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Oct. 10, 2025: JCR's Rating Review of Air Transportation Companies; JCR Assigned A+ Rating to Bonds of NICHIREI; JCR Assigned A+ Rating to Bonds of JACCS; JCR Assigned A Rating to Bonds (Tier 1 with loss absorption clause) of Shoko Chukin Bank; JCR Assigned AAA Rating to Bonds of TOYOTA FINANCE; JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Sumitomo Mitsui Financial Group; JCR Assigned AAA Rating to Bonds of West Nippon Expressway; JCR Assigned AAA Rating to Bonds of Hanshin Expressway; JCR Assigned Preliminary A+ Rating to Shelf Registration of HOKKAIDO GAS; JCR Assigned Preliminary AA- Rating to Shelf Registration of Hirogin HD; [ Asset Securitization Products ] JCR Affirmed AAA and A on Trust Contract No. 220243

Oct. 09, 2025: JCR Assigned A-/Stable FC Long-term Issuer Rating to Rizal Commercial Banking Corporation; JCR Affirmed AA- and J-1+ on JERA; Revised Outlook to Positive; JCR's Rating Review of Blast Furnace Steel Manufacturers; JCR Affirmed AAA/Stable Long-term Issuer Rating on Tokyo Metro; JCR Assigned A Rating to Bonds of Topre; JCR Assigned Preliminary AA- Rating to Bonds (Tier 2 with loss absorption clause) of Mitsubishi UFJ Financial Group

Oct. 08, 2025: JCR Solicits Public Comments on Revisions to Rating Methodology by Sector "Guaranty Company"; JCR Assigned AA-/Stable Long-term Issuer Rating to SMBC Private REIT Investment Corporation; JCR Affirmed A/Stable and J-1 on AICHI STEEL; JCR Affirmed A/Stable Long-term Issuer Rating on Hokuetsu Corporation; JCR Affirmed AA/Stable Long-term Issuer Rating on United Urban Investment Corporation; JCR Assigned AAA Rating to Bonds of Development Bank of Japan; JCR Assigned AA Rating to Bonds of Mitsui Fudosan; JCR Assigned Preliminary A+ Rating to Shelf Registration of ISUZU MOTORS; JCR Assigned Preliminary AA Rating to Shelf Registration of Tokyo Waterfront Area Rapid Transit; JCR Assigned A+ to Rosetta Co., Limited Series 45/2025

Oct. 07, 2025: JCR Upgraded Long-term Issuer Rating on VALOR HD to A/Stable; Affirmed J-1 on CP; JCR Affirmed AA/Stable Long-term Issuer Rating on SONY GROUP; JCR Affirmed A+/Stable Long-term Issuer Rating on KYOTO CHUO SHINKIN BANK; JCR Affirmed AA+p/Stable on Ability to Pay Insurance Claims of Japan Earthquake Reinsurance

Oct. 06, 2025: JCR Affirmed AA-/Stable (FC/LC) on Frasers Property; JCR Assigned A to SPIRE SA Series 2025-275; JCR Withdraws A+ Long-term Issuer Rating on Tonami HD

Oct. 03, 2025: JCR Upgraded Long-term Issuer Rating on Kenedix to AA/Stable; JCR Affirmed A+ Long-term Issuer Rating on FUKUYAMA TRANSPORTING; Revised Outlook to Negative; JCR Affirmed A-/Stable Long-term Issuer Rating on San ju San Financial Group and San ju San Bank; JCR Affirmed AAA/Stable Long-term Issuer Rating on Japan Bank for International Cooperation; JCR Affirmed AAA/Stable Long-term Issuer Rating on Arab Bank for Economic Development in Africa; JCR Affirmed A+/Stable Long-term Issuer Rating on Tokyo Tatemono Private REIT; JCR Assigned AA Rating to Bonds of ORIENTAL LAND; JCR Assigned AA Rating to Bonds of Kyushu Electric Power; JCR Assigned A+ Rating to Bonds of TOKAI CARBON; JCR Assigned A Rating to Bonds of TEPCO Power Grid; JCR Assigned AAA Rating to Bonds of NTT TC Leasing; JCR Assigned #A/Negative Rating to Bonds (Tier 1 with loss absorption clause) of Gunma Bank; JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Yokohama Financial Group; [ Asset Securitization Products ] JCR Affirmed AAA and AA- on REIT2024-001 Beneficial Interest; JCR Withdraws BBB+ FC Long-term Issuer Rating on Leonteq Securities

