News Release

May. 22, 2018

JCR Upgraded Rating on OKAMURA from A-/Positive and A- to A/Stable and A

JCR Assigned AA- Rating to Bonds of TOKYU

JCR Assigned AA- Rating to Bonds of Sumitomo Mitsui Finance and Leasing

JCR Assigned AA- Rating to Bonds of Mitsubishi UFJ Lease & Finance

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

JCR Affirmed A/Stable Long-term Issuer Rating on AOKI Holdings

JCR Assigned Preliminary BBB to Blue Energy Ishikawa Mega Solar Power Station Project Senior Loan

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL18-05 (F Hospital in Hokkaido)

JCR Affirmed AA-/Stable on TOKYU REIT

May. 21, 2018

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

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

May. 18, 2018

Highlights of General Heavy Machinery Manufacturers' Financial Results for Fiscal Year Ended March 2018

JCR Assigned A Rating to Bonds of of Nippon Yusen Kabushiki Kaisha

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Assigned A Rating to Bonds of ANA HOLDINGS INC.

JCR Assigned A- Rating to Bonds of FUJI ELECTRIC

JCR Assigned A Rating to Bonds of Invincible Investment Corporation

JCR Assigned A+ Rating to Bonds of MCUBS MidCity Investment Corporation

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

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

May. 17, 2018

NIPPON STEEL & SUMITOMO METAL's Conversion of Nisshin Steel into its Wholly Owned Subsidiary - Limited Impact on Rating

JCR Placed Rating on Nisshin Steel under Credit Monitor #A-/Positive and #J-1/Positive

JCR Upgraded Rating on LINTEC from A/Positive to A+/Stable; Affirmed J-1 on CP

JCR Assigned A Rating to Bonds of Nagoya Railroad

JCR Assigned A- Rating to Bonds of Nankai Electric Railway

JCR Assigned AA+ Rating to Bonds of Electric Power Development

JCR Assigned AAA Rating to Bonds of Tokyo Metro

JCR Assigned AA Rating to Bonds of Nomura Real Estate Master Fund

JCR Affirmed A/Stable and A- on SBI Sumishin Net Bank

May. 16, 2018

JCR Assigned AA+ Rating to Bonds of Nippon Building Fund; Affirmed AA+/Stable and AA+

JCR Affirmed A-/Stable Long-term Issuer Rating on Takara Leben Infrastructure Fund

May. 15, 2018

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

JCR Assigned AA- Rating to Bonds of JFE Holdings

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

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Class A Beneficial Interest 201806

JCR Affirmed BBB+ on Sumitomo Mitsui Trust ABL11339

JCR Affirmed BBB+ on Sumitomo Mitsui Trust ABL11340

JCR Affirmed BBB- on Sumitomo Mitsui Trust ABL11341

JCR Withdraws J-1+ Rating on Mortgage Service Japan ABL Program

May. 11, 2018

JCR Assigned A Rating to Bonds of MORI BUILDING

JCR's Rating Review of 4 Expressway Companies

Highlights of Major General Merchandise Stores' Financial Results for Fiscal Year Ended February 2018

May. 10, 2018

KYOWA EXEO Announces Management Integration with C-CUBE, Etc. - No Immediate Impact on Rating; JCR to Watch Future Integration Effects

JCR Assigned Preliminary A- Rating to Shelf Registration of FUJI ELECTRIC

Highlights of Major Blast Furnace Steelmakers' Financial Results for Fiscal Year Ended March 2018

May. 09, 2018

Namura Shipbuilding’s Downward Revision of Earnings forecasts - Increasing Downward Pressure on Rating

JCR Affirmed BBBp Rating on NDS; Revised Outlook from Stable to Positive

JCR Assigned AA Rating to Bonds of United Urban Investment Corporation

May. 08, 2018

Highlights of Major Shipping Companies' Financial Results for Fiscal Year Ended March 2018

