News Release

Jul. 21, 2021

JCR's Rating Review of Electric Power Companies

JCR Affirmed BBB, BB+ and J-2 on UACJ; Revised Outlook from Stable to Positive

JCR Affirmed AA-/Stable and AA- on Fukuoka REIT Corporation

JCR Assigned A- Rating to Bonds of of Nippon Yusen

Jul. 20, 2021

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

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

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

JCR Assigned AA- Rating to Bonds of Z Holdings

JCR Assigned AA- Rating to Bonds of Kenedix Office Investment Corporation

JCR Assigned Preliminary A+ Rating to Shelf Registration of Marubeni

JCR Assigned Preliminary AA Rating to Shelf Registration of Concordia Financial Group

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 21-07

Jul. 19, 2021

JCR Upgraded Rating on ICHINEN HOLDINGS from BBB/Positive to BBB+/Stable; Affirmed J-2

JCR Affirmed J-1 Rating on CP of SoftBank Group; Increase in CP Maximum Amount

JCR Affirmed AAA/Stable (FC/LC) on Finland

JCR Affirmed A/Stable and A on Canadian Solar Infrastructure Fund

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 21-07

JCR Assigned SU 1(F) to Sustainability Finance Framework of Soul of Japan

JCR provided a Third Party Opinion on Sustainability Linked Loans Conducted by MUFG Bank to GS Yuasa Corporation

JCR Provided a Third Party Opinion on Sustainability Linked Loans Conducted by Sumitomo Mitsui Trust Bank to GS Yuasa Corporation

JCRProvided a Third Party Opinion on Sustainability Linked Loans Conducted by The Bank of Kyoto to GS Yuasa Corporation

JCR Provided a Third Party Opinion on Sustainability Linked Loans Conducted by THE SHIGA BANK to GS Yuasa Corporation

Jul. 16, 2021

JCR Assigned AA- Rating to Bonds of Sumitomo Mitsui Trust Bank

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

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Assigned Preliminary AA Rating to Shelf Registration of Sekisui House

[ Asset Securitization Products ] JCR Assigned Preliminary AAA, Preliminary A and Preliminary A- to Beneficial Interest 202107

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 21-07 (F Hospital)

Jul. 15, 2021

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

JCR Affirmed AAA/Stable (FC/LC) on Export Development Canada

JCR Assigned AA- Rating to Bonds of Tokyo Century

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Assigned BBB+ Rating to Bonds of NAGATANIEN HOLDINGS

JCR Assigned A- Rating to Bonds of Orient Corporation

JCR Assigned AA- to Elva Funding PLC Series 2021-14

Jul. 14, 2021

JCR Upgraded Rating on NIPPON REIT Investment Corporation from A/Positive to A+/Stable

JCR Affirmed A+, A+ and Preliminary A+ on Daicel; Revised Outlook from Negative to Stable

JCR Affirmed A Rating on Healthcare & Medical Investment Corporation; Revised Outlook from Stable to Positive

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

JCR Affirmed AA/Stable, AA and Preliminary AA on DAIKIN INDUSTRIES

JCR Assigned A+ Rating to Bonds of AIR WATER

JCR Assigned AA Rating to Bonds of MORI HILLS REIT INVESTMENT CORPORATION

Jul. 13, 2021

JCR Assigned A Rating to Bonds of Tokyo Tatemono

JCR Assigned A- Rating to Bonds of NIPPON STEEL KOWA REAL ESTATE

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to BANK OF FUKUOKA C Corporation Bills & Electronically Recorded Receivable ABL 21-07

Jul. 12, 2021

JCR Affirmed A-/Stable and A- on HOKUTO

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

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

JCR Assigned A- to Canadian Solar Dual Tenor Green Project Bond Trust (Fukuoka) Beneficial Interest and TrustJCR

JCR Assigned Green 1 (Final Evaluation) to Canadian Solar Dual Tenor Green Project Bond Trust (Fukuoka) Beneficial Interest

JCR Assigned Green 1 (Final Evaluation) to Canadian Solar Dual Tenor Green Project Bond Trust (Fukuoka) Trust ABL

Jul. 09, 2021

JCR Affirmed A Rating on MAEDA; Revised Outlook from Stable to Positive

JCR Affirmed BBB+ and J-2 on Tokai Tokyo Financial Holdings and BBB+ on Tokai Tokyo Securities; Revised Outlook from Negative to Stable

