News Release

Mar. 22, 2019

JCR Assigned Green1 to the Canadian Solar Securitized Green Equity Trust 1 Trust Beneficiary Rights

JCR Upgraded Rating on Showa Denko from A-/Positive、A- and Preliminary A- to A/Positive, A and Preliminary A; Affirmed J-1

JCR Assigned BB+ Rating to Subordinated Loan of ZENSHO HOLDINGS

JCR Affirmed AA Ratings on Corporacion Andina de Fomento with Stable Outlook

Mar. 20, 2019

JCR Assigned Preliminary Green 1 to Bonds of JACCS

JCR Assigned Green 1 to Long-term Loan Borrowed by Nippon Yusen

JCR Assigned Preliminary A+ Rating to Subordinated Loan of Nippon Life Insurance

JCR Assigned Preliminary A+ Rating to Bonds of Nissay 3rd Subordinated Loan Securitization Company Limited

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivale ABL19-03

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL19-03

Mar. 19, 2019

Deutsche Bank Initiated a Merger Discussion with Commerzbank - Substantial Synergy will be a Positive Factor on the Rating; JCR will Monitor the Progress and Terms of Agreement

JCR Assigned BBB- Rating to Bonds of Ferrotec Holdings

JCR Affirmed J-2 Rating on CP of CMIC HOLDINGS

JCR Affirmed AA/Stable, AA, Preliminary AA and J-1+ on Sumitomo Electric Industries

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

JCR Affirmed A+/Stable and A+ on Japan Rental Housing Investments

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-03 (F Hospital)

[ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (E Hospital)

Mar. 18, 2019

JCR Assigned A- Rating to Subordinated Loan of TAIYO NIPPON SANSO

JCR Affirmed A+ Rating on Musashino Bank; Revised Outlook from Stable to Negative

Mar. 15, 2019

JCR Assigned A+/Stable Long-term Issuer Rating to ITOCHU Advance Logistics Investment Corporation

JCR Upgraded Rating on Ube Industries from A-/Positive, A- and Preliminary A- to A/Stable, A and Preliminary A; Affirmed J-1

JCR Assigned Preliminary A- Rating to Bonds of Nippon Steel Kowa Real Estate

JCR Assigned Preliminary A Rating to Subordinated Bonds of Tokyo Century

JCR's Rating Review of General Construction Companies

JCR Affirmed AA-/Stable, AA- and Preliminary AA- on TAISEI

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

JCR Affirmed AA-p/Stable Long-term Issuer Rating on SHIMIZU

JCR Affirmed AA-/Stable, AA- and Preliminary AA- on Kenedix Office Investment Corporation

[ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (Ginnankai)

Mar. 14, 2019

Three Automakers Including NISSAN to Create a New Alliance Operating Board - Whether This Will Result in Efficient Alliance Operation Will Be Closely Watched

JCR Assigned A Rating to Bonds of Japan Airlines

JCR Affirmed A+/Stable, A+ and J-1 on Takashimaya

Highlights of Major Breweries' Financial Results for Fiscal Year Ended December 2018

Mar. 13, 2019

JCR Assigned Social 1 to Synthetic CLO (2019) of Japan Finance Corporation

JCR Assigned A- Rating to Subordinated Bonds of Dai-ichi Life Holdings

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

Mar. 12, 2019

JCR Assigned BBB- Rating to Subordinated Loan of HANWA

[ Asset Securitization Products ] JCR Assigned Preliminary J-1+ to Saitama Resona Bank A Corporation Bills Receivable Senior Beneficial Interest 19-03

Highlights of Major Tire Manufacturers' Financial Results for Fiscal Year Ended December 2018

Mar. 11, 2019

IHI’s Announcement on Inadequate Inspections, etc. in Civil Aero Engine Maintenance - JCR will Watch Results of Investigation and Impacts on Business Performance

JCR Assigned AA-/AA-(FC/LC) Ratings to Chile with Stable outlook

JCR Assigned Preliminary BBB Rating to Shelf Registration of Mitsui E&S Holdings

JCR Affirmed J-1 Rating on CP of Rakuten Card; Increase in CP Maximum Amount

Mar. 08, 2019

Pioneer's Implementation of Capital Increase through Third Party Allotment - Future Directions of Business Performance, Financials, etc. are Key Points

JCR Assigned Green 1 to Subordinated Bonds of Tokyo Tatemono

JCR Assigned BBB Rating to Subordinated Bonds of Tokyo Tatemono

JCR Assigned AA Rating to Bonds of Mitsui Fudosan

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

JCR Affirmed A+/Stable and J-1 on Sumitomo Bakelite

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

JCR Affirmed BBB/Stable and BBB on Sodick

JCR Affirmed A+/A+(FC/LC) Ratings on the Slovak Republic with Stable Outlook

JCR Affirmed BBB on JAG Mega Solar Project Bond Trust 1 Beneficial Interest and Trust ABL

