛜ᖖ䛻 㐩ᡂ䛥䜜䜛䛸䛿㝈䜙䛺䛔䚹䝮䞊䝕䜱䞊䝈䛿䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾ᙺ䜢ὀព῝䛟ホ౯䛧䛯ୖ䛷䚸䛭䛾᱁䛜 䝸䝟䝑䜿䞊䝆മ䛾᱁䛻䛹䛾⛬ᗘᙳ㡪䜢䛘䜛䛛䜢ุ᩿䛩䜛䚹ከ䛟䛾ሙྜ䚸䝸䝟䝑䜿䞊䝆മྲྀᘬ䛾䝇䝖䝷䜽䝏䝱 䞊䛻ᛂ䛨䛶䚸ᯟ⤌䜏䜢ಟṇ䛩䜛ᚲせ䛜ฟ䛶䛟䜛䚹䛘䜀䚸䝜䞊䝖ಖ᭷⪅䛜ᢸಖ㈨⏘䛾䝕䝣䜷䝹䝖䞉䝸䝇䜽䜢㈇ᢸ 䛫䛪䛻䚸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛜ᢸಖ㈨⏘䛾䝸䝇䜽䜢ᘬ䛝ཷ䛡䜛䜘䛖䛺ྲྀᘬ䛜䛒䜚䛖䜛䚹䛣䛾ሙྜ䚸䜹䜴䞁䝍䞊 䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ "Framework for De-Linking Hedge Counterparty Risks from Global Structured Finance Cashflow Transactions Moody's Methodology (May 2007)" 䠄᪥ᮏㄒ∧䛂䜻䝱䝑䝅䝳䝣䝻䞊ᆺドๆၟရ䛻䛚䛔䛶䝦䝑䝆䛾䜹䜴䞁䝍 䞊䝟䞊䝔䜱䛾䝸䝇䜽䜢㐽᩿䛩䜛䛯䜑䛾䝣䝺䞊䝮䝽䞊䜽䠄2007 ᖺ 6 ᭶䠅䛃䠅䜢ཧ↷䛥䜜䛯䛔䚹 22 13 SEPTEMBER 30, 2010 ᱁ᡭἲ䠖䝸䝟䝑䜿䞊䝆മ䛻ᑐ䛩䜛䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ INTERNATIONAL STRUCTURED FINANCE 䝟䞊䝔䜱䞊䛾䝸䝇䜽䜢ྲྀᘬ䛛䜙ษ䜚㞳䛩䛯䜑䛻䛿䚸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛿᱁ୗ䛢䛻క䛳䛶䚸༢䛻䝇䝽䝑䝥䛾 ౯ホ౯┦ᙜศ䛷䛿䛺䛟䚸ඖᮏཬ䜃ᜥ┦ᙜ䛾ᢸಖ㈨⏘䜢ᥦ౪䛩䜛䛣䛸䛜ᚲせ䛻䛺䜛䚹 3.5 ኚືമ-᱁ᑐ㇟മົ ㏻ᖖ䝸䝟䝑䜿䞊䝆മ䛾᱁䛿䚸䝜䞊䝖䛾᭱⤊ἲᐃൾ㑏ᮇ᪥䜎䛷䛻䝜䞊䝖ಖ᭷⪅䛜⿕䜚䛖䜛ᮇᚅᦆኻ䛻ᇶ䛵䛔䛶 䛥䜜䜛䚹䝸䝟䝑䜿䞊䝆മ䛿䚸ඖᮏཬ䜃ᅛᐃᜥ䛒䜛䛔䛿LIBOR䛺䛹䛾ᇶ‽㔠䛻ᇶ䛵䛔䛯ᜥ䛾ᙧែ 䛷䝜䞊䝖ಖ᭷⪅䜈䛾ᨭᡶ䛔䛜⾜䜟䜜䜛䚹䝮䞊䝕䜱䞊䝈䛿䚸ᜥ䛜ಙ⏝ຊ䛻㛵㐃䛾䛺䛔䜲䞁䝕䝑䜽䝇䜔㇟䛻䝸 䞁䜽䛧䛯䝜䞊䝖䛻᱁䜢䛩䜛䛣䛸䛜䛒䜛䠄䛭䛾ሙྜ䛷䜒䚸ඖᮏ䛿ᙳ㡪䜢ཷ䛡䛺䛔䠅 23䚹 O ET UT H D O AT DO E D LO G Y ㏻ᖖ䛭䛾᱁Ỉ‽䛿䚸ඖᮏ䛻ᑐ䛩䜛䝥䝻䝔䜽䝅䝵䞁䛾ᥦ౪⪅䚸䛒䜛䛔䛿ඖᮏ㔠㢠䜢䜹䝞䞊䛩䜛ᢸಖ㈨⏘䛾᱁ 䛻➼䛧䛟䛺䜛䚹䝮䞊䝕䜱䞊䝈䛜᱁䜢䛩䜛ྲྀᘬ䛷䚸ಙ⏝ຊ䛻㛵㐃䛾䛺䛔䜲䞁䝕䝑䜽䝇䜔㇟䛻䜘䜚䚸䛺 䜣䜙䛛䛾䝅䝘䝸䜸䛷ඖᮏ䛜ῶ㢠䛥䜜䛖䜛䜒䛾䛿䜋䛸䜣䛹䛺䛔䚹䝮䞊䝕䜱䞊䝈䛿䜿䞊䝇䞉䝞䜲䞉䜿䞊䝇䛷䚸䛣䛾✀䛾 ⣙ᐃമົ䛻බ⾲᱁䜢䛩䜛䛛ྰ䛛䜢᳨ウ䛩䜛䚹ಙ⏝ຊ䛻䝸䞁䜽䛧䛺䛔മົ䛻䛴䛝䚸䛭䛾䛖䛱䛾ಙ⏝ຊ䛻 㛵䜟䜛㒊ศ䛾≉ᐃⅬ䛷䛾䝮䞊䝕䜱䞊䝈䛾ホ౯䜢グ㍕䛧䛯㠀බ⾲䛾᭩㠃䜢䚸ಶ䚻䛾ᢞ㈨ᐙ䛒䜛䛔䛿Ⓨ⾜య ྥ䛡䛻Ⓨ⾜䛩䜛䛣䛸䛿䛒䜚䛖䜛䚹䝮䞊䝕䜱䞊䝈䛿䛭䛾䜘䛖䛺᭩㠃䛾Ⓨ⾜౫㢗䛜䛒䜜䜀䚸ᚋ䜒䜿䞊䝇䞉䝞䜲䞉䜿䞊 䝇䛷᳨ウ䛩䜛䚹 䛾᱁䜢᭷䛩䜛ἲே䛻䝸䞁䜽䛩䜛ሙྜ䛿䚸䝮䞊䝕䜱䞊䝈䛿䛭䛾ಙ⏝䝸䝇䜽䜢᱁䛻⧊䜚㎸䜐䚹䛘䜀䚸♫മ 䜢ᢸಖ㈨⏘䛸䛩䜛䝸䝟䝑䜿䞊䝆മ䛷䚸≉ᐃ䛾ᅜ䛜㏻㈌䛾ᛶ䜢⥔ᣢ䛷䛝䛺䛟䛺䛳䛯ሙྜ䚸᪩ᮇ⤊⏤䛻 ヱᙜ䛩䜛ሙྜ䛿䚸䝮䞊䝕䜱䞊䝈䛿䝸䝟䝑䜿䞊䝆മ䛾᱁䛻ᙜヱ䝋䝤䝸䞁䛾ಙ⏝䝸䝇䜽䜢⧊䜚㎸䜐䚹 4. 