Issuer: Japan Medical Alliance

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

Senior debts: BBB+/Stable

<Rationale>
Japan Medical Alliance is a social medical corporation which provides medical services in both Saitama and Kanagawa prefectures. The Corporation has maintained a certain level of earnings power since it almost completed consolidation of functions of facilities and reorganization of such facilities in 2007 in the Ebina district, while securing human resources. Recovery of earnings at the Higashi Saitama General Hospital on the back of its improved medical treatment system has contributed to its overall stable financial results. In our view, the Corporation can maintain its relatively stable earnings power, given the FY 2010 medical fee revision which includes an increase in remuneration for hospital admission medical care and diminishing tax burden as a result of its change to a social medical corporation. The Corporation's borrowings have decreased because of completion of its large investment projects and its relationship with financial institutions is stable. On the other hand, it plans relocation of the Higashi Saitama General Hospital and JCR considers it necessary to watch its financing needs from a medium term point of view and changes in its financial balance.