This report does not constitute a rating action. TOKYO (S&P Global Ratings) Nov. 4, 2026--Further rate hikes will not have a direct impact on underlying assets in the Japan Housing Finance Agency (JHF) series pool. Successive interest rate hikes are a major risk to mortgage performance, however, as they consist only of fixed-rate mortgages. That's according to a report S&P Global Ratings published today, titled"JHF RMBS Performance Watch November 2026: Monthly Notes'Delinquency Rates Rise To Stabilize ."Key findings in our report included: While further interest rate hikes and reversing real estate prices are primary risks to mortgage performance, the impact on the underlying assets backing JHF notes is expected to be limited because they consist of
