...TOKYO (S&P Global Ratings) Dec. 22, 2017--S&P Global Ratings today said it has released a Performance Watch report on the residential mortgage-secured pass-through notes issued by Japan Housing Finance Agency (JHF) and its predecessor, the former Government Housing Loan Corp. (GHLC). In the report, we mainly describe the performance trends of the pools of entrusted receivables backing the structured notes issued by the end of August 2017, broken down by either year of note issuance or year of underlying loan vintage. For both JHF's regular monthly notes and series S notes, we have observed stable performance in the underlying pools' replacement/withdrawal ratios. Also, for JHF's regular monthly notes, the prepayment rates have stabilized recently because demand for refinancing appears to have fizzled. We have conducted various surveillance activities during the terms of the transactions, using collection and income/expense reports that relevant parties submit regularly. Through the surveillance...