䝰䝙䝍䝸䞁䜾ᡭ⥆䛝 4.1 ᴫせ 䝮䞊䝕䜱䞊䝈䛾䝰䝙䝍䝸䞁䜾䞉䝏䞊䝮䛿䚸ൾ㑏ᮇ᪥䠄䜎䛯䛿᪩ᮇ⤊䠅䛜฿᮶䛩䜛䜎䛷䝸䝟䝑䜿䞊䝆മ䛾᱁䜢 䝰䝙䝍䝸䞁䜾䛩䜛䚹ᢸಖ㈨⏘䛸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛜ᯝ䛯䛩㔜せ䛺ᙺ䛻㚷䜏䛶䚸䛣䜜䜙ἲே䛾᱁䜢┘ど 䛩䜛䛾䛜䝰䝙䝍䝸䞁䜾䞉䝥䝻䝉䝇䛾➨୍Ṍ䛸䛺䜛䚹ᚑ䛳䛶䝮䞊䝕䜱䞊䝈䛾䝰䝙䝍䝸䞁䜾䞉䝏䞊䝮䛿ẖႠᴗ᪥䚸䝸䝟 䝑䜿䞊䝆മ᱁䛻ᙳ㡪䜢䛘䛖䜛ἲே䠄䛸䛧䛶ᢸಖ㈨⏘䛒䜛䛔䛿ཧ↷㖭䚸ཬ䜃䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䠅䛾 ᱁䛾᭱᪂ሗ䜢☜ㄆ䛩䜛䚹᱁ኚ᭦䛜⏕䛨䛯ሙྜ䛿䚸䝸䝟䝑䜿䞊䝆മ䛾᱁䜢ホ౯䛩䜛䚹 ᢸಖ㈨⏘䛒䜛䛔䛿䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾᱁䛻ኚ䛜䛺䛟䛸䜒䚸㛫䛾⤒㐣䛸䛸䜒䛻䝮䞊䝕䜱䞊䝈䛾᱁䜢 ホ౯䛧䛶䛔䛟ᚲせ䛜䛒䜛䚹䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾᱁䛿ኚ䛧䛶䛔䛺䛔䛸䛧䛶䜒䚸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾 ₯ᅾⓗ䛺ᙳ㡪䛿㛫䛸ඹ䛻ኚ䛩䜛䛾䛜㏻䛷䛒䜛䚹䝸䝟䝑䜿䞊䝆മ䛾᱁䛜䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾᱁ 䛛䜙᭷ຠ䛻ษ䜚㞳䛥䜜䛶䛔䛺䛡䜜䜀䚸ᙳ㡪ᗘྜ䛔䛾ኚ䛻䜘䛳䛶᱁䛜ኚ䜟䜛䛣䛸䛜䛒䜛䚹䜹䜴䞁䝍䞊䝟䞊䝔 䜱䞊䛸䛾㛫䛷㏻㈌䝇䝽䝑䝥䜢⥾⤖䛧䛶䛔䜛ሙྜ䛺䛹䛿䛭䛾䛷䛒䜛䚹䛘䜀䚸䛒䜛㏻㈌䛜ᖜ䛺ษ䜚ୗ䛢䛻ぢ ⯙䜟䜜䛯ሙྜ䚸₯ᅾⓗᦆኻ䜢㍍ῶ䛩䜛䛯䜑䛾ᚲせ䛺ᡭẁ䛜ㅮ䛨䜙䜜䛶䛔䜛䛛䛹䛖䛛䜢ホ౯䛩䜛䚹 4.2 䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䞉䝸䝇䜽䛾⥅⥆ⓗ䛺䝰䝙䝍䝸䞁䜾 䝸䝟䝑䜿䞊䝆മ䛾Ⓨ⾜䚸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛾䝕䝣䜷䝹䝖⋡䜢ᫎ䛧䛶⧊䜚㎸䜣䛰ຍⓗ䛺 EL 䛿㠀ᖖ䛻 ᑠ䛥䛔䜒䛾䛛䜒䛧䜜䛺䛔䚹䛧䛛䛧䚸ᑐ㇟㔠⼥ᶵ㛵䛾ᛴ⃭䛺᱁ୗ䛢䛻䜘䜚䚸䝸䝟䝑䜿䞊䝆മ䛜ᢪ䛘䜛䜹䜴䞁䝍䞊䝟 䞊䝔䜱䞊䞉䝸䝇䜽䛿ቑ䛩䜛ྍ⬟ᛶ䛜䛒䜛䚹 M 䛥䜙䛻䚸ドๆྲྀᘬ䛻䛚䛡䜛᭱㏆䛾䝇䝽䝑䝥Ύ⟬䜢຺䛩䜜䜀䚸䝇䝽䝑䝥Ύ⟬䛻せ䛩䜛ᮇ㛫䛜䚸ᙜึ䚸䜹 䜴䞁䝍䞊䝟䞊䝔䜱䞊䛜ᥦ౪䛩䜉䛝ᢸಖ㈨⏘䛾ぢ✚䜒䜚䜢⾜䛳䛯䛾ᐃ䜢㉺䛘䛶䛔䜛ྍ⬟ᛶ䛜䛒䜛 24䚹䝇䝽䝑 䝥ዎ⣙䛻ᇶ䛵䛟䝸䝇䜽䛾᳨ド䛾䜏䛺䜙䛪䚸䝮䞊䝕䜱䞊䝈䛿䚸⌧ᅾ䛾ᕷሙ⎔ቃ䜢㋃䜎䛘䛯ᢸಖ㈨⏘ᥦ౪䝇䜻䞊 䝮䛾ጇᙜᛶ䜒ศᯒ䛩䜛䚹ᢸಖ㈨⏘䛾౯䛜䝇䝽䝑䝥౯್䛻‶䛯䛺䛔䛸⪃䛘䜙䜜䜛ሙྜ䚸䝮䞊䝕䜱䞊䝈䛿䛭䛾 ᐃ㊊㢠䜢⪃៖䛩䜛䛣䛸䛸䛺䜛䚹 䝮䞊䝕䜱䞊䝈䛾䝇䝨䝅䝱䝹䞉䝺䝫䞊䝖 "Moody's Update on Rating Debt Obligations with Variable Promises (June 2009)" 䜢 ཧ↷䛥䜜䛯䛔䚹⡿ᅜ䛾୰ᮇ䝜䞊䝖䞉䝥䝻䜾䝷䝮䛾୍㒊䛻䚸㠀ಙ⏝⏤䛻⤖䜃䛴䛔䛯ᨭᡶ䛔䛜䛒䜛䝜䞊䝖䜢Ⓨ⾜䛩䜛䜒䛾䛜 䛒䜛䚹 24 ලయⓗ䛻䛿䚸䛔䛟䛴䛛䛾䝸䞊䝬䞁㛵㐃♫䛜䜹䜴䞁䝍䞊䝟䞊䝔䜱䞊䛷䛒䛳䛯ྲྀᘬ䛷䛿䚸䜶䜽䝇䝫䞊䝆䝱䞊ᮇ㛫䛜 30 ᪥䜢 ㉸䛘䛯ྍ⬟ᛶ䛜䛒䜛䚹 23 14 SEPTEMBER 30, 2010 ᱁ᡭἲ䠖䝸䝟䝑䜿䞊䝆മ䛻ᑐ䛩䜛䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ INTERNATIONAL STRUCTURED FINANCE 4.3 䜽䝺䝆䝑䝖䞉䝸䞁䜽മ䛾䝰䝙䝍䝸䞁䜾 M O ET UT H D O AT DO E D LO G Y CLN䛿༢⣧䛥䜜䛯CSOྲྀᘬ䛷䛒䜛䛯䜑䚸CLN䛾ᙧែ䛷Ⓨ⾜䛥䜜䜛䝸䝟䝑䜿䞊䝆മ䛻㛵䜟䜛䝮䞊䝕䜱䞊䝈䛾 䝰䝙䝍䝸䞁䜾ᡭἲ䛿䚸ᐇ㉁ⓗ䛻CSO䛾ᡭἲ䛸ྠ䛨䛷䛒䜛 25䚹ᚑ䛳䛶䚸䝮䞊䝕䜱䞊䝈䛿⥅⥆ⓗ䛻CLN䛾䜹䜴䞁䝍 