Japan Housing Finance Agency Series 23 And 25 To 27 Structured Notes Ratings Raised To 'AAA (sf)'

OVERVIEW The JHF series 23 and 25 to 27 fixed-rate residential mortgage-secured pass-through notes are securitizations that JHF issued. A pool of residential mortgage loans ultimately backs the notes issued under each transaction. We assume a foreclosure frequency for the mortgage loans currently outstanding of about 4% under our base-case scenarios. We believe the likelihood of a surge in withdrawal rates is limited and these rates will be stable in the future. We are raising to 'AAA (sf)' our ratings on the above four series of notes following our review. Because of the structural features of these transactions, we believe the ratings on the notes depend to an extent on the credit quality of JHF. TOKYO (S&P Global Ratings) Sept.

...OVERVIEW + The JHF series 23 and 25 to 27 fixed-rate residential mortgage-secured pass-through notes are securitizations that JHF issued. A pool of residential mortgage loans ultimately backs the notes issued under each transaction. + We assume a foreclosure frequency for the mortgage loans currently outstanding of about 4% under our base-case scenarios. + We believe the likelihood of a surge in withdrawal rates is limited and these rates will be stable in the future. + We are raising to '### (sf)' our ratings on the above four series of notes following our review. + Because of the structural features of these transactions, we believe the ratings on the notes depend to an extent on the credit quality of JHF. TOKYO (S&P Global Ratings) Sept. 8, 2016--S&P Global Ratings today said it has raised to '### (sf)' its ratings on Japan Housing Finance Agency's (JHF) series 23 and 25 to 27 fixed-rate residential mortgage-secured pass-through notes (see list below). The rating actions reflect the...

Ratings Action