News Release

May. 12, 2026

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

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

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

JCR Affirmed AA-/Stable and J-1+ on JAPAN SECURITIES FINANCE

JCR Affirmed AA-/Stable and J-1+ on JSF Trust and Banking

JCR Assigned Preliminary BBB+ Rating to Preferred Shares of Japan Airlines

JCR Assigned Preliminary BBB+ Rating to Shelf Registration of Premium Water HD

JCR Assigned Preliminary A Rating to Shelf Registration of Resonac HD

[ Asset Securitization Products ] JCR Assigned Preliminary A to Senior Beneficial Interest 7931601 Series 11

JCR Assigned AA- to Ascent Finance Limited Series 2026-1015

JACCS, The Bank of Yokohama: Second Opinion on Positive Impact Finance

Kumagai Kensetsu Kogyo, Aomori Michinoku Bank: Second Opinion on Positive Impact Finance

Sigehiro, THE KYOTO CHUO SHINKIN BANK: Second Opinion on Positive Impact Finance

EXCEED, The Tama Shinkin Bank: Second Opinion on Positive Impact Finance

Apr. 28, 2026

ORIX to Transfer Its Bank Subsidiary - Limited Impact on the Rating

Daiwa Securities Group to Acquire ORIX Bank as a Wholly Owned Subsidiary - No Immediate Impact on the Rating, Progress in Capital Recovery to Be Watched

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Sanyo Electric Railway

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

JCR Downgraded Rating on SPIRE SA Series 2025-50 to A-

The Chugoku Electric Power: Reviewed Sustainable Finance Framework Evaluation: Green 1(T)(F)

Shibayama Kensetsu, THE SAITAMAKEN SHINKIN BANK: Second Opinion on Positive Impact Finance

Marusen Cleaning, The Hokkaido Bank: Second Opinion on Positive Impact Finance

Apr. 27, 2026

JCR Assigned AA-/Stable Long-term Issuer Rating to KINDEN

JCR Affirmed A/Stable Long-term Issuer Rating on SHIZUOKA CHUO BANK

JCR Assigned Preliminary AA Rating to Shelf Registration of ASAHI KASEI

JCR Affirmed AA- on Sumitomo Mitsui Trust Bank Trust ABL/Trust Bond/Beneficial Interest Programs

JCR Affirmed AA- on Sumitomo Mitsui Trust Bank (Revolving Facility (Uncommitted)) Athene Trust ABL Program

Apr. 24, 2026

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

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

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

JCR Affirmed A+/Stable (FC/LC) on Portugal

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

JCR Assigned A- Rating to Bonds of SKYLARK HD

JCR Assigned A+ Rating to Bonds of HIKARI TSUSHIN

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

JCR Assigned Preliminary AA Rating to Shelf Registration of Resona HD

Apr. 23, 2026

JCR Upgraded Long-term Issuer Rating on TOTTORI BANK to BBB+/Stable

JCR Affirmed BBB/Stable Long-term Issuer Rating on BANK OF KOCHI

Apr. 22, 2026

Nojima to Acquire Shares of a New Company in Home Appliance Business to Be Established by Hitachi GLS - No Immediate Impact on the Rating, Impacts on Future Business Results and Finances Will Be Closely Watched

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

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

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

JCR Affirmed AA+/Stable Long-term Issuer Rating on Nippon Building Fund

JCR Affirmed A- on Ecology Trust Bond 1st Series Fund Trust Bonds and Trust ABL

JCR Affirmed A- on Ecology Trust Bond 2nd Series Fund Trust Bonds and Trust ABL

JCR Affirmed A- on Ecology Trust Bond 3rd Series Fund Trust Bonds and Trust ABL

JCR Affirmed A- on Ecology Trust Bond Ga 4th Series Fund Trust Bonds and Trust ABL

JCR Assigned AA to Bonds of SPIRE SA Series 2026-284

Apr. 21, 2026

JCR Affirmed AA-/Stable and J-1+ on NIPPON SANSO HD

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

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

JCR Assigned AA Rating to Bonds of Kyushu Electric Power

JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 26-04

JCR Affirmed AA on Securitization of Loans Receivable 202203

Saikaku, THE KYOTO CHUO SHINKIN BANK: Second Opinion on Positive Impact Finance

Apr. 20, 2026

JCR Assigned A/Stable Long-term Issuer Rating to LOGISTEED Holdings and affirmed A/Stable Issuer Rating on LIGISTEED

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

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

JCR Affirmed J-1 Rating on CP of TOKAI HD

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

JCR Affirmed AA/Stable Long-term Issuer Rating on Japan Freight Railway

Japan: Post-Issuance Verification Report for CBI Certification of Japan Climate Transition Bond (1st)

Apr. 17, 2026

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

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

JCR Assigned AA Rating to Bonds of Kyushu Electric Power

JCR Assigned A Rating to Bonds of SEIBU HD

JCR Assigned AA+ Rating to Bonds of Electric Power Development

JCR Assigned AA Rating to Bonds of Tokyo Waterfront Area Rapid Transit

JCR Assigned AA Rating to Bonds of Sumitomo Mitsui Banking Corporation

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