Japan Housing Finance Agency's GHLC Series S-1 To S-10 Structured Notes 'AAA (sf)' Ratings Affirmed

OVERVIEW The GHLC series S-1 to S-10 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 4% under our base-case scenarios. We are affirming our 'AAA (sf)' ratings on the above 10 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 (GHLC's successor). TOKYO (S&P Global Ratings) July 31, 2017--S&P Global Ratings today said it has affirmed its 'AAA (sf)' ratings on Government Housing Loan Corp.'s (GHLC; predecessor of

...OVERVIEW + The GHLC series S-1 to S-10 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 4% under our base-case scenarios. + We are affirming our '### (sf)' ratings on the above 10 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 (GHLC's successor). TOKYO (S&P Global Ratings) July 31, 2017--S&P Global Ratings today said it has affirmed its '### (sf)' ratings on Government Housing Loan Corp.'s (GHLC; predecessor of Japan Housing Finance Agency [JHF]) series S-1 to S-10 fixed-rate residential mortgage secured pass-through notes (see list below). The affirmations reflect the following: + We assume a foreclosure frequency for the residential...

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