UBS AG's request for a ruling on credit contracts linked to Aiful Corp. was accepted by an international group governing swaps and derivatives, paving the way for debt holders of the consumer lender to get repaid.

The determinations committee of the International Swaps and Derivatives Association may decide this week whether Aiful's restructuring agreement with creditors is considered a "credit event," which would ensure payouts to holders, according to a statement on the association's Web site.

Holders of credit-default swaps on Kyoto-based Aiful, Japan's third-largest consumer lender by assets, were roiled in October after the committee rejected three requests to rule a credit event had occurred, citing a lack of publicly available information on which to make a judgment.

The committee "will rule the case to be a credit event this time," BNP Paribas Securities Japan Ltd. wrote in a report to clients Thursday after Aiful won approval from creditors for a debt restructuring plan to avoid bankruptcy.

Aiful met 65 creditors in Tokyo the same day and won approval to resume repaying the loans from Sept. 30 and will have repaid ¥76 billion by June 10, 2014, according to a stock exchange filing from the company.

UBS spokeswoman Eiko Noda confirmed the brokerage submitted its request Thursday and declined further comment.

Aiful stock has fallen 45 percent this year, compared with a 5.8 percent gain by the benchmark Topix.

Credit default contracts on Aiful were little changed Friday, according to two traders who declined to be identified as they aren't authorized to speak to the media. They were at 7,003.8 basis points Thursday, according to CMA DataVision prices in New York.

Standard & Poor's said Friday it raised Aiful's long-term counterparty rating to CCC- from SD, or selective default, after the debt rescheduling agreement. Moody's Investors Service said Aiful remains on watch for a possible rating cut.

Zurich-based UBS submitted a request to the determinations committee of 15 dealers and investors, including Goldman Sachs Group Inc. and Mizuho Securities Co., according to the association's Web site.

Swap contracts protecting a net $1.31 billion in Aiful's debt were outstanding as of Dec. 18, making it the second-most insured Japanese borrower after the government, according to the Depository Trust & Clearing Corp. in New York.