Mar. 07, 2019

Kawasaki Kisen's Revision of Earning Forecasts - Already Reflected in the Rating

Sekisui House's Conversion of Otori Holdings into Consolidated Subsidiary - No Immediate Impact on Rating and JCR will Pay Attention to Future Synergistic Effects

Mizuho Group's Downward Revision of Earnings Forecasts - Advancing the Recording of Losses and No Immediate Impact on the Rating

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

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

Mar. 06, 2019

JCR Assigned A Rating to Bonds of Hokuetsu Corporation

JCR Affirmed AA/Stable Long-term Issuer Rating on Kanagawa University

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

Mar. 05, 2019

JCR Upgraded Rating on MCUBS MidCity Investment Corporation from A+/Positive and A+ to AA-/Stable and AA-

JCR Assigned A- to Ecology Trust Bond 1st Series Fund Trust Bonds and Trust ABL

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Affirmed A-/Stable, A- and J-1 on SAPPORO HOLDINGS

Mar. 04, 2019

JCR Affirmed AA Rating on NEW KANSAI INTERNATIONAL AIRPORT; Revised Outlook from Stable to Positive
JCR Affirmed AA Rating on KANSAI INTERNATIONAL AIRPORT LAND COMPANY; Revised Outlook from Stable to Positive

JCR Affirmed AA/Stable and AA on DAIWA HOUSE INDUSTRY

JCR Affirmed A-/Stable and A- on Shibusawa Warehouse

JCR Affirmed A+/Stable Long-term Issuer Rating on Yokogawa Electric

Mar. 01, 2019

JCR Assigned A+ Rating to Bonds of Pan Pacific International Holdings

JCR Assigned BBB+ Rating to Bonds of FUTABA INDUSTRIAL

JCR Affirmed BBB/Negative Long-term Issuer Rating on FUKUSHIMA BANK

Feb. 28, 2019

NISSHIN SEIFUN GROUP Decides to Buy Australia's Allied Pinnacle - Limited Impact on Rating

JCR Assigned Preliminary A+ Rating to Shelf Registration of Pan Pacific International Holdings; Affirmed A+/Stable, A+, A-, and J-1

JCR Assigned Preliminary BBB+ Rating to Shelf Registration of HEIWA REAL ESTATE

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

JCR Assigned BBB- to JA Solar Green Project Bond Trust (Fukushima) Trust ABL

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL19-02

JCR Assigned J-1+ to Bills Receivable ABL19-02 (A Corporation in Niigata)

JCR Withdraws A+/Stable Long-term Issuer Rating and J-1 on JTEKT

Feb. 27, 2019

JCR Placed Rating on IBJ Leasing under Credit Monitor #A-/Positive
JCR Placed Rating on IBJL-TOSHIBA Leasing under Credit Monitor #A-/Positive

JCR Affirmed #A+/Negative on MG Leasing; Maintains Credit Monitor

JCR Affirmed A-/Stable, A-, Preliminary A- and J-1 on Orient Corporation

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL19-02

Feb. 26, 2019

JCR Affirmed A/Stable Long-term Issuer Rating on AEON Mall

JCR Affirmed A-/Stable and J-1 on AEON KYUSHU

JCR Affirmed A/Stable Long-term Issuer Rating on United Super Markets Holdings

JCR Affirmed A/Stable, A, A- and J-1 on AEON Financial Service

JCR Affirmed A-/Stable Foreign Currency Long-Term Issuer Rating on AEON Thana Sinsap (Thailand)

JCR Affirmed A-/Stable and J-1 on AEON Housing Loan Service

JCR Affirmed A-/Stable, A- and J-1 on AEON Product Finance

[ Asset Securitization Products ] JCR Affirmed J-1 on Dispensing Fees Receivable ABL Program (Nanba Pharmacy)

Feb. 25, 2019

JCR Affirmed BBB/Stable, BBB, Preliminary BBB, BB+, and J-2 on ZENSHO HOLDINGS

JCR Affirmed A+/Stable Long-term Issuer Rating on Aflac Incorporated
JCR Affirmed AA/Stable Long-term Issuer Rating and Ability to Pay Insurance Claims on American Family Life Assurance Company of Columbus
JCR Affirmed AA/Stable Long-term Issuer Rating and Ability to Pay Insurance Claims on Aflac Life Insurance Japan

JCR Affirmed AA/Stable and AA on Advance Residence Investment Corporation

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-02 (D Hospital)

Feb. 22, 2019

JCR Assigned A/Stable to Royal Bank of Scotland Group and NatWest Markets and A+/Stable to National Westminster Bank