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Jul. 11, 2025: JCR Affirmed A-/Stable Long-term Issuer Rating on IMPERIAL HOTEL; JCR Affirmed A/Stable and J-1 on Mitsui Mining and Smelting; JCR Affirmed AA-/Stable Long-term Issuer Rating on San-in Godo Bank; JCR Affirmed A+/Stable (FC) on NatWest Group and AA-/Stable (FC) on National Westminster Bank and NatWest Market; JCR's Rating Review of Five Expressway Companies
JCR Assigned AAA Rating to Bonds of Central Nippon Expressway; JCR Assigned A Rating to Bonds of UBE; JCR Assigned Preliminary A Rating to Shelf Registration of Sumitomo Osaka Cement; JCR Assigned Preliminary A+ Rating to Shelf Registration of NSK; Flowering, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Jul. 10, 2025: JCR Upgraded Long-term Issuer Rating on ROYAL HD to BBB+/Stable; JCR Upgraded Long-term Issuer Rating on TOBU RAILWAY to A+/Stable; Assigned Preliminary A+ to Shelf Registration; JCR Affirmed A+ Long-term Issuer Rating on Keisei Electric Railway; Revised Outlook to Stable; JCR Affirmed AA/Stable Long-term Issuer Rating on Tokyo Waterfront Area Rapid Transit; JCR Affirmed A-/Stable and J-1 on UACJ; JCR Assigned A- Rating to Bonds of Kintetsu Group HD; JCR Assigned A+ Rating to Bonds of THK; JCR Assigned A+ Rating to Bonds of JGC HD; JCR Assigned AA- Rating to Bonds of LY Corporation; JCR Assigned Preliminary AA- Rating to Shelf Registration of ACOM; JCR Assigned AA- Rating to Bonds of Mizuho Leasing; JCR Assigned AAA Rating to Bonds of East Nippon Expressway; JCR Assigned AA- to Cypher Limited Series 567

Jul. 09, 2025: JCR Affirmed BBB+/Stable Long-term Issuer Rating on GREE HD; JCR Assigned A- Rating to Bonds of DyDo GROUP HD; JCR Assigned A+ Rating to Bonds of Tokyu Fudosan HD; JCR Assigned Preliminary A- Rating to Shelf Registration of COSMO ENERGY HD; JCR Assigned Preliminary BBB to Securities of STARTS (Ireland) PLC; JCR Assigned A Rating to Bonds of SPIRE SA Series 2025-351; Japan: Assigned Climate Transition Bond Preliminary Evaluation: Green 1(T)

Jul. 08, 2025: JCR Affirmed A+/Stable and J-1 on Daicel; JCR Affirmed A/Stable and J-1 on DIC; JCR Assigned AA- Rating to Bonds of Kyushu Electric Power; JCR Assigned A Rating to Bonds of NEC Capital Solutions; JCR Assigned Preliminary AA- Rating to Shelf Registration of JFE HD; JCR Assigned Preliminary AA+ Rating to Shelf Registration of Electric Power Development; JCR Assigned AA- to Sylph Limited Series 60229

Jul. 07, 2025: JCR Affirmed AA+p/Negative Long-term Issuer Rating on Astellas Pharma; JCR Affirmed A-/Stable and J-1 on SINANEN HD; JCR Assigned AA- Rating to Bonds of SPIRE SA Series 2025-64; Results of Review of Structured Finance Products (Excluding Those to Which Credit Ratings Are Assigned) June 2025

Jul. 04, 2025: JCR Upgraded Long-term Issuer Rating on KYORITSU MAINTENANCE to BBB+/Stable; JCR Affirmed AA-/Stable Long-term Issuer Rating on MORI BUILDING; Assigned J-1+ to CP; JCR's Rating Review of Major Non-Life Insurance Groups; JCR Affirmed AAA/Stable Long-term Issuer Rating on Tokio Marine HD; Affirmed AAA/Stable and J-1+ on Tokio Marine & Nichido Fire Insurance; JCR Affirmed AA+/Stable on Sompo HD and Sompo Japan Insurance; JCR Affirmed AA+/Stable Long-term Issuer Rating on MS&AD Insurance Group HD; Affirmed AA+/Stable and J-1+ on Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance; JCR Affirmed A+/Stable FC Long-term Issuer Rating on America Movil; JCR Affirmed A/Stable and J-1 on PENTA-OCEAN CONSTRUCTION; JCR Affirmed A-/Stable Long-term Issuer Rating on HOKUTO; JCR Assigned AA Rating to Bonds of Tohoku Electric Power; JCR Assigned AA- Rating to Bonds of Hulic; JCR Assigned #AA-/Negative Rating to Bonds (Tier 2 with loss absorption clause) of Gunma Bank; JCR Assigned AA Rating to Bonds of Resona HD; JCR Assigned Preliminary AA- Rating to Shelf Registration of ENEOS HD

