News Release

Oct. 31, 2025

JCR Placed Rating on SCSK under Credit Monitor #A+/Positive

JCR Assigned AA-/Stable Long-term Issuer Rating to FFG Lease

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

JCR Upgraded Long-term Issuer Rating on Canadian Solar Infrastructure Fund to A+/Stable

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

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

JCR Affirmed A+/Stable and J-1 on Fukuoka Financial Group and AA-/Stable on BANK OF FUKUOKA, Kumamoto Bank, Juhachi-Shinwa Bank and FUKUOKA CHUO BANK

JCR Affirmed A/Stable Long-term Issuer Rating on Enex Infrastructure Investment Corporation

JCR Affirmed A-/Stable Long-term Issuer Rating on Tokyo Infrastructure Energy Investment Corporation

JCR Assigned Preliminary A- Rating to Subordinated Bonds of Tokyu Fudosan HD

JCR Assigned Preliminary A+ Rating to Shelf Registration of Tokyu Fudosan HD

JCR Assigned Preliminary A+ Rating to Shelf Registration of TSUBAKIMOTO CHAIN

JCR Assigned Preliminary A+ Rating to Shelf Registration of HASEKO

JCR Affirmed and Assigned BBB+ to Notes of REDI Core Issuer LLC

JCR Assigned Preliminary A to Senior Beneficial Interest 7931601 Series 10

JCR Affirmed AA to Long-term Issue Rating of Yamabuki Credit Service LLC

JCR Assigned Preliminary A(fp) Fund Portfolio Rating to SAIMUHOSHOU GOUDOUKINSHIN <202512>

NS UNITED KAIUN: Assigned Climate Transition Finance Framework Evaluation: Green 1(T)(F)

EXEO Group: Reviewed Green Bond Evaluation: Green 1

Shibusawa Logistics: Post-issuance Verification Report on Sustainability Linked Bond

Tokyu Fudosan Holdings: Second Party Opinion on Sustainability Linked Finance Framework

Mizuho Bank: Second Party Opinion on Mizuho Avoid Emissions Impact Finance Framework

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

Loop, Aomori Michinoku Bank: Second Opinion on Positive Impact Finance

shibuyashoji, The Juhachi-Shinwa Bank: Second Opinion on Positive Impact Finance

SHINMIRAI, The Hokkoku Bank: Second Opinion on Positive Impact Finance

Oct. 30, 2025

DAIWA HOUSE INDUSTRY Announces Tender Offer to Make SUMITOMO DENSETSU a Wholly Owned Subsidiary—Confirming Performance and Financial Direction to Reflect in Rating

Sumitomo Electric Industries Announces Tender Offer for Sumitomo Riko—No Immediate Impact on Rating

JCR Placed Rating on Sumitomo Riko under Credit Monitor #A/Positive and #J-1/Positive

NEC Acquires Software Company for Telecom/Broadband Operators - No Immediate Impact on Rating

Central Japan Railway Announces Approximately 4 Trillion Yen Increase in Total Construction Cost for Chuo Shinkansen—No Immediate Impact on Rating, but Construction Process Needs to be Monitored

JCR Affirmed A/Stable Long-term Issuer Rating on Daiwa Hotel Private Investment Corporation

JCR Assigned A+ Rating to Bonds of HIKARI TSUSHIN

JA MITSUI LEASING: Reviewed Green Finance Framework Evaluation: Green 1(F), Second Party Opinion on Sustainability Linked Finance Framework

Hulic: Post-issuance Verification Report on Sustainability Linked Bond (Bonds no. 10)

YAMATE-SIGN, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Oct. 29, 2025

JCR Assigned A/Stable (FC/LC) to Gulf Development

JCR Upgraded Long-term Issuer Rating on IHI to A/Positive; Affirmed J-1 on CP

JCR Affirmed A Long-term Issuer Rating on Kawasaki Heavy Industries; Revised Outlook to Positive

JCR Affirmed A/Stable FC Long-term Issuer Rating on CPF (Thailand)

JCR Affirmed A/Stable and J-1 on NEC Capital Solutions

JCR Affirmed AA/Stable Long-term Issuer Rating on Mitsui Fudosan Private REIT

Fuyo General Lease: Post-issuance Verification Report on Sustainability Linked Bond

Oct. 28, 2025

TAIHEIYO CEMENT Acquires U.S. Vulcan's Ready-Mixed Concrete Business Assets, etc. - Limited Impact on Rating