䞊䝟䞊䝔䜱䞊ཬ䜃ཧ↷മົ䜢┘ど䛩䜛䚹䛣䜜䜙ἲே䛾᱁䛻ኚ᭦䛜⏕䛨䛯ሙྜ䛿䚸CLN䛾᱁䜢ホ౯䛩 䜛䚹 䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ "Moody's Approach to Rating Corporate Collateralized Synthetic Obligations (September 2009)" 䠄᪥ᮏㄒ∧䛂ᴗ CSO䠄䝅䞁䝉䝔䜱䝑䜽 CDO䠅䛻ᑐ䛩䜛䝮䞊䝕䜱䞊䝈䛾᱁䛡ᡭἲ䠄2009 ᖺ 10 ᭶䠅䛃䠅䛾 Section 3䠄➨ 3 ❶䠅䜢ཧ↷䛥䜜䛯䛔䚹 25 15 SEPTEMBER 30, 2010 ᱁ᡭἲ䠖䝸䝟䝑䜿䞊䝆മ䛻ᑐ䛩䜛䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ INTERNATIONAL STRUCTURED FINANCE 㘓䊠: 䝮䞊䝕䜱䞊䝈䛾⌮䛥䜜䛯⣼✚䝕䝣䜷䝹䝖⋡ཬ䜃ᮇᚅᦆኻ⋡ 㻌㻌 ᱁㻌 O ET UT H D O AT DO E D LO G Y 䝮䞊䝕䜱䞊䝈䛾⌮䛥䜜䛯䝕䝣䜷䝹䝖⋡ ᖺ㻌 㻜㻌 㻝㻌 㻞㻌 㻟㻌 㻠㻌 㻡㻌 㻢㻌 㻣㻌 㻤㻌 㻥㻌 㻝㻜㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻜㻚㻜㻜㻜㻝㻑㻌 㻜㻚㻜㻜㻜㻞㻑㻌 㻜㻚㻜㻜㻜㻣㻑㻌 㻜㻚㻜㻜㻝㻤㻑㻌 㻜㻚㻜㻜㻞㻥㻑㻌 㻜㻚㻜㻜㻠㻜㻑㻌 㻜㻚㻜㻜㻡㻞㻑㻌 㻜㻚㻜㻜㻢㻢㻑㻌 㻜㻚㻜㻜㻤㻞㻑㻌 㻜㻚㻜㻝㻜㻜㻑㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻜㻚㻜㻜㻜㻢㻑㻌 㻜㻚㻜㻜㻟㻜㻑㻌 㻜㻚㻜㻝㻜㻜㻑㻌 㻜㻚㻜㻞㻝㻜㻑㻌 㻜㻚㻜㻟㻝㻜㻑㻌 㻜㻚㻜㻠㻞㻜㻑㻌 㻜㻚㻜㻡㻠㻜㻑㻌 㻜㻚㻜㻢㻣㻜㻑㻌 㻜㻚㻜㻤㻞㻜㻑㻌 㻜㻚㻝㻜㻜㻜㻑㻌 㻭㼍㻞㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻜㻚㻜㻜㻝㻠㻑㻌 㻜㻚㻜㻜㻤㻜㻑㻌 㻜㻚㻜㻞㻢㻜㻑㻌 㻜㻚㻜㻠㻣㻜㻑㻌 㻜㻚㻜㻢㻤㻜㻑㻌 㻜㻚㻜㻤㻥㻜㻑㻌 㻜㻚㻝㻝㻝㻜㻑㻌 㻜㻚㻝㻟㻡㻜㻑㻌 㻜㻚㻝㻢㻠㻜㻑㻌 㻜㻚㻞㻜㻜㻜㻑㻌 㻭㼍㻟㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻜㻚㻜㻜㻟㻜㻑㻌 㻜㻚㻜㻝㻥㻜㻑㻌 㻜㻚㻜㻡㻥㻜㻑㻌 㻜㻚㻝㻜㻝㻜㻑㻌 㻜㻚㻝㻠㻞㻜㻑㻌 㻜㻚㻝㻤㻟㻜㻑㻌 㻜㻚㻞㻞㻣㻜㻑㻌 㻜㻚㻞㻣㻞㻜㻑㻌 㻜㻚㻟㻞㻣㻜㻑㻌 㻜㻚㻠㻜㻜㻜㻑㻌 㻭㻝㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻜㻚㻜㻜㻡㻤㻑㻌 㻜㻚㻜㻟㻣㻜㻑㻌 㻜㻚㻝㻝㻣㻜㻑㻌 㻜㻚㻝㻤㻥㻜㻑㻌 㻜㻚㻞㻢㻝㻜㻑㻌 㻜㻚㻟㻟㻜㻜㻑㻌 㻜㻚㻠㻜㻢㻜㻑㻌 㻜㻚㻠㻤㻜㻜㻑㻌 㻜㻚㻡㻣㻟㻜㻑㻌 㻜㻚㻣㻜㻜㻜㻑㻌 㻭㻞㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻜㻚㻜㻝㻜㻥㻑㻌 㻜㻚㻜㻣㻜㻜㻑㻌 㻜㻚㻞㻞㻞㻜㻑㻌 㻜㻚㻟㻠㻡㻜㻑㻌 㻜㻚㻠㻢㻣㻜㻑㻌 㻜㻚㻡㻤㻟㻜㻑㻌 㻜㻚㻣㻝㻜㻜㻑㻌 㻜㻚㻤㻞㻥㻜㻑㻌 㻜㻚㻥㻤㻞㻜㻑㻌 㻝㻚㻞㻜㻜㻜㻑㻌 㻭㻟㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻜㻚㻜㻟㻤㻥㻑㻌 㻜㻚㻝㻡㻜㻜㻑㻌 㻜㻚㻟㻢㻜㻜㻑㻌 㻜㻚㻡㻠㻜㻜㻑㻌 㻜㻚㻣㻟㻜㻜㻑㻌 㻜㻚㻥㻝㻜㻜㻑㻌 㻝㻚㻝㻝㻜㻜㻑㻌 㻝㻚㻟㻜㻜㻜㻑㻌 㻝㻚㻡㻞㻜㻜㻑㻌 㻝㻚㻤㻜㻜㻜㻑㻌 㻮㼍㼍㻝㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻜㻚㻜㻥㻜㻜㻑㻌 㻜㻚㻞㻤㻜㻜㻑㻌 