OREANDA-NEWS. S&P Global Ratings today said it has affirmed its 'AAA (sf)' rating on the Toshiba Housing Loan Service Beneficiary Certificate Series 10 transaction issued in August 2011 (see list below).

Today's rating affirmation reflects the following:We assume a foreclosure frequency for the mortgage loans currently outstanding of about 3% under our base-case scenario and 20% under our 'AAA' stress scenario. We also assume a recovery rate for defaulted loans of about 77% under our base-case scenario and about 59% under our 'AAA' stress scenario. Principal redemption for the rated class has progressed and the transaction's credit enhancement levels have increased, reflecting both scheduled principal repayments as well as prepayments on the loans. A pool of condominium investment loans that Aeon Housing Loan Service (formerly, Toshiba Housing Loan Service) originated and transferred to a trust ultimately backs this residential mortgage-backed securities (RMBS) transaction. In addition, the transaction lacks updated loan-by-loan data in the surveillance period.