News Release

Aug. 25, 2025

JCR Assigned AA/Stable Long-term Issuer Rating to Mitsubishi HC Capital UKNEW

JCR Affirmed BBB+/Stable Long-term Issuer Rating on FIDEA HD, SHONAI BANK and Hokuto BankNEW

JCR Affirmed AA+/Stable and J-1+ on ITOCHU; Assigned Preliminary AA+ to Shelf RegistrationNEW

JCR Affirmed A/Stable and J-1 on HEIWADONEW

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

Mizuho Bank: Evaluation of Conformity of Impact Deposit FrameworkNEW

Mizuho Bank: Second Opinion on Impact Deposit FrameworkNEW

Tamagawakousan, The Chiba Bank: Second Opinion on Positive Impact AssessmentNEW

Kubota-toso, THE SHIMIZU BANK: Second Opinion on Positive Impact FinanceNEW

Aug. 22, 2025

JCR Affirmed AA+p/Stable Long-term Issuer Rating on West Japan Railway

JCR Affirmed AA/Stable and J-1+ on Hankyu Hanshin HD

JCR Affirmed A-/Stable Long-term Issuer Rating on HEIWA REAL ESTATE

JCR Affirmed AA-/Stable Long-term Issuer Rating on Global One Real Estate Investment Corporation

JCR Assigned A- Rating to Bonds of SKYLARK HD

JCR Assigned BBB+ Rating to Bonds of Premium Water HD

JCR Assigned AA Rating to Bonds (with no financial covenants) of Sumitomo Mitsui Financial Group

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

JCR Affirmed AA (fp) Fund Portfolio Rating on Green J-REIT Trust

OGURA TEKKO, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

TOKO.i.tech, The Hokkaido Bank: Second Opinion on Positive Impact Finance

Aug. 21, 2025

JCR Affirmed BBB+ Long-term Issuer Rating on Nippon Yakin Kogyo; Revised Outlook to Stable

JCR Affirmed A-/Stable Long-term Issuer Rating on FOOD & LIFE COMPANIES

JCR Affirmed AA-/Stable and J-1+ on SoftBank

JCR Affirmed AA/Stable Long-term Issuer Rating on NISSIN FOODS HD

JCR Assigned AA to Oxygen Capital Limited Series 164

JCR Assigned A to SPIRE SA Series 2025-21

JCR Assigned A to SPIRE SA Series 2025-22

JCR Assigned A to SPIRE SA Series 2025-23

Aug. 20, 2025

JCR Removed Credit Monitor; Downgraded Rating on AIN HD to A-; Placed Stable Outlook

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

JCR Affirmed A+/Stable Long-term Issuer Rating on PERSOL HD

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

JCR Assigned AAA Rating to Bonds of Japan Student Services Organization

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 25-08

Aug. 19, 2025

JCR Affirmed A Long-term Issuer Rating on Anicom HD and Anicom Insurance; Revised Outlook to Positive

Aug. 18, 2025

JCR Assigned Preliminary BBB Rating to Preferred Shares of ZENSHO HD

JCR Assigned Preliminary AA- Rating to Shelf Registration of Sumitomo Metal Mining

JCR Assigned J-1+ to Monthly Clear Receivable Securitization ABCP Program (with Backup Lines)

JCR Assigned J-1+ to Monthly Clear Receivable Securitization ABL Program and ABCP Program (without Backup Lines)

JCR Assigned A to SPIRE SA Series 2025-81

JCR Assigned AA- to SPIRE SA Series 2025-68

JCR Assigned AA- to SPIRE SA Series 2025-414

ARAKAWA CHEMICAL INDUSTRIES: Post-issuance Verification Report on Sustainability Linked Bond

Aug. 15, 2025

JCR Downgraded FC Long-term Issuer Rating on ESR Group to A+/Stable

JCR Upgraded Power Trust Neo ES-CON JAPAN to J-1+

JCR Upgraded Jointly Operated Designated Money Trust N1 (2 years) to AA-

Joint Green Bond issuers (Local Governments): Assigned Green 1(Preliminary) to Joint Local Government Green Bond 5th

