...October 30, 2020 TOKYO (S&P Global Ratings) Oct. 30, 2020--S&P Global Ratings today said transactions issued by the Japan Housing Finance Agency (JHF) may have overcome the pandemic-triggered challenges observed earlier this year. That was in a report monitoring the performance of residential mortgage-secured pass-through notes issued by JHF and its predecessor, the former Government Housing Loan Corp. (GHLC). In the report, we mainly describe the performance trends of the pools of entrusted receivables backing the structured notes issued up to the end of July 2020, broken down by either year of note issuance or year of underlying loan vintage. Although the outlook for COVID-19 is still uncertain, we have observed a tendency that suggests the negative impact of the state of emergency declared in Japan on underlying asset performance has already peaked out. As of the July 2020 collection date, replacement ratios or withdrawal ratios that had risen in part because of the impact of COVID-19....
