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Research Update: Japan's Government Housing Loan Corp. Rated 'AA-'; Outlook Positive Jul 06 Product Image

Research Update: Japan's Government Housing Loan Corp. Rated 'AA-'; Outlook Positive Jul 06

  • ID: 2049143
  • July 2006
  • Region: Japan
  • Standard & Poors

Abstract
On July 11, 2006, Standard & Poor's assigned its 'AA-' long-term credit rating to Government Housing Loan Corp. (GHLC). The outlook on the rating is positive. GHLC is the only government-supported entity (GSE) that specializes in housing loan operations. As part of a government policy to convert GSEs into independent administrative agencies, GHLC will be abolished in April 2007, and a new agency, the Housing Finance Services Agency (HFSA), will be established. The new agency will succeed the operations of GHLC, focusing on securitization support as its primary operation. GHLC has already shifted its business focus from direct lending to securitization. Its traditional mortgage lending operations will be abolished in March 2007, except for management and servicing of existing loans....

Companies mentioned in this report are: Japan Housing Finance Agency
Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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