Japan Housing Finance Agency's Series S-13 To S-18 Structured Notes 'AAA (sf)' Ratings Affirmed

OVERVIEW The JHF series S-13 to S-18 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 1%-2% under our base-case scenarios. We are affirming our 'AAA (sf)' ratings on the above six 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) May 30, 2019--S&P Global Ratings today said it has affirmed its 'AAA (sf)' ratings on Japan Housing Finance Agency's (JHF) series S-13 to S-18 fixed-rate

...OVERVIEW + The JHF series S-13 to S-18 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 1%-2% under our base-case scenarios. + We are affirming our '### (sf)' ratings on the above six 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) May 30, 2019--S&P Global Ratings today said it has affirmed its '### (sf)' ratings on Japan Housing Finance Agency's (JHF) series S-13 to S-18 fixed-rate residential mortgage-secured pass-through notes (see list below). Our affirmations reflect the following: + We assume a foreclosure frequency for the residential mortgage loans currently outstanding of 1%-2% under our base-case...

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