Ratings On 13 Series Of Japan Housing Finance Agency's Structured Notes Affirmed At 'AAA (sf)'

OVERVIEW The JHF series 19 to series 22, series 24, and series 28 to series 35 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 3%-5% under our base-case scenarios. We have affirmed our 'AAA (sf)' ratings on the above 13 series of JHF's notes. 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 (Standard&Poor's) April 14, 2015--Standard&Poor's Ratings Services today said that it has affirmed its 'AAA (sf)' ratings on

...OVERVIEW + The JHF series 19 to series 22, series 24, and series 28 to series 35 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 3%-5% under our base-case scenarios. + We have affirmed our '### (sf)' ratings on the above 13 series of JHF's notes. + 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 (Standard & Poor's) April 14, 2015--Standard & Poor's Ratings Services today said that it has affirmed its '### (sf)' ratings on Japan Housing Finance Agency's (JHF) series 19 to series 22, series 24, and series 28 to series 35 fixed-rate residential mortgage-secured pass-through notes (see list below). The affirmations reflect the following: + We assume a cumulative...

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