May. 07, 2018

JCR Affirmed A/Stable and A- on Bank of The Ryukyus

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

May. 02, 2018

JCR Affirmed BBB- and J-2 on JK Holdings; Revised Outlook to Positive

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

JCR's Rating Review of City Gas Companies

JCR Affirmed AAAp/Negative Long-term Issuer Rating on TOKYO GAS

JCR Affirmed AA+p/Stable Long-term Issuer Rating on OSAKA GAS

JCR Affirmed AA+p/Stable Long-term Issuer Rating on TOHO GAS

JCR Affirmed A/Stable, A, Preliminary A and J-1 on HOKKAIDO GAS

JCR Affirmed A/Stable, A and J-1 on HIROSHIMA GAS

JCR Affirmed AA-/Stable, AA-, Preliminary AA- and J-1+ on SAIBU GAS

JCR Affirmed A+/Stable and A on SHIGA BANK

May. 01, 2018

JCR Affirmed AA/AA (FC/LC) Ratings on Spain with Stable Outlook

JCR Affirmed A+/Stable, A+ and J-1 on TAIYO NIPPON SANSO

Ratings for Companies under Tokyo TY Financial Group

SoftBank Group Corp.’s Subsidiary Sprint to Merge with T-Mobile US - Limited Impact on SoftBank Group Corp.’s Rating

Apr. 27, 2018

Tokyo Century Will Convert SHINKO REAL ESTATE into Consolidated Subsidiary - No Impact on Rating

JCR Assigned Preliminary AA-, A+ and A- to Shelf Registration of Mizuho Financial Group

JCR Assigned A Rating to Bonds of NIFCO

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

JCR Affirmed AA+ Rating on Japan Logistics Fund; Revised Outlook from Stable to Negative

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL18-04

[ Asset Securitization Products ] JCR Upgraded Class A to AAA; Affirmed A- on Class B on Jupiter Investment Purpose Condominium Loan Backed Beneficial Interests 2013

[ Asset Securitization Products ] JCR Upgraded Class A to AAA; Affirmed A- on Class B on Sakura Investment Purpose Condominium Loan Securitization Series 1

JCR Withdraws BBB-/Stable Long-term Issuer Rating on Keiyukai

Apr. 26, 2018

JCR Assigned AA Rating to Bonds of Mitsui Fudosan

JCR Assigned A Rating to Bonds of HEIWA REAL ESTATE REIT

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

JCR Affirmed BBB+/Stable Ratings on the Philippines

Apr. 25, 2018

NIDEC’s Acquisition of US Whirlpool Corporation’s Compressor Business – Limited Impact on Rating

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

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

JCR Upgraded Rating on Tokyo TY Financial Group, Tokyo Tomin Bank, Yachiyo Bank, and ShinGinko Tokyo from BBB+/Positive to A-/Stable

Apr. 24, 2018

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

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

JCR Affirmed AA+p/Stable Long-term Issuer Rating on Shin-Etsu Chemical

JCR Affirmed A+p/Stable Long-term Issuer Rating on Mitsubishi Tanabe Pharma

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL18-04 (D Hospital)

[ Asset Securitization Products ] JCR Affirmed AAA and A- on Beneficial Interest of Triangulum Occident

Apr. 23, 2018

JCR Affirmed BBB+/Stable Long-term Issuer Rating on HARIMA CHEMICALS GROUP

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

JCR Affirmed A-/Stable and J-1 on SINANEN HOLDINGS

JCR Affirmed A-/Stable and J-1 on SAN-AI OIL

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

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL18-04

JCR Assigned Preliminary AA Rating to Shelf Registration of FAST RETAILING

Apr. 20, 2018

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

JCR Assigned A Rating to Bonds of Fuyo General Lease

JCR Assigned A- Rating to Bonds of AEON Product Finance

JCR Assigned AAA Rating to Bonds of East Nippon Expressway