㻜㻚㻡㻢㻜㻜㻑㻌 㻜㻚㻤㻟㻜㻜㻑㻌 㻝㻚㻝㻜㻜㻜㻑㻌 㻝㻚㻟㻣㻜㻜㻑㻌 㻝㻚㻢㻣㻜㻜㻑㻌 㻝㻚㻥㻣㻜㻜㻑㻌 㻞㻚㻞㻣㻜㻜㻑㻌 㻞㻚㻢㻜㻜㻜㻑㻌 㻮㼍㼍㻞㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻜㻚㻝㻣㻜㻜㻑㻌 㻜㻚㻠㻣㻜㻜㻑㻌 㻜㻚㻤㻟㻜㻜㻑㻌 㻝㻚㻞㻜㻜㻜㻑㻌 㻝㻚㻡㻤㻜㻜㻑㻌 㻝㻚㻥㻣㻜㻜㻑㻌 㻞㻚㻠㻝㻜㻜㻑㻌 㻞㻚㻤㻡㻜㻜㻑㻌 㻟㻚㻞㻠㻜㻜㻑㻌 㻟㻚㻢㻜㻜㻜㻑㻌 㻮㼍㼍㻟㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻜㻚㻠㻞㻜㻜㻑㻌 㻝㻚㻜㻡㻜㻜㻑㻌 㻝㻚㻣㻝㻜㻜㻑㻌 㻞㻚㻟㻤㻜㻜㻑㻌 㻟㻚㻜㻡㻜㻜㻑㻌 㻟㻚㻣㻜㻜㻜㻑㻌 㻠㻚㻟㻟㻜㻜㻑㻌 㻠㻚㻥㻣㻜㻜㻑㻌 㻡㻚㻡㻣㻜㻜㻑㻌 㻢㻚㻝㻜㻜㻜㻑㻌 㻮㼍㻝㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻜㻚㻤㻣㻜㻜㻑㻌 㻞㻚㻜㻞㻜㻜㻑㻌 㻟㻚㻝㻟㻜㻜㻑㻌 㻠㻚㻞㻜㻜㻜㻑㻌 㻡㻚㻞㻤㻜㻜㻑㻌 㻢㻚㻞㻡㻜㻜㻑㻌 㻣㻚㻜㻢㻜㻜㻑㻌 㻣㻚㻤㻥㻜㻜㻑㻌 㻤㻚㻢㻥㻜㻜㻑㻌 㻥㻚㻠㻜㻜㻜㻑㻌 㻮㼍㻞㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻚㻡㻢㻜㻜㻑㻌 㻟㻚㻠㻣㻜㻜㻑㻌 㻡㻚㻝㻤㻜㻜㻑㻌 㻢㻚㻤㻜㻜㻜㻑㻌 㻤㻚㻠㻝㻜㻜㻑㻌 㻥㻚㻣㻣㻜㻜㻑㻌 㻝㻜㻚㻣㻜㻜㻜㻑㻌 㻝㻝㻚㻢㻢㻜㻜㻑㻌 㻝㻞㻚㻢㻡㻜㻜㻑㻌 㻝㻟㻚㻡㻜㻜㻜㻑㻌 㻮㼍㻟㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻞㻚㻤㻝㻜㻜㻑㻌 㻡㻚㻡㻝㻜㻜㻑㻌 㻣㻚㻤㻣㻜㻜㻑㻌 㻥㻚㻣㻥㻜㻜㻑㻌 㻝㻝㻚㻤㻢㻜㻜㻑㻌 㻝㻟㻚㻠㻥㻜㻜㻑㻌 㻝㻠㻚㻢㻞㻜㻜㻑㻌 㻝㻡㻚㻣㻝㻜㻜㻑㻌 㻝㻢㻚㻣㻝㻜㻜㻑㻌 㻝㻣㻚㻢㻢㻜㻜㻑㻌 㻮㻝㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻠㻚㻢㻤㻜㻜㻑㻌 㻤㻚㻟㻤㻜㻜㻑㻌 㻝㻝㻚㻡㻤㻜㻜㻑㻌 㻝㻟㻚㻤㻡㻜㻜㻑㻌 㻝㻢㻚㻝㻞㻜㻜㻑㻌 㻝㻣㻚㻤㻥㻜㻜㻑㻌 㻝㻥㻚㻝㻟㻜㻜㻑㻌 㻞㻜㻚㻞㻟㻜㻜㻑㻌 㻞㻝㻚㻞㻠㻜㻜㻑㻌 㻞㻞㻚㻞㻜㻜㻜㻑㻌 㻮㻞㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻣㻚㻝㻢㻜㻜㻑㻌 㻝㻝㻚㻢㻣㻜㻜㻑㻌 㻝㻡㻚㻡㻡㻜㻜㻑㻌 㻝㻤㻚㻝㻟㻜㻜㻑㻌 㻞㻜㻚㻣㻝㻜㻜㻑㻌 㻞㻞㻚㻢㻡㻜㻜㻑㻌 㻞㻠㻚㻜㻝㻜㻜㻑㻌 㻞㻡㻚㻝㻡㻜㻜㻑㻌 㻞㻢㻚㻞㻞㻜㻜㻑㻌 㻞㻣㻚㻞㻜㻜㻜㻑㻌 㻮㻟㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻝㻚㻢㻞㻜㻜㻑㻌 㻝㻢㻚㻢㻝㻜㻜㻑㻌 㻞㻝㻚㻜㻟㻜㻜㻑㻌 㻞㻠㻚㻜㻠㻜㻜㻑㻌 㻞㻣㻚㻜㻡㻜㻜㻑㻌 㻞㻥㻚㻞㻜㻜㻜㻑㻌 㻟㻝㻚㻜㻜㻜㻜㻑㻌 㻟㻞㻚㻡㻤㻜㻜㻑㻌 㻟㻟㻚㻣㻤㻜㻜㻑㻌 㻟㻠㻚㻥㻜㻜㻜㻑㻌 㻯㼍㼍㻝㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻣㻚㻟㻤㻝㻢㻑㻌 㻞㻟㻚㻞㻟㻠㻝㻑㻌 㻞㻤㻚㻢㻟㻤㻢㻑㻌 㻟㻞㻚㻠㻣㻤㻤㻑㻌 㻟㻢㻚㻟㻝㻟㻣㻑㻌 㻟㻤㻚㻥㻢㻢㻣㻑㻌 㻠㻝㻚㻟㻤㻡㻠㻑㻌 㻠㻟㻚㻢㻡㻣㻜㻑㻌 㻠㻡㻚㻢㻣㻝㻤㻑㻌 㻠㻣㻚㻣㻜㻜㻜㻑㻌 㻯㼍㼍㻞㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻞㻢㻚㻜㻜㻜㻜㻑㻌 㻟㻞㻚㻡㻜㻜㻜㻑㻌 㻟㻥㻚㻜㻜㻜㻜㻑㻌 㻠㻟㻚㻤㻤㻜㻜㻑㻌 㻠㻤㻚㻣㻡㻜㻜㻑㻌 㻡㻞㻚㻜㻜㻜㻜㻑㻌 㻡㻡㻚㻞㻡㻜㻜㻑㻌 㻡㻤㻚㻡㻜㻜㻜㻑㻌 㻢㻝㻚㻣㻡㻜㻜㻑㻌 㻢㻡㻚㻜㻜㻜㻜㻑㻌 