News Release

May. 21, 2025: JCR Assigned AAA Rating to Bonds of Japan Student Services OrganizationNEW

May. 20, 2025: JCR Upgraded Long-term Issuer Rating on Samty Residential Investment Corporation to A+/Stable; JCR Affirmed AA-/Stable Long-term Issuer Rating on Coca-Cola Bottlers Japan HD; Change in CP Maximum Amount of Mitsui Chemicals; Affirmed J-1+; JCR Assigned AA Rating to Bonds of Kansai Electric Power; JCR Assigned AA Rating to Bonds of MORI HILLS REIT INVESTMENT CORPORATION; [ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 25-05; KANEMURA ECO WORKS, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; Morikawa Tekko, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

May. 19, 2025: JCR Affirmed AA/Stable Long-term Issuer Rating on Comforia Residential REIT; JCR Assigned Preliminary A+ Rating to Bonds (Tier 2 with loss absorption clause) of Nomura HD; JCR Downgraded Libra A Limited Series C052 to BBB+; JCR Downgraded eDirect Trust NF1 to BBB+; JCR Downgraded eDirect Trust NF2 to BBB+; JCR Downgraded Ganymede Limited Series 2023-83 to BBB+; [ Asset Securitization Products ] JCR Downgraded PERCS-C to J-2

May. 16, 2025: JCR Assigned BBB+/Stable FC Long-term Issuer Rating to Shriram Finance; JCR Affirmed A+/Stable Long-term Issuer Rating on Kajima Private REIT; JCR Assigned AAA Rating to Bonds of African Development Bank; JCR Affirmed AAA/Stable (FC/LC) on United Kingdom; JCR Affirmed BBB-/Stable (FC) and BBB/Stable (LC) on Brazil; JCR Affirmed AAA/Stable Long-term Issuer Rating on Inter-American Development Bank; JCR Assigned AA Rating to Bonds of Kansai Electric Power; JCR Assigned AA Rating to Bonds of Chubu Electric Power; JCR Assigned AA Rating to Bonds of Tohoku Electric Power; JCR Assigned A+ Rating to Bonds of Daiwa Securities Group; JCR Assigned AAA Rating to Bonds of West Nippon Expressway; JCR Assigned AA Rating to Bonds of Daiwa House REIT Investment Corporation

May. 15, 2025: INFRONEER HD Announces Plans for a Tender Offer for Sumitomo Mitsui Construction—No Immediate Impact on Rating; JCR Will Monitor Future Financial Leverage; JCR Placed Rating on Sumitomo Mitsui Construction under Credit Monitor #BBB+/Positive; JCR Assigned A-/Stable and J-1 to Mazda Credit; JCR Affirmed AAAp/Stable Long-term Issuer Rating on Shin-Etsu Chemical; JCR Affirmed A+/Stable Long-term Issuer Rating on Hiroshimashi Credit Cooperative; JCR Assigned AA Rating to Bonds of United Urban Investment Corporation; Hirotec, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

May. 14, 2025: JCR Downgraded Long-term Issuer Rating on NISSAN MOTOR to BBB+/Stable; JCR Downgraded Long-term Issuer Rating on NISSAN FINANCIAL SERVICES to BBB+/Stable; JCR Affirmed A/Stable and J-1 on KAGOME; JCR Affirmed A/Stable (FC/LC) on Hongkong and Shanghai Hotels; JCR Assigned AAA Rating to Bonds of Central Nippon Expressway; JCR Upgraded SPIRE SA Series 2023-113 and SPIRE SA Series 2024-32 to A

May. 13, 2025: JCR Affirmed AA+/Stable Long-term Issuer Rating on National Mutual Insurance Federation of Agricultural Cooperatives; JCR Affirmed AA/Stable and J-1+ on Kyoei Fire and Marine Insurance; JCR Affirmed AA+/Stable Long-term Issuer Rating on NARITA INTERNATIONAL AIRPORT; JCR Affirmed AA+/Stable Long-term Issuer Rating on NEW KANSAI INTERNATIONAL AIRPORT and KANSAI INTERNATIONAL AIRPORT LAND; JCR Assigned Preliminary BBB Rating to Subordinated Bonds of ZENSHO HD

