Japan Credit Rating Agency, Ltd.

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Nov. 25, 2025: JCR Affirmed A/Stable Long-term Issuer Rating on Ezaki GlicoNEW; JCR Assigned A to SPIRE SA Series 2025-533NEW; JCR Assigned A to SPIRE SA Series 2025-80NEW; JCR Assigned AA- to SPIRE SA Series 2025-598NEW; Sumitomo Mitsui Trust Panasonic Finance: Second Party Opinion on Sustainability Linked LoanNEW; Kurumefudousansystem, The Kumamoto Bank: Second Opinion on Positive Impact FinanceNEW; Tachihi Holdings, The Yamanashi Chuo Bank: Second Opinion on Positive Impact FinanceNEW

Nov. 21, 2025: JCR Assigned AA/Stable and J-1+ to Resona Leasing; JCR Affirmed A- Long-term Issuer Rating on TAKASAGO INTERNATIONAL; Revised Outlook to Positive; JCR Affirmed BBB+/Stable Long-term Issuer Rating on ASAHI PRINTING; JCR Affirmed BBB-/Stable Long-term Issuer Rating on IKAI; JCR Affirmed AA-/Stable and J-1+ on Odakyu Electric Railway; JCR Affirmed AA-/Stable and J-1+ on Shimadzu; JCR Affirmed A+/Stable Long-term Issuer Rating on Nagoya Railroad; JCR Affirmed A/Stable Long-term Issuer Rating on Nishimatsu Construction; JCR Affirmed AA/Stable Long-term Issuer Rating on Iyogin HD and Iyo Bank; JCR Assigned BBB+ Rating to Preferred Shares of ANA HD; JCR Assigned AA- Rating to Bonds of JERA; JCR Assigned AA- Rating to Bonds of SoftBank; JCR Assigned AA+ Rating to Bonds of Electric Power Development; JCR Assigned A Rating to Bonds of Resonac HD; JCR Assigned A- Rating to Bonds of GMO Financial HD; JCR Withdraws Preliminary A- Rating on Bonds of Far East Horizon; [ Asset Securitization Products ] JCR Assigned Preliminary A to Facility 25-12 ABL; JFE Holdings: Reviewed Green / Transition Finance Framework Evaluation: Green 1(T)(F); SAKAI　Denki, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; Meat　Crest, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; DAISEI LOG, THE SAITAMAKEN SHINKIN BANK: Second Opinion on Positive Impact Finance; MK, THE KYOTO CHUO SHINKIN BANK: Second Opinion on Positive Impact Finance

Issuer
Sep. 17, 2025
Philippines
Daewoo Engineering & Construction
Sep. 11, 2025
African Export-Import Bank (The)
Sep. 09, 2025
Quebec
Aug. 21, 2025
Abacus Group
Eastern Water Resources Development and Management
Jul. 23, 2025
Africa Finance Corporation
NatWest Group
National Westminster Bank
NatWest Markets

Jul. 15, 2025: Highlights of Major Private Railroad Companies’ Financial Results for Fiscal Year Ended March 2025
Jun. 30, 2025: Highlights of General Trading Companies’ Financial Results for Fiscal Year Ended March 2025
Jun. 03, 2025: Highlights of Oil Distributors’ Financial Results for Fiscal Year Ended March 2025
May. 30, 2025: Highlights of Major Automakers’ Financial Results for Fiscal Year Ended March 2025
May. 29, 2025: Highlights of General Chemical Manufacturers’ Financial Results for Fiscal Year Ended March 2025
May. 22, 2025: Highlights of Blast Furnace Steelmakers’ Financial Results for Fiscal Year Ended March 2025

Nov. 21, 2025: JCR's Financial Indicators by Rating Range 2025
Nov. 04, 2025: Rating / Outlook Change in October 2025
Nov. 04, 2025: Information about Online Information Sessions for JCR Non-Resident Rating, African Export-Import Bank (Afreximbank) (November 7)
Oct. 01, 2025: Rating / Outlook Change in September 2025
Sep. 30, 2025: JCR Launched Second Opinion on Self-Assessment Positive Impact Finance Framework
Sep. 01, 2025: Notice Regarding Personnel Transfer of Executive Officer
Sep. 01, 2025: Rating / Outlook Change in August 2025