JCR Assigned J-1 Short-term Issuer Rating to Aozora Bank

JCR Affirmed A/Stable Long-term Issuer Rating on Open Up Group

JCR Affirmed BBB/Stable and J-2 on Taiyo Oil

JCR Affirmed AA+/Stable Long-term Issuer Rating on JAPAN POST HD

JCR Affirmed AA/Stable Long-term Issuer Rating on JAPAN POST INSURANCE

JCR Affirmed A/Stable Long-term Issuer Rating on Aichi Financial Group and Aichi Bank

JCR Assigned Preliminary A Rating to Shelf Registration of SoftBank Group

JCR Assigned A to SPIRE SA Series 2025-508

Oct. 27, 2025

JCR Assigned AA- to SPIRE SA Series 2025-415

JCR Assigned AA- to SPIRE SA Series 2025-93

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Senior Beneficial Interest/ABL of Senior Beneficial Interest 202511 (Contract No. 93-08004)

Nippon Chuo Koutsu, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Oct. 24, 2025

Fuyo General Lease Revised Earnings Forecasts Downward Due to Losses from Renewable Energy Projects—Limited Impact on Rating

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

JCR Affirmed BBB/Stable Long-term Issuer Rating on AIRTECH JAPAN

JCR Affirmed BBB/Stable and J-2 on Mitsubishi Paper Mills

JCR Assigned BBB+ Rating to Bonds of Ichigo

JCR Assigned AA Rating to Bonds of Marubeni

JCR Assigned AA Rating to Bonds of Tokyo Century

JCR Assigned Preliminary AA- Rating to Shelf Registration of Mitsui Chemicals

Oct. 23, 2025

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

JCR Affirmed AA/Stable Long-term Issuer Rating on ASAHI KASEI

JCR Affirmed A/Stable and J-1 on GUNZE

JCR Affirmed A+/Stable FC Long-term Issuer Rating on GAW Capital Partners

JCR Affirmed A- on JRE Mega Solar Project Bond Trust 1 Class A Beneficial Interest and Class A Trust ABL

JCR Affirmed A on JRE Mega Solar Project Bond Trust 1 Class B Beneficial Interest and Class B Trust ABL

JCR Affirmed BBB+ on JRE Mega Solar Project Bond Trust 1 Class C Beneficial Interest

JCR Affirmed A on JRE Mega Solar Project Bond Trust 2 Beneficial Interest

Oct. 22, 2025

JCR Affirmed A-/Stable and J-1 on KPP GROUP HD

JCR Affirmed J-2 Rating on CP of TOKYO ELECTRON DEVICE

JCR Affirmed BBB+/Stable Long-term Issuer Rating on WARABEYA NICHIYO HD

JCR Affirmed A+/Stable Long-term Issuer Rating on SHIMIZU PRIVATE REIT

JCR Assigned AAA Rating to Bonds of Japan Student Services Organization

[ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (Seiwakai Medical Corporation, Ishii Hospital)

Oct. 21, 2025

SoftBank Group to Issue Hybrid Securities - Equity Content at "Medium" or "50" (Against 100 of a Stock)

JCR Affirmed A- and J-1 on ZENSHO HD; Revised Outlook to Positive

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

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

JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 25-10

Japan: Assigned Climate Transition Bond Evaluation: Green 1(T)

Oct. 20, 2025

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

Oct. 17, 2025

JCR Assigned A/Stable FC Long-term Issuer Rating to Bank of Ayudhya

JCR Affirmed AA-/Stable Long-term Issuer Rating on Kimitsu Cooperative Thermal Power Company

JCR Affirmed AA/Stable Long-term Issuer Rating on Sanyo Special Steel; Withdraws J-1+ Rating on CP

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

JCR Affirmed A+/Stable FC Long-term Issuer Rating on Bank of East Asia

JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Mitsubishi UFJ Financial Group

JCR Assigned AA- Rating to Bonds of JFE HD

JCR Assigned A Rating to Bonds of Nankai Electric Railway

JCR Assigned A Rating to Bonds of Nisshin OilliO Group

JCR Assigned A+ Rating to Bonds of HIKARI TSUSHIN

JCR Assigned BBB Rating to Undated Subordinated Bonds of Rakuten Group

JCR Assigned AA Rating to Bonds of Mitsubishi HC Capital

JCR Assigned AAA Rating to Bonds of Metropolitan Expressway

JCR Assigned A- to SPIRE SA Series 2025-74

Hoshino Resorts REIT: Second Party Opinion on Sustainability Linked Finance Framework