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TEXT-Fitch cuts JLOC XXVIII to 'Dsf'; drops ratings

(The following statement was released by the rating agency)

Oct 09 - Fitch Ratings has downgraded JLOC XXVIII Senior Trust's class D trust beneficiaryinterests (TBIs) and the TMK 1 mezzanine specified bonds (mezzanine SB) to 'Dsf' from 'Csf'. Theratings have simultaneously been withdrawn. The transaction was a Japanese multi-borrower typeCMBS securitisation.

The downgrades follow the tranche default and write-down to zero of the remaining balance ofthe class D TBIs and the mezzanine SB at legal final maturity on 9 October 2012. Sales ofproperties backing the transaction have resulted in a partial redemption of the underlying bondand the remaining bond obligation was waived in October 2012. The class A to C TBIs have alreadybeen redeemed in full.

Fitch will no longer calculate the Recovery Estimate for the class D TBIs and the mezzanineSB following the withdrawal of the ratings.

This transaction was originally backed by specified bonds issued by two Tokutei MokutekiKaisha entities, which were backed by 567 properties. All properties were sold by mid-September2012.

Fitch will no longer provide ratings or analytical coverage for this transaction.

((Bangalore Ratings Team, Hotline: +91 80 41355898, Bhanu.priya@thomsonreuters.com,Group id: BangaloreRatings@thomsonreuters.com,Reuters Messaging: Bhanu.Priya.reuters.com@reuters.net))