Ratings On Japan Housing Finance Agency's Series 57 To 59 Structured Notes Affirmed At 'AAA (sf)'

OVERVIEW The JHF series 57 to 59 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 are affirming our 'AAA (sf)' ratings on the 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 (Standard&Poor's) Jan. 23, 2015--Standard&Poor's Ratings Services today said that it has affirmed its 'AAA (sf)' ratings on Japan Housing Finance Agency's (JHF) series 57 to 59 fixed-rate residential mortgage-secured pass-through notes (see list below). Today's affirmations reflect our views on the following: We assume a cumulative

...OVERVIEW + The JHF series 57 to 59 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 are affirming our '### (sf)' ratings on the 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 (Standard & Poor's) Jan. 23, 2015--Standard & Poor's Ratings Services today said that it has affirmed its '### (sf)' ratings on Japan Housing Finance Agency's (JHF) series 57 to 59 fixed-rate residential mortgage-secured pass-through notes (see list below). Today's affirmations reflect our views on the following: + We assume a cumulative default frequency for the residential mortgage loans currently outstanding of about 3%-4% under our base-case scenario, and about 28%-30% under a stress scenario commensurate with our '###' rating. These rates,...

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