(The following was released by the rating agency)
TOKYO (Standard & Poor's) July 25, 2012--Standard & Poor's Ratings Services today said that it has released a Japanese-language Performance Watch report on Hitachi Capital's series 1 to 11 residential mortgage-backed securities (RMBS) transactions.
The report is an update of a surveillance report that we published in Japanese on July 25, 2011 (for the English version of the July 2011 report, see "Performance Watch: Hitachi Capital Series 1 To 11 Mortgage-Backed Trust Certificates, Update For July 2011," published Aug. 10, 2011, on RatingsDirect on the Global Credit Portal). These deals are backed by pools of housing loan receivables that Hitachi Capital Corp. (A-/Stable/A-2) originated. We have released the report as part of our surveillance process.
Throughout a transaction's life, we base our surveillance on the collection and distribution reports, such as servicing reports, that relevant parties submit to us regularly. During the surveillance process, we monitor the performance of the underlying asset pools, repayment of rated certificates or beneficial interests, enhancement of various cash reserves concluded in the transaction agreements, and the transactions' early redemption triggers. Standard & Poor's periodically releases its views on these transactions, along with summaries of their performance.