News Release

May. 24, 2019

JCR Placed Rating on SEIBU SHINKIN BANK under Credit Monitor #A+/NegativeNEW

JCR Assigned A+ Rating to Bonds of Japan Hotel REIT Investment CorporationNEW

JCR Assigned A+ Rating to Bonds of Nishi-Nippon RailroadNEW

JCR Assigned AAA Rating to Bonds of Japan Student ServicesNEW

JCR Assigned A+ Rating to Bonds of Mitsubishi Chemical HoldingsNEW

JCR Assigned A+ Rating to Bonds (Tier 2 with loss absorption clause) of Sumitomo Mitsui Trust HoldingsNEW

JCR Assigned Preliminary A Rating to Shelf Registration of Keihan HoldingsNEW

JCR Affirmed J-1 Rating on CP of SAPPORO HOLDINGS; Increase in CP Maximum AmountNEW

JCR Affirmed A-/Stable Long-term Issuer Rating and J-1 Short-term Issuer Rating on Kyoto Shinkin BankNEW

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Japan Medical AllianceNEW

Highlights of Major Japanese Automakers' Financial Results for Fiscal Year Ended March 2019NEW

May. 23, 2019

JCR Assigned AA- Rating to Bonds of Tohoku Electric Power

JCR Assigned A+ Rating to Bonds of Nippon Electric Glass

JCR Assigned Preliminary AA- Rating to Shelf Registration of Asahi Group Holdings

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

Highlights of Blast Furnace Steelmakers' Financial Results for Fiscal Year Ended March 2019

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL19-05

May. 22, 2019

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL19-05

[ Asset Securitization Products ] JCR Affirmed AAA, BBB and A on MMJ Mortgage Trust II Senior Beneficial Interest and ABL

May. 21, 2019

JCR Assigned AA- Rating to Bonds of JFE Holdings

JCR Assigned A Rating to Bonds of AEON Financial Service

JCR Affirmed AA/Stable and AA on KURARAY

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

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-05 (F Hospital)

May. 20, 2019

JCR Downgraded Rating on Japan Logistics Fund from AA+/Negative to AA/Stable

May. 17, 2019

SONY's Setting of Parameters for Repurchase of Shares - Outlook Remains Positive

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

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

JCR Affirmed A/Stable Long-term Issuer Rating on Hiroshimashi Credit Cooperative

May. 16, 2019

JCR Assigned A Rating to Bonds of ANA HOLDINGS

JCR Assigned Social 1 (Final Evaluation) to the 37th Bonds Issued by ANA Holdings

May. 15, 2019

Earnings forecasts for FY2019 Announced by Takeda Pharmaceutical - Within the Scope of Assumption and No Need for Rating Change

JCR Assigned A+ Rating to Bonds of J. FRONT RETAILING

JCR Assigned A Ratings to JPY Bonds Issued by Malayan Banking

JCR Assigned Preliminary AA- Rating to Shelf Registration of Odakyu Electric Railway

May. 13, 2019

JCR's Rating Review of 4 Expressway Companies

JCR Affirmed AA+/Stable and AA+ on Nippon Building Fund

May. 10, 2019

Divestitures of Non-core Assets by Takeda Pharmaceutical - Assumed as Before and Limited Impact on Rating

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

Highlights of Major Shipping Companies' Financial Results for Fiscal Year Ended March 2019

JCR Assigned BBB+ Rating to Leonteq Securities AG with Stable Outlook

JCR Assigned Preliminary AA- Rating to Shelf Registration of Coca-Cola Bottlers Japan Holdings

May. 09, 2019

JCR Downgraded Rating on Mitsui E&S Holdings from BBB/Negative, BBB and Preliminary BBB to BBB-/Negative, BBB- and Preliminary BBB-; Affirmed J-2

May. 08, 2019

JCR Placed Rating on Yahoo Japan under Credit Monitor #A/Positive

JCR Assigned Green 1 (Final Evaluation) to 19th Bonds Issued by United Urban Investment Corporation

JCR Assigned AA Rating to Bonds of United Urban Investment Corporation

JCR Affirmed AA-/Stable and AA- on Hankyu Hanshin REIT

May. 07, 2019

Legal Separation of the Power Transmission/Distribution Sector of Electric Power Companies - No Impact on Ratings

