News Release

May. 27, 2022: JCR Upgraded Long-term Issuer Rating on SHINNIHON to A-/Stable; JCR Affirmed A/Stable Long-term Issuer Rating on OKAMURA; JCR Affirmed A-/Stable (FC) and A/Stable (LC) on Peru; JCR Assigned AA Rating to Bonds of DAIWA HOUSE INDUSTRY; JCR Assigned AA Rating to Bonds of Tohoku Electric Power; JCR Assigned AAA Rating to Bonds of TOYOTA MOTOR; JCR Assigned A Rating to Bonds of Rakuten Group; Highlights of Electric Power Companies' Financial Results for Fiscal Year Ended March 2022; Highlights of Major Private Railroad Companies' Financial Results for Fiscal Year Ended March 2022; JCR Assigned BBB to Daiwa Green Finance Program Trust Beneficial Interest and Trust ABL (Kumamoto Kikuchi Solar Power Plant); JCR Assigned Green 1 to Daiwa Green Finance Program ABL; JCR Assigned Green 1 to Daiwa Green Finance Program Trust Beneficiary Interests

May. 26, 2022: JCR Assigned AA- Rating to Bonds of Asahi Group HD; JCR Assigned AA- Rating to Bonds of TOKYU; JCR Provided a Third Party Opinion to Positive Impact Finance provided by Sumitomo Mitsui Trust Bank to Sekisui House Reit

May. 25, 2022: Increase in CP Maximum Amount of DAIKEN; Affirmed J-2; JCR Affirmed A+/Stable Long-term Issuer Rating on ROHTO PHARMACEUTICAL; JCR Affirmed A/Positive Long-term Issuer Rating on Hiroshimashi Credit Cooperative; JCR Affirmed AA/Stable and J-1+ on Kyoei Fire and Marine Insurance; JCR Assigned AA- Rating to Bonds of KURARAY; Highlights of Oil Distributors' Financial Results for Fiscal Year Ended March 2022; Highlights of Semiconductor Production Equipment Manufacturers' Financial Results for Fiscal Year Ended March 2022; JCR Assigned AA to Oxygen Capital Limited Series 180; JCR Assigned AA- to Ascent Finance Limited Series 2022-1014; JCR Affirmed AA- on Bonds of Zenkyoren 1st Subordinated Loan Securitization Company Limited

May. 24, 2022: JCR Affirmed A-/Stable and J-1 on Kyoto Shinkin Bank; Highlights of Major Automakers' Financial Results for Fiscal Year Ended March 2022

May. 23, 2022: JCR Solicits Public Comments on Revisions to Rating Methodologies for "Credit Sales and Credit Cards" and "Consumer Finance"; JCR Affirmed AA+p Long-term Issuer Rating on Shin-Etsu Chemical; Revised Outlook to Positive; [ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 22-05; [ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 22-05

May. 20, 2022: JCR Affirmed BBB+/Stable Long-term Issuer Rating on ZUIKO; JCR Affirmed AA+/Stable Long-term Issuer Rating on NARITA INTERNATIONAL AIRPORT; JCR Assigned AA Rating to Bonds of Chubu Electric Power; JCR Assigned AA Rating to Bonds of Kansai Electric Power; JCR Assigned AA+ Rating to Bonds of Electric Power Development; JCR Assigned AAA Rating to Bonds of Japan Student Services Organization; Highlights of Major Information Services Companies' Financial Results for Fiscal Year Ended March 2022; Highlights of Major Retail Groups' Financial Results for Fiscal Year Ended February 2022; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by MUFG Bank to Miyagi Eisei Kankyo Kosha

May. 19, 2022: JCR Affirmed AA+/Stable Long-term Issuer Rating on National Mutual Insurance Federation of Agricultural Cooperatives; JCR Assigned Preliminary AA Rating to Shelf Registration of ASAHI KASEI; Highlights of Blast Furnace Steelmakers' Financial Results for Fiscal Year Ended March 2022; JCR Affirmed BBB- on Giga Solar Green Project Bond Trust (Fukushima) Beneficial Interest and Trust ABL

May. 18, 2022: Renault Decided to Withdraw from Russia - No Immediate Rating Impact, But Will Have Moderate Downward Pressure on Financial Structure and Final Profit; JCR Assigned AA- Rating to Bonds of Kyushu Electric Power; JCR Assigned AA- Rating to Bonds of JERA; JCR Assigned AA Rating to Bonds of Hulic Reit; JCR Assigned Green 1 (Final Evaluation) to the 7th Unsecured Investment Corporation Bonds Issued by Hulic Reit

May. 17, 2022: Acquisition of Aircraft Leasing Company by Subsidiary of Sumitomo Mitsui Finance and Leasing - No Impact on Rating; JCR Affirmed AA/Stable Long-term Issuer Rating on Hulic Reit

May. 16, 2022: JCR Affirmed AAA/Stable (FC/LC) on Germany; Highlights of Major Shipping Companies' Financial Results for Fiscal Year Ended March 2022; [ Asset Securitization Products ] JCR Assigned Preliminary J-1 to BANK OF FUKUOKA C Corporation Bills & Electronically Recorded Receivable ABL 22-05; [ Asset Securitization Products ] JCR Affirmed AAA on Class A Beneficial Interest and ABL 201806, 201903, 202003, 202009, 202103, 202109, and 202203

May. 13, 2022: Kintetsu Group HD Announces Tender Offer for Kintetsu World Express - Limited Impact on Creditworthiness; Kirayaka Bank Injects Public Funds through Parent Company - Focus on Whether This will Lead to Improved Performance and Other Benefits in the Future; JCR Placed Rating on KYUSHU LEASING SERVICE under Credit Monitor #BBB/Positive; JCR Affirmed BBB+/Stable (FC/LC) on India; JCR Assigned Preliminary AA- Rating to Shelf Registration of Odakyu Electric Railway; JCR Assigned AA Rating to Bonds of Chugoku Electric Power; JCR Assigned AAA Rating to Bonds of West Nippon Expressway; JCR Provided a Third Party Opinion on Transition Linked Bond Framework of ENEOS Holdings; JCR Assigned SU 1(F) to Sustainability Finance Framework of ZENSHO HOLDINGS

May. 12, 2022: Increase in CP Maximum Amount of Showa Sangyo; Affirmed J-1; JCR Assigned AA Rating to Bonds of Daiwa House REIT Investment Corporation; JCR Provided a Third Party Opinion on Suitability for the Sustainability-Linked Bond Principles to the 18th Unsecured Investment Corporation Bonds Issued by Daiwa House REIT Investment; JCR Assigned Green 1(F) to Green Finance Framework of Sumitomo Realty & Development