Japan Housing Finance Agency's GHLC Series 11, 12 and 14 To 23 Structured Note 'AAA (sf)' Ratings Affirmed

The GHLC series 11, 12 and 14 to 23 fixed-rate residential mortgage-secured pass-through notes are securitizations that GHLC 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 2%-3% under our base-case scenarios. We are affirming our 'AAA (sf)' ratings on the above 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 (S&P Global Ratings) June 24, 2020--S&P Global Ratings today said it has affirmed its 'AAA (sf)' ratings on Japan Housing Finance Agency's (JHF's) Government Housing Loan

...- The GHLC series 11, 12 and 14 to 23 fixed-rate residential mortgage-secured pass-through notes are securitizations that GHLC 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 2%-3% under our base-case scenarios. - We are affirming our '### (sf)' ratings on the above 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 (S&P Global Ratings) June 24, 2020--S&P Global Ratings today said it has affirmed its '### (sf)' ratings on Japan Housing Finance Agency's (JHF's) Government Housing Loan Corp. (GHLC; the predecessor of JHF) series 11, 12 and 14 to 23 fixed-rate residential mortgage-secured pass-through notes (see list below). Our affirmations reflect the following: - We assume a foreclosure frequency for the...

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