BONAVENTURA, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Aug. 14, 2025

JCR Assigned AA- to Bonds of Cypher Limited Series 30107

Aug. 13, 2025

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

Aug. 12, 2025

TAISEI Announces Tender Offer for TOYO CONSTRUCTION - Limited Impact on Rating

JCR Affirmed AAA/Stable and J-1+ on NTT FINANCE

JCR Assigned Preliminary AA Rating to Shelf Registration of Marubeni

Results of Review of Structured Finance Products (Excluding Those to Which Credit Ratings Are Assigned) July 2025

Aug. 08, 2025

JCR Assigned J-2 Rating to CP of GENDA

JCR Upgraded Long-term Issuer Rating on ES-CON JAPAN to AA-/Stable

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

JCR Affirmed A-/Stable Long-term Issuer Rating on KYOEI STEEL

JCR Assigned AA+ Rating to Bonds of Kansai Electric Power

JCR Assigned AA- Rating to Bonds of Hokkaido Electric Power

JCR Assigned A Rating to Bonds of Chuo-Nittochi Group

JCR Assigned AA- Rating to Bonds of Sumitomo Mitsui Auto Service

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Assigned AA- Rating to Ganymede Limited Series 2025-47

JCR Assigned AA- to HARP Issuer PLC Series 465

Kurita Water Industries: Assigned Blue Finance Framework Evaluation: Blue 1(F)

MEIDENSHA: Second Party Opinion on Sustainability Linked Finance Framework

The Hokkaido Bank: Second Opinion on Positive Impact Finance Framework

The Hokuriku Bank: Second Opinion on Positive Impact Finance Framework

frieden, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Aug. 07, 2025

Administrative Disposition Imposed on NEXTAGE—JCR Will Closely Monitor Future Business Development and Impact on Performance

JCR Upgraded Long-term Issuer Rating on APA HD to A-/Stable

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

JCR Affirmed AA Rating on Bonds of Egypt

JCR Assigned AA+ Rating to Bonds of Electric Power Development

JCR Assigned Preliminary A- Rating to Shelf Registration of ZENSHO HD

JCR Assigned Preliminary AA Rating to Shelf Registration of NIPPON STEEL

[ Asset Securitization Products ] JCR Assigned AAA to Beneficial Interest 202508 (Contract No. 250048)

JCR Assigned A Rating to SPIRE SA Series 2025-424

Aug. 06, 2025

JCR Affirmed A-/Stable Long-term Issuer Rating on KOHNAN SHOJI

Aug. 04, 2025

JCR Placed Rating on KROSAKI HARIMA under Credit Monitor #A/Positive and #J-1/Positive

JCR Affirmed A-/Stable Long-term Issuer Rating on African Export-Import Bank

JCR Assigned Preliminary A+ Rating to Shelf Registration of HIKARI TSUSHIN

Nagoya City: Assigned Sustainability Finance Framework Evaluation: SU 1(F),Nature 1(F),Blue 1(F)

Aug. 01, 2025

Tokyo Electric Power Company HD Announces FY2025 1st Quarter Financial Results—No Immediate Impact on Rating

JCR Affirmed A+ and J-1 on KUREHA; Revised Outlook to Negative

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

JCR Affirmed A/Stable Long-term Issuer Rating on Shikoku Bank

JCR Assigned Preliminary A- Rating to Shelf Registration of Nippon Paper Industries

The Kita-Nippon Bank: Second Opinion on Positive Impact Finance Framework

Jul. 31, 2025

Fundraising and Equity Content Assessment for Insurance Companies under Economic Value-Based Solvency Regulations

JCR Upgraded Long-term Issuer Rating on TOSOH to AA-/Stable

JCR Affirmed A-/Stable Long-term Issuer Rating on GEO HD

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Tsukuba Bank

JCR Affirmed AA-/Stable (FC/LC) on Chile

[ Asset Securitization Products ] JCR Assigned Preliminary AA+ to Whiskey Finance FinCo LLC

JCR Assigned A Rating to SPIRE SA Series 2025-76

JCR Assigned A+ Rating to Earls Eight Limited Series 894

Tokyo Tatemono Investment Advisors: Assigned Green Finance Framework Evaluation: Green 1(F)

Takamatsu Construction Group: Reviewed Green Bond Evaluation: Green 1