News Release

Jan. 22, 2021

JCR Assigned Green 1 (Final Evaluation) to Commitment Line by the Method of Syndicated Loan borrowed by WEST ENERGY SOLUTION INC.

JCR Assigned Green 1 (Final Evaluation) to Hudson Green Project Finance 2020-1 Trust Beneficial Rights

JCR Assigned Green 1 (Final Evaluation) to Hudson Green Project Finance 2020-1 Trust ABL

JCR Assigned BBB to Hudson Green Project Finance 2020-1 Trust Beneficial Interest and Trust ABL

JCR Removed Credit Monitor; Upgraded Rating on TOKYO DOME from #BBB/Positive to AA-/Stable and from #J-2/Positive to J-1+

JCR Upgraded Rating on Harima-Kyowa from BBB-/Positive to BBB/Stable

JCR Assigned BBB+/Stable and BBB+ to Yanmar Holdings; Affirmed J-2

JCR Assigned A+ Rating to Subordinated Bonds of JAPAN POST INSURANCE

JCR Assigned AA Rating to Bonds of ORIX JREIT

JCR Affirmed AA-/Stable, AA- and Preliminary AA- on Coca-Cola Bottlers Japan Holdings

JCR Affirmed A-/Stable and A- on Tonami Holdings

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

JCR Affirmed J-2 Rating on CP of CMIC HOLDINGS

JCR Affirmed AAA/AAA(FC/LC) ratings on Norway with Stable Outlook

Jan. 21, 2021

JCR Assigned Green 1 (Preliminary) and Provided a Third Party Opinion on Suitability for the Sustainability-Linked Bond Principles to the 2nd Unsecured Bonds to be Issued by Takamatsu Construction Group

JCR Assigned Green 1(F) to Green Finance Framework of Takamatsu Construction Group

JCR Assigned A-/Stable Long-term Issuer Rating to TAKAMATSU CONSTRUCTION GROUP

JCR Downgraded Rating on Aomori Bank from A/Negative to A-/Stable

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

JCR Assigned Preliminary BBB Rating to Subordinated Bonds of Tokyo Tatemono

JCR Assigned AA- Rating to Bonds of Kansai Electric Power

JCR Assigned A+ Rating to Bonds of Daiwa Securities Living Investment Corporation

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

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 21-01

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 21-01

JCR Affirmed AA on Specified Bonds of Nissay 2017 Fund SPC
JCR Affirmed AA on Bonds of 2019 Fund Securitization Company Limited

JCR Affirmed AA- on Bonds of Nissay 2nd, 3rd, 4th and 5th Subordinated Loan Securitization Company Limited

JCR Affirmed A+ Ratings on Specified Bonds of Meiji Yasuda Life 2016/2017/2018/2019 Fund SPC

Jan. 20, 2021

JCR Assigned Green 1 (Final Evaluation) to Long Term Loan Borrowed by Shindengen Electric Manufacturing

JCR Assigned Green 1 (Final Evaluation) to Investment Corporation Bonds of Canadian Solar Infrastructure Fund

JCR Assinged A Rating to Bonds of Canadian Solar Infrastructure Fund

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

JCR Assigned A- Rating to Bonds of JACCS

JCR Assigned AA- Rating to Bonds of Tokyo Century

JCR Affirmed A+/Stable and A+ on Keisei Electric Railway

JCR Affirmed A-/Stable and A- on Sotetsu Holdings

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

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 21-01 (F Hospital)

[ Asset Securitization Products ] JCR Affirmed AAA on Grass Park Beneficial Interest Series 1

Jan. 19, 2021

JCR Assigned SU 1(F) to Sustainability Finance Framework of Nomura Real Estate Group

JCR Assigned SU 1 (Preliminary Evaluation) to the Sustainability Bonds Issued by Nomura Real Estate Holdings

JCR Affirmed A+, Preliminary A+ and J-1 Ratings on Sumitomo Riko; Revised Outlook from Stable to Negative

JCR Removed Credit Monitor; Affirmed BBB- on JA Solar Green Project Bond Trust (Fukushima) Beneficial Interest and Trust ABL

JCR Affirmed AA-/Stable, AA- and J-1+ on NGK SPARK PLUG

JCR Affirmed A/Stable Long-term Issuer Rating on SQUARE ENIX HOLDINGS

JCR's Rating Review of Major Life Insurers

JCR Affirmed AA+/Stable, AA- and J-1+ on Nippon Life Insurance

JCR Affirmed A+/Stable and A- on Dai-ichi Life Holdings
JCR Affirmed AA-/Stable Long-term Issuer Rating and Ability to Pay Insurance Claims on Dai-ichi Life Insurance

