News Release

Apr. 30, 2025

[ Asset Securitization Products ] JCR Assigned Preliminary A to Senior Beneficial Interest 7931601 Series 9NEW

Mitsubishi UFJ Trust and Banking: Reviewed Green Finance Framework for Jointly-managed Money Trust: Green 1(F)NEW

SBI ARUHI: Reviewed Green Finance Framework Evaluation: Green 1(F)NEW

HAKUAIDO PHARMACY, The Juhachi-Shinwa Bank: Second Opinion on Positive Impact FinanceNEW

Houkoku Industry, The Shoko Chukin Bank: Second Opinion on Positive Impact FinanceNEW

Maruesumedical, The Bank of Kyoto: Second Opinion on Positive Impact FinanceNEW

Honma Kaitai, The Hokkaido Bank: Second Opinion on Positive Impact FinanceNEW

Apr. 28, 2025

JCR Affirmed A- Long-term Issuer Rating on NISSAN MOTOR; Revised Outlook to Negative

JCR Affirmed A- Long-term Issuer Rating on NISSAN FINANCIAL SERVICES; Revised Outlook to Negative

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

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 A Rating to Shelf Registration of Nankai Electric Railway

Fukui Kankyo Jigyo, The Hokuriku Bank: Second Opinion on Positive Impact Finance

Apr. 25, 2025

JCR Assigned A/Stable Long-term Issuer Rating to ULVAC

JCR Affirmed A- Long-term Issuer Rating on erex; Revised Outlook to Stable

JCR Affirmed A+/Stable Long-term Issuer Rating on SUMITOMO HEAVY INDUSTRIES

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

JCR Affirmed A-/Stable and J-1 on SAPPORO HD

JCR Affirmed AA/Stable Long-term Issuer Rating on Gravity AH

JCR Assigned AA- Rating to Bonds of Asahi Group HD

[ Asset Securitization Products ] JCR Assigned A to US real estate secured loan securitization 2025

JCR Assigned A to SPIRE SA Series 2025-50

JCR Assigned A+ to SPIRE SA Series 2025-208

JCR Affirmed J-1 on Power Trust Neo SoftBank Group

JCR Withdraws A Long-term Issuer Rating on J. F. Oberlin University

KDX Realty Investment Corporation: Reviewed Sustainability Finance Framework Evaluation: SU 1(F)

Apr. 24, 2025

JCR Placed Rating on Gunma Bank under Credit Monitor #AA/Negative; Placed Ratings on Daishi Hokuetsu Financial Group/Daishi Hokuetsu Bank under Credit Monitor #A+/Positive

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

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

JCR Upgraded Long-term Issuer Rating of Kaede Credit Service to AA+

[ Asset Securitization Products ] JCR Reviewed Beneficial Interest 202007 (Contract No. 210252), Beneficial Interest 202107 (Contract No. 210272), Beneficial Interest 202111 (Contract No. 210281), Beneficial Interest 202201 (Contract No. 210290), Beneficial Interest 202208 (Contract No. 210299), Beneficial Interest 202301 (Contract No. 210315) and Beneficial Interest 202307 (Contract No. 210327), Beneficial Interest 202402 (Contract No. 210343)

JCR Assigned AA- Rating to Cypher Limited Series 30085

JCR Assigned AA- Rating to Cypher Limited Series 30086

JCR Assigned AA- to SPIRE SA Series 2025-193

Center Point Development: Reviewed Green Finance Framework Evaluation: Green 1(F)

Apr. 23, 2025

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

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

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

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

[ Asset Securitization Products ] JCR Assigned AA- to Departure Limited Series 2003

Apr. 22, 2025

Nomura HD Acquires Macquarie's U.S. Asset Management Company—No Immediate Impact on Rating

JCR Affirmed A/Stable Long-term Issuer Rating on SBI Sumishin Net Bank

JCR Affirmed BBB/Positive Long-term Issuer Rating on TOTTORI BANK

JCR Affirmed BBB+/Stable and J-2 on MARUDAI FOOD

JCR Assigned Preliminary AA- Rating to Shelf Registration of Takeda Pharmaceutical

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 25-04

JCR Assigned AA- Rating to Ganymede Limited Series 2025-16

Apr. 21, 2025

JCR Affirmed A+/Stable FC Long-term Issuer Rating on CITIC Securities International

JCR Affirmed AAAp/Stable and J-1+ on East Japan Railway

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

Apr. 18, 2025

JCR Affirmed BBB/Negative Long-term Issuer Rating on YOROZU

JCR Affirmed BBB+/Stable (FC/LC) on India

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

JCR Assigned A Rating to Bonds of SoftBank Group

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

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

Diamond Realty Management: Assigned Green Finance Framework Evaluation: Green 1(F)

Mizuho Bank: Second Party Opinion on Sustainability Linked Loan Framework

Apr. 17, 2025

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

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

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

Change in CP Maximum Amount of Mizuho Securities; Affirmed J-1+

JCR Assigned AA- Rating to Bonds of JERA

JCR Assigned AA- Rating to Bonds of NIPPON REIT Investment Corporation

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

JCR Assigned Preliminary A+ Rating to Shelf Registration of YOKOHAMA MINATOMIRAI RAILWAY

Apr. 16, 2025

JCR Removed Credit Monitor; Upgraded Rating on Tonami Holdings to A+; Placed Stable Outlook

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

JCR Assigned A+ Rating to Bonds of Sumitomo Rubber Industries

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

Apr. 15, 2025

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

JCR Assigned AA- Rating to Bonds of Nippon Yusen

Apr. 14, 2025

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

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

J. FRONT RETAILING: Reviewed Sustainability Finance Framework Evaluation: SU 1(F)

Apr. 11, 2025

MINEBEA MITSUMI Announces Tender Offer for Shares of SHIBAURA ELECTRONICS—Limited Impact on Rating

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

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

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

JCR Affirmed AA/Stable Long-term Issuer Rating on Sekisui House Reit

JCR Assigned A+ Rating to Subordinated Bonds of DAIWA HOUSE INDUSTRY

JCR Assigned Preliminary A Rating to Shelf Registration of Toyo Tire

JCR Assigned AA- Rating to Bonds of Hokkaido Electric Power

JCR Assigned AA- to Notes of HARP Issuer PLC Series 215

Apr. 10, 2025

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

JCR Affirmed A-/Stable Long-term Issuer Rating on Nittetsu Mining

JCR Assigned A- Rating to Bonds of SKYLARK HD

JCR Assigned BBB+ Rating to Undated Subordinated Bonds of Japan Airlines

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Assigned AA Rating to Bonds of KDX Realty Investment Corporation

JCR Assigned AA to Libra A Limited Series C085-2

shirogane-kankou hotel, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

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

Apr. 09, 2025

GENDA Announces Acquisition of Amusement Facility Operator in North America—Financial Burden Will Increase, but No Need to Immediately Revise Rating

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

JCR Assigned AAA Rating to Bonds of NTT TC Leasing

JCR Assigned A Rating to Bonds (Tier 1 with loss absorption clause) of Mizuho Financial Group

PENTA-OCEAN CONSTRUCTION: Reviewed Green Bond Evaluation: Green 1

Apr. 08, 2025

JCR Affirmed AA-/Stable and J-1+ on Asahi Group HD