㻯㼍㼍㻟㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻡㻜㻚㻥㻥㻜㻞㻑㻌 㻡㻣㻚㻜㻜㻤㻤㻑㻌 㻢㻞㻚㻠㻡㻜㻜㻑㻌 㻢㻢㻚㻞㻠㻞㻜㻑㻌 㻢㻥㻚㻤㻞㻝㻞㻑㻌 㻣㻞㻚㻝㻝㻝㻜㻑㻌 㻣㻠㻚㻟㻟㻜㻟㻑㻌 㻣㻢㻚㻠㻤㻡㻟㻑㻌 㻣㻤㻚㻡㻤㻝㻞㻑㻌 㻤㻜㻚㻣㻜㻜㻜㻑㻌 㻯㼍㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻜㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻜㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻜㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻜㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻜㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻜㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻜㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻜㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻜㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻜㻜㻚㻜㻜㻜㻜㻑㻌 㻯㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻜㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻜㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻜㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻜㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻜㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻜㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻜㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻜㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻜㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻜㻜㻚㻜㻜㻜㻜㻑㻌 M 㻭㼍㼍㻌 㻭㼍㻝㻌 16 SEPTEMBER 30, 2010 ᱁ᡭἲ䠖䝸䝟䝑䜿䞊䝆മ䛻ᑐ䛩䜛䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ INTERNATIONAL STRUCTURED FINANCE 䝮䞊䝕䜱䞊䝈䛾⌮䛥䜜䛯ᮇᚅᦆኻ⋡ 㻌㻌 ᱁㻌 ᖺ㻌 㻜㻌 㻝㻌 㻞㻌 㻟㻌 㻠㻌 㻡㻌 㻢㻌 㻣㻌 㻤㻌 㻥㻌 㻝㻜㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻜㻚㻜㻜㻜㻜㻟㻑㻌 㻜㻚㻜㻜㻜㻝㻑㻌 㻜㻚㻜㻜㻜㻠㻑㻌 㻜㻚㻜㻜㻝㻜㻑㻌 㻜㻚㻜㻜㻝㻢㻑㻌 㻜㻚㻜㻜㻞㻞㻑㻌 㻜㻚㻜㻜㻞㻥㻑㻌 㻜㻚㻜㻜㻟㻢㻑㻌 㻜㻚㻜㻜㻠㻡㻑㻌 