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S&P Asgns AAA Rtg to Hexagon Funding 2000's ABS

24 November 2000

S&P Asgns AAA Rtg to Hexagon Funding 2000's ABS

    TOKYO--Standard & Poor's--Nov. 22, 2000-- Standard & Poor's today assigned its triple-'A' rating to Hexagon Funding 2000 Ltd.'s (Hexagon 2000) JPY22 billion fixed-rate notes.
    The notes are ultimately backed by a pool of auto loan receivables originated by Quoq Inc.
    Standard & Poor's rating addresses the full and timely payment of monthly interest and the ultimate full repayment of principal by the legal final maturity of November 2005.
    The notes are secured by JPY22 billion worth of fixed-rate bonds issued by Unicolor 2000 Corp., a special-purpose company established for the purposes of this securitization. The bonds, in turn, are secured by a senior beneficial interest in a trust created with Sumitomo Trust & Banking Co. Ltd. (BBB/Stable/A-2) from a pool of auto loan receivables originated by Quoq. Quoq has entrusted approximately JPY24.4 billion of auto loan receivables to the trust.
    The rating is based on:

--	Overcollateralization of about 9.8% of the securitized pool of receivables;
--	Monthly servicer advances to mitigate commingling risk;
--	A reserve account initially funded with JPY460 million; and
--	The status of Hexagon 2000 and Unicolor 2000 as special-purpose, bankruptcy-remote entities.