New Issue: Japan Housing Finance Agency (Series E55-1)

Rating as of Oct. 29, 2025 Rating Amount (bil. ¥) Coupon type Legal final maturity date Overcollateralization ratio (%) § AAA (sf) 28.6 1.63% Nov. 10, 2060 23.3 §We define the overcollateralization ratio as: 1-(A+B)/(C-D-E); A: the rated obligations and equally ranked obligations; B: prior obligations to the rated obligations; C: underlying assets (including cash); D: liquidity reserves; E: obligations, except for senior, mezzanine, or subordinate obligations (seller's interest, etc.). The ratio in this report represents the transaction structure's minimum maintenance ratio for the overcollateralization of pro rata pay. Profile Expected closing date Oct. 29, 2025 Collateral An entrusted pool of residential mortgage loans Originator/Servicer Japan Housing Finance Agency Collateral trustee Sumitomo Mitsui Trust Bank Ltd. Beneficiary representative Sumitomo Mitsui

...S&P Global Ratings has assigned its '### (sf)' rating to Japan Housing Finance Agency's (JHF) Ñ28.6 billion series E55-1 fixed-rate residential mortgage-secured pass-through notes and beneficiary certificates (subsequent to a trigger event). Our rating reflects our opinion on the likelihood of the full and timely payment of interest, or interest distribution in the case of the beneficiary certificates, allowing for a three-month grace period, and the ultimate repayment of principal by the transaction's legal final maturity date. Our rating primarily reflects the following:...

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