㻜㻚㻜㻜㻡㻡㻑㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻜㻚㻜㻜㻜㻟㻝㻑㻌 㻜㻚㻜㻜㻝㻣㻑㻌 㻜㻚㻜㻜㻡㻡㻑㻌 㻜㻚㻜㻝㻝㻢㻑㻌 㻜㻚㻜㻝㻣㻝㻑㻌 㻜㻚㻜㻞㻟㻝㻑㻌 㻜㻚㻜㻞㻥㻣㻑㻌 㻜㻚㻜㻟㻢㻥㻑㻌 㻜㻚㻜㻠㻡㻝㻑㻌 㻜㻚㻜㻡㻡㻜㻑㻌 㻭㼍㻞㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻜㻚㻜㻜㻜㻣㻡㻑㻌 㻜㻚㻜㻜㻠㻠㻑㻌 㻜㻚㻜㻝㻠㻟㻑㻌 㻜㻚㻜㻞㻡㻥㻑㻌 㻜㻚㻜㻟㻣㻠㻑㻌 㻜㻚㻜㻠㻥㻜㻑㻌 㻜㻚㻜㻢㻝㻝㻑㻌 㻜㻚㻜㻣㻠㻟㻑㻌 㻜㻚㻜㻥㻜㻞㻑㻌 㻜㻚㻝㻝㻜㻜㻑㻌 㻭㼍㻟㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻜㻚㻜㻜㻝㻢㻢㻑㻌 㻜㻚㻜㻝㻜㻡㻑㻌 㻜㻚㻜㻟㻞㻡㻑㻌 㻜㻚㻜㻡㻡㻢㻑㻌 㻜㻚㻜㻣㻤㻝㻑㻌 㻜㻚㻝㻜㻜㻣㻑㻌 㻜㻚㻝㻞㻠㻥㻑㻌 㻜㻚㻝㻠㻥㻢㻑㻌 㻜㻚㻝㻣㻥㻥㻑㻌 㻜㻚㻞㻞㻜㻜㻑㻌 㻭㻝㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻜㻚㻜㻜㻟㻞㻜㻑㻌 㻜㻚㻜㻞㻜㻠㻑㻌 㻜㻚㻜㻢㻠㻠㻑㻌 㻜㻚㻝㻜㻠㻜㻑㻌 㻜㻚㻝㻠㻟㻢㻑㻌 㻜㻚㻝㻤㻝㻡㻑㻌 㻜㻚㻞㻞㻟㻟㻑㻌 㻜㻚㻞㻢㻠㻜㻑㻌 㻜㻚㻟㻝㻡㻞㻑㻌 㻜㻚㻟㻤㻡㻜㻑㻌 㻭㻞㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻜㻚㻜㻜㻡㻥㻤㻑㻌 㻜㻚㻜㻟㻤㻡㻑㻌 㻜㻚㻝㻞㻞㻝㻑㻌 㻜㻚㻝㻤㻥㻤㻑㻌 㻜㻚㻞㻡㻢㻥㻑㻌 㻜㻚㻟㻞㻜㻣㻑㻌 㻜㻚㻟㻥㻜㻡㻑㻌 㻜㻚㻠㻡㻢㻜㻑㻌 㻜㻚㻡㻠㻜㻝㻑㻌 㻜㻚㻢㻢㻜㻜㻑㻌 㻭㻟㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻜㻚㻜㻞㻝㻟㻣㻑㻌 㻜㻚㻜㻤㻞㻡㻑㻌 㻜㻚㻝㻥㻤㻜㻑㻌 㻜㻚㻞㻥㻣㻜㻑㻌 㻜㻚㻠㻜㻝㻡㻑㻌 㻜㻚㻡㻜㻜㻡㻑㻌 㻜㻚㻢㻝㻜㻡㻑㻌 㻜㻚㻣㻝㻡㻜㻑㻌 㻜㻚㻤㻟㻢㻜㻑㻌 㻜㻚㻥㻥㻜㻜㻑㻌 㻮㼍㼍㻝㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻜㻚㻜㻠㻥㻡㻜㻑㻌 㻜㻚㻝㻡㻠㻜㻑㻌 㻜㻚㻟㻜㻤㻜㻑㻌 㻜㻚㻠㻡㻢㻡㻑㻌 㻜㻚㻢㻜㻡㻜㻑㻌 㻜㻚㻣㻡㻟㻡㻑㻌 㻜㻚㻥㻝㻤㻡㻑㻌 㻝㻚㻜㻤㻟㻡㻑㻌 㻝㻚㻞㻠㻤㻡㻑㻌 㻝㻚㻠㻟㻜㻜㻑㻌 㻮㼍㼍㻞㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻜㻚㻜㻥㻟㻡㻜㻑㻌 㻜㻚㻞㻡㻤㻡㻑㻌 㻜㻚㻠㻡㻢㻡㻑㻌 㻜㻚㻢㻢㻜㻜㻑㻌 㻜㻚㻤㻢㻥㻜㻑㻌 㻝㻚㻜㻤㻟㻡㻑㻌 㻝㻚㻟㻞㻡㻡㻑㻌 㻝㻚㻡㻢㻣㻡㻑㻌 㻝㻚㻣㻤㻞㻜㻑㻌 㻝㻚㻥㻤㻜㻜㻑㻌 㻮㼍㼍㻟㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻜㻚㻞㻟㻝㻜㻜㻑㻌 㻜㻚㻡㻣㻣㻡㻑㻌 㻜㻚㻥㻠㻜㻡㻑㻌 㻝㻚㻟㻜㻥㻜㻑㻌 㻝㻚㻢㻣㻣㻡㻑㻌 㻞㻚㻜㻟㻡㻜㻑㻌 㻞㻚㻟㻤㻝㻡㻑㻌 㻞㻚㻣㻟㻟㻡㻑㻌 㻟㻚㻜㻢㻟㻡㻑㻌 㻟㻚㻟㻡㻡㻜㻑㻌 㻮㼍㻝㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻜㻚㻠㻣㻤㻡㻑㻌 㻝㻚㻝㻝㻝㻜㻑㻌 㻝㻚㻣㻞㻝㻡㻑㻌 㻞㻚㻟㻝㻜㻜㻑㻌 㻞㻚㻥㻜㻠㻜㻑㻌 㻟㻚㻠㻟㻣㻡㻑㻌 㻟㻚㻤㻤㻟㻜㻑㻌 㻠㻚㻟㻟㻥㻡㻑㻌 㻠㻚㻣㻣㻥㻡㻑㻌 㻡㻚㻝㻣㻜㻜㻑㻌 㻮㼍㻞㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻜㻚㻤㻡㻤㻜㻑㻌 㻝㻚㻥㻜㻤㻡㻑㻌 㻞㻚㻤㻠㻥㻜㻑㻌 㻟㻚㻣㻠㻜㻜㻑㻌 㻠㻚㻢㻞㻡㻡㻑㻌 㻡㻚㻟㻣㻟㻡㻑㻌 㻡㻚㻤㻤㻡㻜㻑㻌 㻢㻚㻠㻝㻟㻜㻑㻌 㻢㻚㻥㻡㻣㻡㻑㻌 㻣㻚㻠㻞㻡㻜㻑㻌 