JCR Affirmed AA-/Stable and J-1+ on Meiji Yasuda Life Insurance

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

JCR Affirmed A+/Stable and J-1 on Sharp Finance

JCR Affirmed A+/Stable, A+, Preliminary A+ and J-1 on Fuyo General Lease

JCR Affirmed A-/Stable and BBB+ on Ehime Bank

JCR Affirmed J-1+ Rating on CP of Nissay Leasing

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to BANK OF FUKUOKA C Corporation Bills & Electronically Recorded Receivable ABL 21-01

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

Jan. 18, 2021

JCR Assigned Green 1(F) to Green Finance Framework of Mitsubishi Estate Logistics REIT Investment Corporation

JCR Provided a Third Party Opinion on Sustainability Linked Loans to Japan Real Estate Investment

JCR Affirmed AA-, Preliminary AA- and J-1+ on TOKYU; Revised Outlook from Positive to Stable

JCR Affirmed AA Rating on EMTN of Mizuho Securities; Change in Maximum Amount of Program
JCR Affirmed AA Rating on EMTN of Mizuho International; Decrease in Maximum Amount of Program
JCR Affirmed AA Rating on EMTN of Mizuho Securities USA; Decrease in Maximum Amount of Program

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

JCR Affirmed A/Stable, A and Preliminary A on SCSK

JCR Affirmed A+/Stable, Preliminary A+ and J-1 on NIPPON STEEL TRADING

JCR Affirmed A-/Stable and A- on AISAN INDUSTRY

JCR Affirmed AAAp/Stable and J-1+ on East Japan Railway

JCR Affirmed A/A+ (FC/LC) Ratings on Malaysia with stable outlook

Jan. 15, 2021

JCR Assigned SU 1(F) to Sustainability Finance Framework of Meiji Holdings

GAKKEN HOLDINGS Acquires Stake in JPHD to Form Business Alliance - Financials to Worsen but No Need of Rating Change

JCR Upgraded Rating on Fukuoka Kogyo Daigaku from A+/Positive to AA-/Stable

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

JCR Assigned AAA Rating to Bonds of Tokyo Metro

JCR Assigned A Rating to Bonds of TEPCO Power Grid

JCR Assigned AA+ Rating to Bonds of Electric Power Development

JCR Assigned BBB+ Rating to Bonds of HEIWA REAL ESTATE

JCR Assigned A- Rating to Bonds of Orient Corporation

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

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Assigned AAA Rating to Bonds of Japan Student Services Organization

[ Asset Securitization Products ] JCR Assigned Preliminary AAA and Preliminary A- to Trust ABL (Fund No. 2130901)

Jan. 14, 2021

FUKUHO BANK Will Accept Capital Increase from Fukui Bank - Limited Impact on Fukui Bank's Rating

JCR Placed Rating on FUKUHO BANK under Credit Monitor #BBB-/Positive

JCR Assigned Preliminary A Rating to Shelf Registration of DAIBIRU

JCR Affirmed A-/Positive and J-1 on Japan Pulp & Paper

JCR Affirmed AA-/Stable and AA- on Invesco Office J-REIT

Jan. 13, 2021

JCR Affirmed BBB+ Rating on DAIDO FIRE & MARINE INSURANCE; Revised Outlook from Stable to Positive

JCR Affirmed A-/Positive Long-term Issuer Rating on YAMAZEN

JCR Affirmed A/Stable, A, Preliminary A and J-1 on Sumitomo Osaka Cement

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

JCR Affirmed AAA/Stable and AAA on Japan Student Services

Jan. 12, 2021

JCR Assigned SU 1(F) to Sustainability Finance Framework of Mitsui Fudosan Logistics Park

JCR Assigned SU 1 (Preliminary Evaluation) to the 1st Bonds Issued by Mitsui Fudosan Logistics Park

JCR Assigned BBB+/Stable Long-term Issuer Rating to TOSHO

JCR Assigned BBB+/Stable Long-term Issuer Rating to TOKYO RAKUTENCHI

JCR Affirmed A/Stable, A and J-1 on Yasuda Real Estate

JCR Affirmed A-/Stable Long-term Issuer Rating on PACIFIC INDUSTRIAL

Jan. 08, 2021

JCR Assigned Green 1(F) to Green Finance Framework of Hoshino Resorts REIT

JCR Affirmed A/Stable and A on Hoshino Resorts REIT

JCR Assigned Green 1 (Preliminary Evaluation) to the 18th Bonds Issued by JA MITSUI LEASING

JCR Assigned Green 1(F) to Green Bonds Framework of JA MITSUI LEASING