JCR has affirmed the AA-/Stable, AA- and preliminary AA- rating on senior debts, each series of the bonds, and the shelf registration of the issuer, respectively.

Issuer: Global One Real Estate Investment Corporation (8958)
Senior debts: AA-/Stable
Issues Amount(bn) Issue Date Due Date Coupon Rating
bonds no.1 Y25 Oct. 21, 2005 Oct. 21, 2010 1.08% AA-
bonds no.2 Y10 Oct. 21, 2005 Oct. 19, 2012 1.51% AA-
Shelf Registration: preliminary AA-
Maximum: Y200 billion
Valid: two years effective from Oct. 7, 2009

<Rationale>
Assets of Global One Real Estate Investment Corporation are managed by Global Alliance Realty Co., Ltd. whose major sponsors are Meiji Yasuda Life Insurance Group, Mitsubishi UFJ Financial Group, and Kintetsu Group. The Investment Corporation primarily invests in high-quality office buildings in great locations in three major metropolitan areas with an eye on three key elements: (a) conveniently located - easily accessible from a nearby train station, (b) new or relatively new, and (c) a large office building. Its property portfolio consists of seven buildings in the Tokyo metropolitan area mainly and total acquisition price is 130.3 billion yen. In our view, it is unlikely that its occupancy ratio will remain at a lower level over the medium and long term, as its buildings are located at places where there is relatively stable demand for offices, although some prime tenants ended or are scheduled to end their lease agreements in some buildings held by the Investment Corporation. Its LTV ratio has been relatively at a lower level and its relationship with financial institutions is stable with respect to its debt finance. JCR is not specifically concerned about its financial structure.