㻮㼍㻟㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻚㻡㻠㻡㻡㻑㻌 㻟㻚㻜㻟㻜㻡㻑㻌 㻠㻚㻟㻞㻤㻡㻑㻌 㻡㻚㻟㻤㻠㻡㻑㻌 㻢㻚㻡㻞㻟㻜㻑㻌 㻣㻚㻠㻝㻥㻡㻑㻌 㻤㻚㻜㻠㻝㻜㻑㻌 㻤㻚㻢㻠㻜㻡㻑㻌 㻥㻚㻝㻥㻜㻡㻑㻌 㻥㻚㻣㻝㻟㻜㻑㻌 㻮㻝㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻞㻚㻡㻣㻠㻜㻑㻌 㻠㻚㻢㻜㻥㻜㻑㻌 㻢㻚㻟㻢㻥㻜㻑㻌 㻣㻚㻢㻝㻣㻡㻑㻌 㻤㻚㻤㻢㻢㻜㻑㻌 㻥㻚㻤㻟㻥㻡㻑㻌 㻝㻜㻚㻡㻞㻝㻡㻑㻌 㻝㻝㻚㻝㻞㻢㻡㻑㻌 㻝㻝㻚㻢㻤㻞㻜㻑㻌 㻝㻞㻚㻞㻝㻜㻜㻑㻌 㻮㻞㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻟㻚㻥㻟㻤㻜㻑㻌 㻢㻚㻠㻝㻤㻡㻑㻌 㻤㻚㻡㻡㻞㻡㻑㻌 㻥㻚㻥㻣㻝㻡㻑㻌 㻝㻝㻚㻟㻥㻜㻡㻑㻌 㻝㻞㻚㻠㻡㻣㻡㻑㻌 㻝㻟㻚㻞㻜㻡㻡㻑㻌 㻝㻟㻚㻤㻟㻞㻡㻑㻌 㻝㻠㻚㻠㻞㻝㻜㻑㻌 㻝㻠㻚㻥㻢㻜㻜㻑㻌 㻮㻟㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻢㻚㻟㻥㻝㻜㻑㻌 㻥㻚㻝㻟㻡㻡㻑㻌 㻝㻝㻚㻡㻢㻢㻡㻑㻌 㻝㻟㻚㻞㻞㻞㻜㻑㻌 㻝㻠㻚㻤㻣㻣㻡㻑㻌 㻝㻢㻚㻜㻢㻜㻜㻑㻌 㻝㻣㻚㻜㻡㻜㻜㻑㻌 㻝㻣㻚㻥㻝㻥㻜㻑㻌 㻝㻤㻚㻡㻣㻥㻜㻑㻌 㻝㻥㻚㻝㻥㻡㻜㻑㻌 㻯㼍㼍㻝㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻥㻚㻡㻡㻥㻥㻑㻌 㻝㻞㻚㻣㻣㻤㻤㻑㻌 㻝㻡㻚㻣㻡㻝㻞㻑㻌 㻝㻣㻚㻤㻢㻟㻠㻑㻌 㻝㻥㻚㻥㻣㻞㻢㻑㻌 㻞㻝㻚㻠㻟㻝㻣㻑㻌 㻞㻞㻚㻣㻢㻞㻜㻑㻌 㻞㻠㻚㻜㻝㻝㻟㻑㻌 㻞㻡㻚㻝㻝㻥㻡㻑㻌 㻞㻢㻚㻞㻟㻡㻜㻑㻌 㻯㼍㼍㻞㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻝㻠㻚㻟㻜㻜㻜㻑㻌 㻝㻣㻚㻤㻣㻡㻜㻑㻌 㻞㻝㻚㻠㻡㻜㻜㻑㻌 㻞㻠㻚㻝㻟㻠㻜㻑㻌 㻞㻢㻚㻤㻝㻞㻡㻑㻌 㻞㻤㻚㻢㻜㻜㻜㻑㻌 㻟㻜㻚㻟㻤㻣㻡㻑㻌 㻟㻞㻚㻝㻣㻡㻜㻑㻌 㻟㻟㻚㻥㻢㻞㻡㻑㻌 㻟㻡㻚㻣㻡㻜㻜㻑㻌 㻯㼍㼍㻟㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻞㻤㻚㻜㻠㻠㻢㻑㻌 㻟㻝㻚㻟㻡㻠㻤㻑㻌 㻟㻠㻚㻟㻠㻣㻡㻑㻌 㻟㻢㻚㻠㻟㻟㻝㻑㻌 㻟㻤㻚㻠㻜㻝㻣㻑㻌 㻟㻥㻚㻢㻢㻝㻝㻑㻌 㻠㻜㻚㻤㻤㻝㻣㻑㻌 㻠㻞㻚㻜㻢㻢㻥㻑㻌 㻠㻟㻚㻞㻝㻥㻢㻑㻌 㻠㻠㻚㻟㻤㻡㻜㻑㻌 㻯㼍㻌 㻜㻚㻜㻜㻜㻜㻑㻌 㻡㻡㻚㻜㻜㻜㻜㻑㻌 㻡㻡㻚㻜㻜㻜㻜㻑㻌 㻡㻡㻚㻜㻜㻜㻜㻑㻌 㻡㻡㻚㻜㻜㻜㻜㻑㻌 㻡㻡㻚㻜㻜㻜㻜㻑㻌 㻡㻡㻚㻜㻜㻜㻜㻑㻌 㻡㻡㻚㻜㻜㻜㻜㻑㻌 㻡㻡㻚㻜㻜㻜㻜㻑㻌 㻡㻡㻚㻜㻜㻜㻜㻑㻌 㻡㻡㻚㻜㻜㻜㻜㻑㻌 M O ET UT H D O AT DO E D LO G Y 㻭㼍㼍㻌 㻭㼍㻝㻌 17 SEPTEMBER 30, 2010 ᱁ᡭἲ䠖䝸䝟䝑䜿䞊䝆മ䛻ᑐ䛩䜛䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ INTERNATIONAL STRUCTURED FINANCE 䝮䞊䝕䜱䞊䝈䞉䝆䝱䝟䞁ᰴ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 Report Number: JP002198-sf395(Japanese) SF196495 (English) 㻌 Copyright 2010 Moody䇻s Investors Service, Inc.