Japan Housing Finance Agency's Series 121 Structured Issuance Assigned Preliminary 'AAA (sf)' Rating

OVERVIEW The JHF series 121 fixed-rate residential mortgage-secured pass-through notes are a securitization to be issued by JHF. A pool of residential mortgage loans will ultimately back the notes. We are assigning our preliminary 'AAA (sf)' rating to the notes based on our view of the transaction's legal structure, credit support, and pool characteristics, among other factors. Because of the structure of this transaction, the rating on the notes depends to an extent on the credit quality of JHF. TOKYO (S&P Global Ratings) May 12, 2017--S&P Global Ratings today said it has assigned its preliminary 'AAA (sf)' rating to Japan Housing Finance Agency's (JHF) series 121 fixed-rate residential mortgage-secured pass-through notes. JHF will set the expected issue amount at or

...OVERVIEW + The JHF series 121 fixed-rate residential mortgage-secured pass-through notes are a securitization to be issued by JHF. A pool of residential mortgage loans will ultimately back the notes. + We are assigning our preliminary '### (sf)' rating to the notes based on our view of the transaction's legal structure, credit support, and pool characteristics, among other factors. + Because of the structure of this transaction, the rating on the notes depends to an extent on the credit quality of JHF. TOKYO (S&P Global Ratings) May 12, 2017--S&P Global Ratings today said it has assigned its preliminary '### (sf)' rating to Japan Housing Finance Agency's (JHF) series 121 fixed-rate residential mortgage-secured pass-through notes. JHF will set the expected issue amount at or less than Ñ246.3 billion in mid-May. The JHF series 121 notes are a securitization to be issued by JHF. A pool of residential mortgage loans that JHF purchased from private-sector financial institutions will ultimately...

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