JCR Affirmed A+/Stable, A+, Preliminary A+ and J-1 on Yokohama Rubber

JCR Affirmed BBB/Stable Long-term Issuer Rating on ISHIHARA SANGYO

JCR Affirmed BBB+/Negative Long-term Issuer Rating on OKASAN SECURITIES GROUP and OKASAN SECURITIES

JCR Affirmed AA-/Stable (FC) and AA/Stable (LC) on Korea

JCR Assigned A Rating to Bonds of Kawasaki Heavy Industries

JCR Assigned AA Rating to Bonds of Chubu Electric Power

JCR Assigned A- Rating to Bonds of NEC Capital Solutions

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

JCR Assigned Preliminary AA Rating to Foundation Fund of Nippon Life Insurance

JCR Assigned Preliminary AA Rating to Bonds of Nissay 2021 Fund Securitization Company

JCR Assigned Preliminary BBB+ Rating to Shelf Registration of Kintetsu Group Holdings

JCR Assigned Preliminary A Rating to Shelf Registration of TOBU RAILWAY

JCR Assigned Preliminary A Rating to Shelf Registration of Sumitomo Osaka Cement

JCR Assigned Preliminary A+ Rating to Shelf Registration of ACOM

Jul. 08, 2021

JCR Affirmed A/Stable, A and J-1 on PENTA-OCEAN CONSTRUCTION

JCR Affirmed AA-p/Stable (FC) and AAp/Stable(LC) on Korea Development Bank with Stable outlook

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Assigned BBB+ Rating to Bonds of Yanmar Holdings

JCR Assigned Preliminary AA+ Rating to Shelf Registration of Electric Power Development

JCR Assigned Preliminary AA- Rating to Shelf Registration of JFE Holdings

Jul. 07, 2021

JCR Affirmed A-/Stable, A- and J-1 on Mitsui Mining and Smelting

JCR Affirmed BBB-/Stable Long-term Issuer Rating on Sankyo Tateyama

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

JCR Affirmed AAA/Stable (FC/LC) on Canada

JCR Assigned Preliminary A+ Rating to Shelf Registration of NSK

Jul. 06, 2021

JCR Affirmed AA- Rating on Commitment Line of PASMO

JCR Assigned Green 1(F) to Green Bonds Framework of Kawasaki City

Jul. 05, 2021

JCR Affirmed A/Negative, A, BBB+ and Preliminary A on ANA HOLDINGS

JCR Affirmed AAA/Stable and Preliminary AAA on Central Japan Railway

JCR Affirmed A/Stable, A and Preliminary A on TOBU RAILWAY

JCR Affirmed BBB/Stable Long-term Issuer Rating on OUTSOURCING

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

JCR's Rating Review of Money Market Brokers

Jul. 02, 2021

Management Integration between FIDEA Holdings and TOHOKU BANK - Currently No Impact on Ratings

JCR Assigned AA-/Stable Long-term Issuer Rating to SC Realty Private REIT

JCR Removed Credit Monitor; Downgraded Rating on Seven & i Holdings from #AA+/Negative and Preliminary #AA+/Negative to AA and Preliminary AA; Placed Stable Outlook
JCR Removed Credit Monitor; Downgraded Rating on SEVEN-ELEVEN JAPAN from #AA+/Negative to AA; Placed Stable Outlook

JCR Upgraded Rating on Star Asia Investment Corporation from A-/Stable to A/Stable

JCR Assigned Preliminary AA-, A+ and A- to Mitsubishi UFJ Financial Group

JCR Assigned A- Rating to Bonds of Vena Energy Capital

JCR Assigned AA- Rating to Bonds of Suntory Beverage & Food

JCR Assigned Preliminary BBB Rating to Shelf Registration of COSMO ENERGY HOLDINGS

JCR Affirmed BBB and J-2 on Daiei Real Estate & Development; Revised Outlook from Stable to Positive

JCR's Rating Review of 4 Expressway Companies

JCR Provided a Third Party Opinion on Social Finance Framework by Tranzax

Jul. 01, 2021

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

JCR Affirmed AA-/Stable, AA-, A and J-1+ on Suntory Holdings