Issuer: Kyoritsu Women's Educational Institution

JCR has affirmed the A+/Stable rating on senior debts of the issuer.

Senior debts: A+/Stable

<Rationale>
Kyoritsu Women's Educational Institution has a long tradition of educating women. The Institution is now clarifying its purpose of education aiming at turning out superior graduates at its university especially and reorganizing normal course of study and extracurricular activities systematically after implementation of its measures including education concentrated on its Kanda-Hitotsubashi campus located in an urban area and reorganization of faculties and departments. The ratio of applicants to enrollment limit has been stable and the quality of university entrants has improved. Although its cost structure is slightly rigid because of a larger proportion of personnel expenditures to total expenditures, the structure is expected to be less rigid as a result of reconstruction of new school buildings and research facilities in its Hachioji campus. Its invested assets are sound and nothing will prevent it from carrying out its plan for capital investments. JCR considers that the Institution's schools will continue to attract female applicants for entrance hereafter, as it provides a higher level of educational content, taking advantage of its flexibility in its smaller organization, and has a more helpful support system for students in addition to its location in the urban area.