JCR Affirmed A+/Stable Long-term Issuer Rating on Bank of Okinawa

JCR Affirmed A/Stable Long-term Issuer Rating on Bank of The Ryukyus
JCR Affirmed A-/Stable Long-term Issuer Rating on Okinawa Credit Service
JCR Affirmed A-/Stable Long-term Issuer Rating on Ryukyu Leasing

Apr. 26, 2019

JCR Affirmed BBB/BBB+(FC/LC) Ratings on Indonesia; Revised Outlook to Positive

JCR Assigned BBB+ Rating on Bonds Issued by Cantor Fitzgerald

JCR Assigned BB+ Rating to Subordinated Loan of UACJ

JCR Affirmed A/Stable and A on PERSOL HOLDINGS

JCR Affirmed A-/Stable Long-term Issuer Rating on Ryoden Corporation

JCR Affirmed A+/Stable Long-term Issuer Rating on TAKARA STANDARD

JCR Affirmed J-1 Rating on CP of TAIYO NIPPON SANSO; Increase in CP Maximum Amount

JCR Affirmed AA/Stable and AA on GLP J-REIT

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL19-04

Highlights of Major Retail Groups' Financial Results for Fiscal Year Ended February 2019

JCR Withdraws #BB+/Negative Long-term Issuer Rating on PIONEER

Apr. 25, 2019

NISSAN Revises Downward Financial Forecasts - Close Attention on Profitability Improvement, Especially in the U.S.

JCR Assigned A-/Stable and J-1 to ARUHI

JCR Assigned Preliminary A- Rating to Shelf Registration of Nankai Electric Railway

JCR Affirmed AA/Stable Long-term Issuer Rating and Ability to Pay Insurance Claims on SECOM GENERAL INSURANCE

Apr. 24, 2019

KOHNAN SHOJI Decides to Make Ken Depot its Consolidated Subsidiary - No Immediate Impact on the Rating and JCR Will Pay Attention to Future Synergy Effect

JCR Assigned AA/Stable Long-term Issuer Rating to Hachijuni Bank

JCR Assigned J-2 Rating to CP of UMC Electronics

JCR Downgraded Rating on Sankyo Tateyama from BBB/Negative to BBB-/Stable

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

Apr. 23, 2019

JCR Upgraded Rating on SUMITOMO HEAVY INDUSTRIES from A/Positive, A and Preliminary A to A+/Stable, A+ and Preliminary A+

JCR Affirmed A- and J-1 on SAN-AI OIL; Revised Outlook to Positive

JCR Affirmed A/Stable Long-term Issuer Rating on J. F. Oberlin University and Affiliated Schools

JCR's Rating Review of City Gas Companies

JCR Affirmed AA-/Stable and J-1+ on Japan Securities Finance

JCR Affirmed A+/Stable and J-1+ on JSF Trust and Banking

JCR Affirmed A+/Stable and J-1+ on Kyoei Fire and Marine Insurance

JCR Assigned A+ Rating to Note of Man GPM US Residential Debt Fund

JCR Affirmed BBB- on Giga Solar Green Project Bond Trust (Fukushima) Beneficial Interest and Trust ABL

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-04 (D Hospital)

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivale ABL19-04

Apr. 22, 2019

JCR Assigned Green 1 (Preliminary Evaluation) to 19th bonds issued by United Urban Investment Corporation

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

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

JCR Affirmed AA-/Stable and AA- on Comforia Residential REIT

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-04 (F Hospital)

Apr. 19, 2019

JCR Placed Rating on LIXIL Group under Credit Monitor #A+/Negative

JCR Removed Credit Monitor; Upgraded Rating on IBJ Leasing from #A-/Positive to A; Placed Stable Outlook
JCR Removed Credit Monitor; Upgraded Rating on IBJL-TOSHIBA Leasing from #A-/Positive to A; Placed Stable Outlook

JCR Removed Credit Monitor; Downgraded Rating on MG Leasing from #A+/Negative to A; Placed Stable Outlook

JCR Assigned A- Rating to Hanwha Energy Corporation with Stable Outlook

JCR Affirmed BBB+ Ratings on the Philippines; Revised Outlook to Positive

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

JCR Assigned A+ Rating to Bonds of Nagoya Railroad

JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Gunma Bank

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

JCR's Rating Review of Air Transportation Companies

JCR Affirmed BBB+/Stable and BBB+ on ARATA