Ratings On Japan Housing Finance Agency's Series 23 And Series 25 To 27 Structured Notes Affirmed

OVERVIEW The JHF series 23 and series 25 to series 27 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 4%-5% under our base-case scenarios. We have affirmed our ratings on JHF's series 23 and 25 to 27 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) March 16, 2015--Standard&Poor's Ratings Services today said that it has affirmed its 'AA+ (sf)' rating on Japan Housing Finance Agency's (JHF) series

...OVERVIEW + The JHF series 23 and series 25 to series 27 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 4%-5% under our base-case scenarios. + We have affirmed our ratings on JHF's series 23 and 25 to 27 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) March 16, 2015--Standard & Poor's Ratings Services today said that it has affirmed its '##+ (sf)' rating on Japan Housing Finance Agency's (JHF) series 23 fixed-rate residential mortgage-secured pass-through notes and its '## (sf)' ratings on JHF's series 25 to series 27 notes (see list below). We took these actions after our updated criteria for rating Japanese residential mortgage-backed...

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