Jul. 03, 2025: JCR Affirmed A/Stable Long-term Issuer Rating on Yamagata Bank; JCR Assigned AA Rating to Bonds of Chubu Electric Power; JCR Assigned A+ Rating to Bonds of YOKOHAMA MINATOMIRAI RAILWAY; JCR Assigned A+ Rating to Subordinated Loan of NIPPON STEEL; JCR Assigned AA Rating to Bonds of Sumitomo Mitsui Trust Panasonic Finance; JCR Assigned AA Rating to Bonds of Mitsubishi HC Capital; JCR Assigned AAA Rating to Bonds of Development Bank of Japan; JCR Assigned AA Rating to Bonds of Electricite de France; JCR Upgraded SPIRE SA Series 2022-324 and SPIRE SA Series 2023-271 to AA+; JCR Upgraded SPIRE SA Series 2025-08 to AA+; SMEs, The Bank of Kyoto: Second Party Opinion on Sustainability Linked Loan Framework (Review); The Bank of Kyoto: Second Opinion on Sustainable Deposit Framework (Review)

Jul. 02, 2025: JCR Affirmed A-/Stable FC Long-term Issuer Rating on SAN MIGUEL; JCR Affirmed AA/Stable Long-term Issuer Rating on Japan Logistics Fund; JCR Assigned Preliminary AA- Rating to Bonds (Tier 2 with loss absorption clause) of Mitsubishi UFJ Financial Group

Jul. 01, 2025: Hulic Launches Tender Offer for Canadian Solar Infrastructure Fund—JCR Will Watch Outcome of TOB; JCR Affirmed BBB+/Positive Long-term Issuer Rating on Ferrotec; JCR Affirmed AA/Stable and J-1+ on Suntory HD; JCR Affirmed AA/Stable and J-1+ on Suntory Beverage & Food; JCR Affirmed AA-/Stable Long-term Issuer Rating on HEIWA REAL ESTATE REIT; JCR Affirmed A+/Stable Long-term Issuer Rating on Nochu JAML REIT Investment Corporation; JCR Assigned Preliminary A- Rating to Bonds of Far East Horizon; THE KAGOSHIMA BANK: Second Party Opinion on Kagin Sustainable Finance (Green Loan/Social Loan) Framework; Odazo Seihun, The Chugoku Bank: Second Opinion on Positive Impact Finance

Jun. 30, 2025: Change in CP Maximum Amount of Idemitsu Credit; Affirmed J-1; JCR Assigned A+ Rating to Subordinated Loan of DAIWA HOUSE INDUSTRY; [ Asset Securitization Products ] JCR Assigned J-1+ to Telecommunication Fee Receivable Securitization ABL Program (Japan Securitization Corporation_2506); [ Asset Securitization Products ] JCR Assigned Preliminary AAA to Beneficial Interest 202508 (Contract No. 250048); [ Asset Securitization Products ] JCR Assigned J-1+ to Hokuriku Bank A Corporation Bills & Electronically Recorded Receivables ABL 25-06; JCR Assigned AA- to Securitization of Leases Receivable from SB 202506; JCR Assigned AA- to Securitization of Loans Receivable from SB 202506; TOUWAKAI（Touma hospital）: Assigned Social Loan Framework Evaluation: Social 1(F); The Senshu Ikeda Bank: Second Opinion on Sustainable Deposit Framework; Aomori Michinoku Bank: Second Opinion on Positive Impact Finance Framework; Mizuho Leasing, Mizuho Bank: Second Opinion on Positive Impact Finance; TAISHIN, The Hokkaido Bank: Second Opinion on Positive Impact Finance; SS UNION, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; Chuseiice, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; Nomuraya, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; SOUND RISE, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; Kyoshin, The Hachijuni Bank: Second Opinion on Positive Impact Finance; FPLAS, The Hachijuni Bank: Second Opinion on Positive Impact Finance; NHI, The Hokuriku Bank: Second Opinion on Positive Impact Finance

Jun. 27, 2025: JCR Assigned A+/Stable (FC/LC) to Abacus Group; JCR Upgraded Long-term Issuer Rating on Mitsubishi Heavy Industries to AA/Stable; Affirmed J-1+ on CP; JCR Assigned J-1 Rating to CP of Takasago Thermal Engineering

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