Oct. 02, 2025: JCR Affirmed A+/Stable and J-1 on Denka; JCR Affirmed AA/Stable Long-term Issuer Rating on Sumitomo Mitsui Trust Group and Sumitomo Mitsui Trust Bank; JCR Affirmed AA/Stable and J-1+ on Sumitomo Mitsui Trust Panasonic Finance; JCR Affirmed AA/Stable (FC) and AA+/Stable (LC) on Korea; JCR Affirmed AAp/Stable (FC) and AA+p/Stable (LC) on Korea Development Bank; JCR Affirmed AA/Stable (FC) and AA+/Stable (LC) on Korea Electric Power; JCR Affirmed AAA/Stable (FC/LC) on Belgium; JCR Assigned A Rating to Bonds of AEON Financial Service; The Bank of Yokohama: Second Party Opinion on Sustainability Linked Loan Framework

Oct. 01, 2025: JCR Affirmed AA-/Stable and J-1+ on Sumitomo Mitsui Auto Service; Assigned Preliminary AA- to Shelf Registration; JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Sumitomo Mitsui Financial Group; JCR Assigned Preliminary A Rating to Shelf Registration of Nisshin OilliO Group

Sep. 30, 2025: Disclaimer of Opinion in the Audit Report Concerning the Securities Report of NIDEC - JCR Will Watch Impact on Consolidated Financial Statements; JCR Upgraded Long-term Issuer Rating on Sanrio to A/Stable; JCR Affirmed A/Stable Long-term Issuer Rating on NISHIMATSUYA CHAIN; JCR Affirmed A/Stable on Starts Proceed Investment Corporation; JCR Assigned Preliminary AA- Rating to Shelf Registration of Mizuho Leasing; [ Asset Securitization Products ] JCR Assigned A+ to Citigroup Global Markets Holdings Inc. Series 2025-41; [ Asset Securitization Products ] JCR Assigned BBB to Montgomery Asset Holding DAC Series 2024-04; [ Asset Securitization Products ] JCR Assigned A to Commitment Line of Trust ABCL (7361); JCR Assigned A to SPIRE SA Series 2025-249; JCR Assigned A to SPIRE SA Series 2025-281; JCR Assigned AA- to SPIRE SA Series 2025-25; ORIX Bank: Reviewed Sustainability Finance Framework Evaluation: SU 1(F); Tokyo Century: Second Opinion on Self-Assessment Positive Impact Finance Framework; Chuo-Nittochi Group: Post-issuance Verification Report on Sustainability Linked Bond; Kawasaki Heavy Industries: Post-execution Verification Report on Sustainability Linked Loan; WEINS TOYOTA KANAGAWA and WEINS ASSET: Second Party Opinion on Sustainability Linked Loan Framework; AEON Mall, Sumitomo Mitsui Trust Bank: Second Opinion on Positive Impact Assessment; COLUMBIA WORKS, The Chiba Bank: Second Opinion on Positive Impact Assessment; Mikazuki Kogyo, The Chiba Bank: Second Opinion on Positive Impact Assessment; Well Create, The Chiba Bank: Second Opinion on Positive Impact Assessment; Yorii construction, The Ashikaga Bank: Second Opinion on Positive Impact Finance; Hokken, The Ashikaga Bank: Second Opinion on Positive Impact Finance; YAMAICHI DENKI, The Bank of Kyoto: Second Opinion on Positive Impact Finance; DEN-KICHI, THE SAITAMAKEN SHINKIN BANK: Second Opinion on Positive Impact Finance; PORITE, THE SAITAMAKEN SHINKIN BANK: Second Opinion on Positive Impact Finance; TAIYO SYOKO, THE SAITAMAKEN SHINKIN BANK: Second Opinion on Positive Impact Finance; UEOKA KINZOKU KOGYO, San ju San Bank: Second Opinion on Positive Impact Finance; CREATE JAPAN, San ju San Bank: Second Opinion on Positive Impact Finance; FELIX, THE SHIZUOKA BANK: Second Opinion on Positive Impact Finance; FTF, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; NHP SOLUTION, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; Helios Net, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; WAYS, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; KURADASHI, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; Clover Cosmake, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; KM CLOTHING, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; SONIC FLOW, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; DAIKO, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; TRY International, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

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