May. 12, 2025: JCR Downgraded Long-term Issuer Rating on Shoko Chukin Bank to AA/Stable; JCR Affirmed A-/Stable Long-term Issuer Rating on SKYLARK HD; JCR Affirmed A+/Stable (FC/LC) on CTF Services; JCR Affirmed AAA/Stable (FC/LC) on the Netherlands; Results of Review of Structured Finance Products (Excluding Those to Which Credit Ratings Are Assigned) April 2025; Sanu: Assigned Sustainability Loan Framework Evaluation: SU 1(F); GLP J-REIT: Reviewed Green Finance Framework Evaluation: Green 1(F); GLP J-REIT: Reviewed Sustainability Finance Framework Evaluation: SU 1(F); Kasuga Foundation Work: SME Rating: a

May. 09, 2025: NTT DATA GROUP Becomes a Wholly-owned Subsidiary of NIPPON TELEGRAPH AND TELEPHONE—No Immediate Impact on Rating; JCR Assigned A/Stable Long-term Issuer Rating to SHIZUOKA CHUO BANK; JCR Removed Credit Monitor; Affirmed A- on Makino Milling Machine; Placed Stable Outlook; JCR Affirmed A and J-1 on Tokyo Tatemono; Revised Outlook to Positive; JCR Affirmed AA-/Stable Long-term Issuer Rating on KURARAY; JCR Affirmed AA-/Stable and J-1+ on Hulic; JCR Affirmed A-/Stable (FC/LC) on Daewoo Engineering & Construction; JCR Assigned Preliminary BBB+ Rating to Subordinated Bonds of Tokyo Tatemono

May. 08, 2025: NIPPON TELEGRAPH AND TELEPHONE Makes NTT DATA GROUP a Wholly-owned Subsidiary—No Immediate Impact on Rating; JCR Will Focus on Investment Effects; Major Shareholder of PayPay Card and PayPay Bank Prepares for Initial Public Offering—JCR Will Focus on Changes in Capital Relationships; JCR Assigned AA- Rating to Cypher Limited Series 30087; JCR Assigned AA- Rating to Cypher Limited Series 30088; Treasure One Company, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

May. 07, 2025: JCR Assigned AAA/Stable FC Long-term Issuer Rating to Tokio Marine RSL Re PIC II; JCR Affirmed A+/Stable Long-term Issuer Rating on Okinawa Financial Group and Bank of Okinawa; JCR Affirmed A+/Stable Long-term Issuer Rating on Bank of The Ryukyus; JCR Assigned A Rating to SPIRE SA Series 2025-267; JCR Assigned A+ Rating to SPIRE SA Series 2025-376

May. 02, 2025: [ Asset Securitization Products ] JCR Assigned BBB to General Investments (Cayman) Limited Series 2024-09; Johoku Steel, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

May. 01, 2025: 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; [ Asset Securitization Products ] JCR Affirmed AA on Securitization of Loans Receivable 202203

Apr. 30, 2025: [ Asset Securitization Products ] JCR Assigned Preliminary A to Senior Beneficial Interest 7931601 Series 9; Mitsubishi UFJ Trust and Banking: Reviewed Green Finance Framework for Jointly-managed Money Trust: Green 1(F); SBI ARUHI: Reviewed Green Finance Framework Evaluation: Green 1(F); HAKUAIDO PHARMACY, The Juhachi-Shinwa Bank: Second Opinion on Positive Impact Finance; Houkoku Industry, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; Maruesumedical, The Bank of Kyoto: Second Opinion on Positive Impact Finance; Honma Kaitai, The Hokkaido Bank: Second Opinion on Positive Impact Finance