Reuters: Financial Services and Real Estate: TEXT-S&P afrms 'AAA (sf)' rtgs on JHF series 16 to 21 monthly notes

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

TEXT-S&P afrms 'AAA (sf)' rtgs on JHF series 16 to 21 monthly notes Mar 28th 2012, 06:49 Wed Mar 28, 2012 2:49am EDT (The following statement was released by the rating agency) March 28 - OVERVIEW -- JHF's series 16 to 21 are regular monthly structured note issuances originated by JHF. The notes are backed by residential mortgage loan receivables. -- All six transactions have had high withdrawal ratios for defaulted receivables since closing. However, the transactions' withdrawal ratios have declined slightly as of late. -- Due to the structural features of these transactions, the ratings are dependent to an extent on the credit quality of JHF. -- We have affirmed our 'AAA (sf)' ratings on all six transactions. Standard & Poor's Ratings Services today said that it has affirmed its 'AAA (sf)' ratings on the series 16 to 21 secured pass-through notes issued by Japan Housing Finance Agency (JHF; AA-/Negative/A-1+) from August 2008 to February 2009. Today's rating actions are part of our regular review. In analyzing the credit quality of these transactions, we examined the data contained in the reports that we receive each month from the trustee, Sumitomo Trust & Banking Co. Ltd. (A+/Negative/A-1), particularly data on the progress of collections, revenue/expenditure statements, and historical performance data, including data on the withdrawal ratios (a proxy for the default rate under these transactions, reflecting JHF's obligation to apply the amount of the principal on defaulted receivables to payment of the notes and withdraw the defaulted receivables from the notes' underlying pools) and delinquency rates of the mother pools. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions