News Release

May. 26, 2026

KINDEN Announces a Tender Offer for Kodensha, An Electrical Facilities Construction Company - No Impact on the RatingNEW

JCR Assigned A-/Stable FC Long-term Issuer Rating to Aboitiz Equity VenturesNEW

JCR Affirmed A+ (FC/LC) on CTF Services; Revised Outlook to PositiveNEW

JCR Affirmed A/Stable Long-term Issuer Rating on KITZNEW

JCR Assigned A- Rating to Bonds of SKYLARK HDNEW

JCR Assigned AA Rating to Bonds of Chugoku Electric PowerNEW

JCR Assigned AA- Rating to Bonds of Fuyo General LeaseNEW

May. 25, 2026

JCR Affirmed A Long-term Issuer Rating on Nanto Bank; Revised Outlook to Positive

JCR Affirmed AA-/Stable Long-term Issuer Rating on Coca-Cola Bottlers Japan HD

JCR Affirmed A+/Stable LT Issuer Rating on ROHTO PHARMACEUTICAL

JCR Assigned AA+ Rating to Bonds of Kansai Electric Power

JCR Assigned Preliminary BBB+ Rating to Subordinated Bonds of SoftBank Group

Japan: Climate Transition Bonds (Bond No.5, 5-Year, Issued in May 2026) - Evaluation: Green 1 (T)

Hulic Private Reit: Assigned Green Equity Evaluation: Green 1

Unicast, The Joyo Bank: Second Opinion on Positive Impact Finance

May. 22, 2026

JCR Affirmed A-/Stable Long-term Issuer Rating on IINO KAIUN

JCR Affirmed BBB+/Stable Long-term Issuer Rating on EIKEN CHEMICAL

JCR Affirmed AAA/Stable (FC/LC) on United Kingdom

JCR Assigned AA- Rating to Bonds of SoftBank

JCR Assigned A+ Rating to Bonds of Nishi-Nippon Railroad

JCR Assigned A- Rating to Bonds of Renault

JCR Assigned A Rating to Bonds of NEC Capital Solutions

JCR Assigned AAA Rating to Bonds of TOYOTA FINANCE

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

JCR Assigned Preliminary AA Rating to Shelf Registration of Mitsui Fudosan

Tokyo Tatemono Private REIT: Assigned Green Equity Evaluation: Green 1

MEIGI WORKS, San ju San Bank: Second Opinion on Positive Impact Finance

May. 21, 2026

Rakuten Group Announces the Reorganization of the FinTech Business - Limited Impact on the Rating

Rakuten Bank and Rakuten Group to Reorganize the FinTech Business - No Impact on the Rating

JCR Upgraded on Long-term Issuer Rating on Tokyo Tatemono to A+/Stable; Affirmed J-1 on CP

JCR Affirmed AA/Stable Long-term Issuer Rating on Comforia Residential REIT

JCR Assigned AA+ Rating to Bonds of ITOCHU

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

JCR Assigned AAA Rating to Bonds of Tokyo Metro

JCR Assigned AA Rating to Bonds of Sumitomo Mitsui Finance and Leasing

JCR Assigned AAA Rating to Bonds of JASSO

JCR Assigned AA- Rating to Bonds of Japan Excellent

[ Asset Securitization Products ] JCR Assigned J-3 to Next Funding ABL Program (Narasaki Stax)

May. 20, 2026

JCR Affirmed A/Stable and J-1 on KAGOME

JCR Affirmed A+/Stable Long-term Issuer Rating on Hiroshimashi Credit Cooperative

May. 19, 2026

JCR Affirmed A+/Stable Long-term Issuer Rating on Kajima Private REIT

JCR Affirmed AA-/Stable Long-term Issuer Rating on DL Life Partner REIT

JCR Assigned BBB+ Rating to Preferred Shares of Japan Airlines

Change in CP Maximum Amount of COSMO ENERGY HD; Affirmed J-1

[ Asset Securitization Products ] JCR Affirmed AAA and A+ on Class A and B Beneficial Interest of Investment Condominium Loans Trust (220220)

May. 18, 2026

KAGA ELECTRONICS Announces a Tender Offer for Shinko Shoji - No Immediate Impact on the Rating

Japan: Climate Transition Bonds (Bond No.5, 5-Year & 10-Year, To be Issued in FY2026) — Preliminary Evaluation: Green 1 (T)

May. 15, 2026

Mizuho Bank's Stake in Orico to Be Lowered - No Impact on the Rating

JCR Assigned AA Rating to Bonds of Kyushu Electric Power

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Assigned A+ Rating to Bonds (Tier 2 with loss absorption clause) of Nomura HD

JCR Assigned Preliminary A+ Rating to Subordinated Bonds of Mitsubishi HC Capital

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

Daiwa Securities Group, Sumitomo Mitsui Trust Bank: Second Opinion on Positive Impact Assessment

May. 14, 2026

Basic Agreement on Management Integration Between NSK and NTN - JCR to Monitor Future Progress and Reflect It in Rating

LOGISTEED HD to Assume LOGISTEED's Bonds Issued and Outstanding - No Impact on the Rating on Individual Bonds

JCR Placed Rating on Aichi Financial Group and Aichi Bank under Credit Monitor #A/Negative and Rating on San ju San Financial Group and San ju San Bank under Credit Monitor #A-/Positive

JCR Assigned Preliminary AA Rating to Shelf Registration of Resona HD

Results of Review of Structured Finance Products (Excluding Those to Which Credit Ratings Are Assigned) April 2026

May. 13, 2026

JCR Upgraded Long-term Issuer Rating on Japan Hotel REIT Investment Corporation to AA-/Stable

JCR Upgraded Long-term Issuer Rating on Invincible Investment Corporation to AA-/Stable

JCR Affirmed AAAp/Stable Long-term Issuer Rating on Shin-Etsu Chemical

JCR Affirmed AA/Stable and J-1+ on Kyoei Fire and Marine Insurance

JCR Affirmed AA+/Stable Long-term Issuer Rating on National Mutual Insurance Federation of Agricultural Cooperatives

JCR Affirmed A/Stable Long-term Issuer Rating on ESR Japan REIT

JCR Assigned A to SPIRE SA Series 2026-211

Kasuga Foundation Work: SME Rating: a

May. 12, 2026

JX Advanced Metals Will Conduct a Large-Scale Share Repurchase - Financial Structure Will Weaken, but No Immediate Change in the Rating

JCR Removed Credit Monitor; Affirmed A- on Makino Milling Machine; Placed Stable Outlook

May. 11, 2026

JCR Assigned A/Stable Long-term Issuer Rating to West African Development Bank

JCR Affirmed AA-/Stable and J-1+ on Hulic; Assigned Preliminary AA- to Shelf Registration; Change in CP Maximum Amount

JCR Upgraded SPIRE SA Series 2024-371 to A

JCR Upgraded SPIRE SA Series 2024-388 to A

JCR Withdraws A- (FC/LC) on Daewoo Engineering & Construction

DL Life Partner REIT: Reviewed Social Loan Framework Evaluation: Social 1(F)

May. 08, 2026

Tokyo Kiraboshi Financial Group to Convert into Common Stock and Redeem on Preferred Shares - Limited Impact on the Rating

JCR Assigned BBB+/Stable FC Long-term Issuer Rating to Integrasi Jaringan Ekosistem

JCR Affirmed A/Stable (FC/LC) on Thai Union Group

JCR Affirmed A-/Stable (FC/LC) on Lee & Man Paper Manufacturing

JCR Affirmed BBB-/Stable FC Long-term Issuer Rating on Banco do Brasil

JCR Affirmed AAA/Stable (FC/LC) on the Netherlands

JCR Affirmed AAA/Stable Long-term Issuer Rating on New Development Bank

JCR Assigned A+ to SPIRE SA Series 2026-200

May. 07, 2026

JCR Assigned AA to Bonds of SPIRE SA Series 2026-359

JCR Assigned AA- to HARP Issuer PLC Series 209/210/211

May. 01, 2026

JCR Affirmed A- Long-term Issuer Rating on FOOD & LIFE COMPANIES; Revised Outlook to Positive

JCR Affirmed AA-/Stable Long-term Issuer Rating on KURARAY

JCR Affirmed BBB+/Stable and J-2 on JK HD

JCR Affirmed AA/Stable and J-1+ on Tokyo Century, NIPPON CAR SOLUTIONS and FLCS and AA-/Stable and J-1+ on IHI Finance Support

JCR Affirmed AA/Stable Long-term Issuer Rating on Yokohama Financial Group, Bank of Yokohama and Higashi-Nippon Bank

JCR Affirmed AA/Stable and J-1+ on L&F Asset Finance

JCR Assigned Preliminary AA+ Rating to Shelf Registration of DAIKIN INDUSTRIES

JCR Affirmed BBB on Amp Green Project Bond Trust (Miyazaki) Trust ABL

JCR Affirmed BBB on Amp Green Project Bond Trust (Gunma) Beneficial Interest and Trust ABL

JCR Affirmed BBB on Amp Green Project Bond Trust (Yamaguchi) Beneficial Interest and Trust ABL

Environmental Assessment Center, THE SHIZUOKA BANK: Second Opinion on Positive Impact Finance

Apr. 30, 2026

JCR Affirmed A/Negative and J-1 on SoftBank Group

JCR Affirmed A+/Stable and J-1 on Takashimaya

JCR Affirmed AA+/Stable Long-term Issuer Rating on BRIDGESTONE

JCR Affirmed AA/Stable Long-term Issuer Rating on Shoko Chukin Bank