TOKYO, August 12 Fitch Ratings has upgraded the ratings on HYDRA V Funding Corporation's series 1 bonds as follows: JPY1.33bn* Class S1 bonds upgraded to 'AAAsf' from 'AA+sf'; Outlook Stable JPY654m* Class S2 bonds upgraded to 'AAAsf' from 'AA+sf'; Outlook Stable *as at 10 August 2016 The transaction is a securitisation of residential mortgage loans originated by multiple originators in Japan. KEY RATING DRIVERS The upgrades reflect Fitch's view that available credit enhancement is sufficient and the account bank is eligible to support 'AAAsf' ratings.

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