ཬ䜃/ཪ䛿ྠ♫䛾䝷䜲䝉䞁䝃䞊ཬ䜃㛵㐃♫䠄௨ୗ䛂䝮䞊䝕䜱䞊䝈䛃䛸⥲⛠䛧䜎 䛩䚹䠅All rights reserved. M OU ET T H D O AT DO E D LO G Y 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䞉䝆䝱䝟䞁ᰴ ᘧ♫䠄௨ୗ䛂MJKK䛃䛸䛔䛔䜎䛩䚹䠅䛾⌧Ⅼ䛾ពぢ䛷䛩䚹MJKK 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MJKK 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 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䛔䜎䛫䜣䚹䠅䜢䚸䝮䞊䝕䜱䞊䝈䛾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䛿䚸䛩䜉䛶䝮䞊䝕䜱䞊䝈䛜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䝮䞊䝕䜱䞊䝈䛿䛣䜜䜙䛾ሗ䜢䛔䛛䛺䜛✀㢮䛾 ಖド䜒䛴䛡䜛䛣䛸䛺䛟䛂⌧≧᭷ጼ䛃䛷ᥦ౪䛧䛶䛔䜎䛩䚹䝮䞊䝕䜱䞊䝈䛿䚸ಙ⏝᱁䜢䛩䜛㝿䛻⏝䛔䜛ሗ䛜༑ศ䛺ရ㉁䜢 ᭷䛧䚸䜎䛯䛭䛾ሗ※䛜䝮䞊䝕䜱䞊䝈䛻䛸䛳䛶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䝮䞊䝕䜱䞊䝈䛿┘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䝮䞊䝕䜱䞊䝈䛿䛔䛛䛺䜛≧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Ⓨ㇟䠄䝮䞊䝕䜱䞊䝈䚸䛒䜛䛔䛿䛭䛾ྲྀ⥾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)䝮䞊䝕䜱䞊䝈䛜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䝮䞊䝕䜱䞊䝈䛾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䝮䞊䝕䜱䞊䝈䛿䚸䛔䛛䛺䜛ᙧᘧཪ䛿᪉ἲ䛻䜘䛳䛶䜒䚸䛣䜜䜙䛾᱁ⱝ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 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 MJKK 䛿䚸MJKK 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 MJKK 䛜⾜䛖ホ౯䞉᱁䝃䞊䝡䝇䛻ᑐ䛧䛶䚸MJKK 䛻䜘䜛᱁䛾䛻ඛ❧䛱䚸20 䛛䜙⣙ 3 ൨ 5,000 䛾ᡭᩘᩱ䜢 MJKK 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 MJKK 䛿䚸MJKK 䛾᱁ཬ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᱁ᑐ㇟♫䛸䛾㛫䛾ఱ䜙䛛䛾ᐖ㛵ಀ䛾Ꮡᅾ䚸ཬ䜃 MJKK 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䛿䚸䝮䞊䝕䜱䞊䝈䛾䜴䜵䝤䝃䜲䝖 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᭷䛩䜛䝮䞊䝕䜱䞊䝈䛾㛵㐃♫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䚸䝮䞊䝕䜱䞊䝈䛻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 18 SEPTEMBER 30, 2010 ᱁ᡭἲ䠖䝸䝟䝑䜿䞊䝆മ䛻ᑐ䛩䜛䝮䞊䝕䜱䞊䝈䛾᱁ᡭἲ
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