Japan Housing Finance Agency Series S-1 To S-12 Structured Notes 'AAA (sf)' Ratings Affirmed

OVERVIEW The JHF series S-1 to S-12 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 3%-4% under our base-case scenarios. We have affirmed our 'AAA (sf)' ratings on the 12 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 (Standard&Poor's) Dec. 22, 2015--Standard&Poor's Ratings Services today said it has affirmed its 'AAA (sf)' ratings on Japan Housing Finance Agency's (JHF) series S-1 to S-12

...OVERVIEW + The JHF series S-1 to S-12 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 3%-4% under our base-case scenarios. + We have affirmed our '### (sf)' ratings on the 12 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 (Standard & Poor's) Dec. 22, 2015--Standard & Poor's Ratings Services today said it has affirmed its '### (sf)' ratings on Japan Housing Finance Agency's (JHF) series S-1 to S-12 fixed-rate residential mortgage-secured pass-through notes (see list below). The affirmations reflect the following: + We assume a cumulative default frequency for the residential mortgage loans currently outstanding of about...

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