TEXT-S&P Afms Rating On Emerald Assets Ltd. - Portfolio 1 Notes

(The following was released by the rating agency)

OVERVIEW

-- Emerald Assets Ltd. - Portfolio 1 is a commercial

mortgage backed securitization that is secured by a

cross-collateralized portfolio of 36 industrial properties in

Singapore.

-- One property is being removed from the collateral

portfolio and three will be added to the collateral pool, taking

the number of properties in the portfolio to 38.

-- We have affirmed our rating on the class P1-AAA-002 notes

outstanding after reviewing the changes to the collateral pool.

SYDNEY (Standard & Poor's) Dec. 18, 2012--Standard & Poor's

Ratings Services today affirmed its rating on one class of

commercial-mortgage-backed securities (CMBS) issued by Emerald

Assets Ltd. - Portfolio 1. Emerald Assets Ltd. - Portfolio 1 is

a commercial mortgage backed securitization that is secured by a

cross-collateralized portfolio of 36 industrial properties

located in Singapore.

One property is being removed from the collateral portfolio

and three will be added to the collateral pool, taking the

number of properties in the portfolio to 38. We have affirmed

our rating on the class P1-AAA-002 notes outstanding after

reviewing the changes to the collateral pool.

The rating affirmation reflects our view that the rated

notes are able to withstand stresses that are commensurate with

the current rating levels. The transaction is a single-borrower

secured loan CMBS secured by a portfolio of industrial

properties owned by Ascendas Real Estate Investment Trust

A-REIT. The notes were initially issued in 2007.

The rating affirmation reflects:

-- The strength of the secured loan between Emerald Assets

and A-REIT;

-- The credit quality of the underlying collateral

properties;

-- The cash flow coverage levels and overcollateralization

provided;

-- The liquidity support provided; and

-- The quality of asset management.

STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report

accompanying a credit rating relating to an asset-backed

security as defined in the Rule, to include a description of the

representations, warranties and enforcement mechanisms available

to investors and a description of how they differ from the

representations, warranties and enforcement mechanisms in

issuances of similar securities. The Rule applies to in-scope

securities initially rated (including preliminary ratings) on or

after Sept. 26, 2011. If applicable, the Standard & Poor's 17g-7

Disclosure Report included in this credit rating report is

available at "http://standardandpoorsdisclosure-17g7.com".

REGULATORY DISCLOSURES

Please refer to the initial rating report for any additional

regulatory disclosures that may apply to a transaction.

RATING AFFIRMED

Class Rating P1-AAA-002 AA- (sf)

RELATED CRITERIA AND RESEARCH

-- Counterparty Risk Framework Methodology And Assumptions,

Nov. 29, 2012 -- Asia Pacific Feels The Pressure Of Ongoing

Global Economic Uncertainty, Sept. 23, 2012 -- CMBS Global

Property Evaluation Methodology, Sept. 5, 2012 -- Global

Structured Finance Scenario And Sensitivity Analysis: The

Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011 --

Principles of Credit Ratings, Feb. 16, 2011

Source: http://news.yahoo.com/text-p-afms-rating-emerald-assets-ltd-portfolio-042701918--sector.html

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