News Release

Jan. 31, 2025

JECT ONE, The Nanto Bank: Second Opinion on Positive Impact Finance

IIDZKA SEISAKUSHO, The Nanto Bank: Second Opinion on Positive Impact Finance

Ozora Sangyo, The Nanto Bank: Second Opinion on Positive Impact Finance

Otaki Shoten, The Nanto Bank: Second Opinion on Positive Impact Finance

Kinuya, THE SAITAMAKEN SHINKIN BANK: Second Opinion on Positive Impact Finance

HINOGIKEN, San ju San Bank: Second Opinion on Positive Impact Finance

Fuji Chemical Industries, The Hokuriku Bank: Second Opinion on Positive Impact Finance

KAITO, THE SHIMIZU BANK: Second Opinion on Positive Impact Finance

TRINC, THE SHIZUOKA BANK: Second Opinion on Positive Impact Finance

Jan. 30, 2025

SMFL MIRAI Partners Commences Tender Offer for Shares of CRE—JCR Focuses on Outcome of Tender Offer and its Impact on CRE Logistics REIT

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

JCR Assigned A-/Stable Long-term Issuer Rating to JTB

JCR Upgraded Long-term Issuer Rating on Tokyu Fudosan HD to A+/Stable; Affirmed J-1 on CP

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

JCR Affirmed AA/Stable and J-1+ on Sumitomo Realty & Development

JCR Affirmed AA/Stable and J-1+ on Mitsui Fudosan

JCR Affirmed AA+/Stable Long-term Issuer Rating on Corporacion Andina de Fomento

JCR Assigned A- Rating to Bond Program of Yanmar HD

JCR Assigned Preliminary A Rating to Subordinated Bonds of Hulic

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL 25-01

[ Asset Securitization Products ] JCR Affirmed J-1+ on Ferry Road ETC Card Receivable ABL Program

JCR's view on changes to the Sustainability Finance Framework of Japan Excellent

Sumitomo Mitsui Trust Panasonic Finance: Post-execution Verification Report on Sustainability Linked Loan

Misawaseni, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Jan. 29, 2025

UBE Revised Earnings Forecasts for FY2024—Limited Impact on Rating

JCR Upgraded Rating on Mitsui Chemicals to AA-/Stable and J-1+

JCR Affirmed AA- Long-term Issuer Rating on ROHM; Revised Outlook to Negative

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

JCR Affirmed A/Stable Long-term Issuer Rating on JAPAN WOOL TEXTILE

JCR Affirmed AAA/Stable Long-term Issuer Rating on NIPPON TELEGRAPH AND TELEPHONE

JCR Affirmed A/Stable Long-term Issuer Rating on Maruzen Showa Unyu

JCR Affirmed AA/Stable and J-1+ on Sumitomo Mitsui Finance and Leasing

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Beneficial Interest 202502 (Contract No. 240148)

Japan: Assigned Climate Transition Bond Evaluation: Green 1(T)

Jan. 28, 2025

JCR Affirmed AA-/Stable Long-term Issuer Rating on Sumitomo Warehouse

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

JCR Affirmed AAA/Stable Long-term Issuer Rating on National University Corporation University of Tsukuba

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

JCR Affirmed AA/Stable Long-term Issuer Rating on Mitsubishi Estate Logistics REIT Investment Corporation

Nomura Real Estate Master Fund: Reviewed Green Finance Framework Evaluation: Green 1(F)

NSIP2023: Reviewed Green Finance Framework Evaluation: Green 1(F)

Mori Trust Holdings: Reviewed Sustainability Finance Framework Evaluation: SU 1(F)

CBS Financial Services: Second Party Opinion on Sustainability Linked Loan

Jan. 27, 2025

JCR's Rating Review of Major Life Insurance Groups

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

JCR Affirmed AA-/Stable Long-term Issuer Rating on Dai-ichi Life HD; Affirmed AA/Stable Long-term Issuer Rating on Dai-ichi Life

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

JCR Affirmed AA/Stable Long-term Issuer Rating on SUMITOMO LIFE INSURANCE

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

SMBC Trust Bank: Reviewed Green Finance Framework Evaluation: Green 1(F)

Jan. 24, 2025

JCR Assigned A+/Stable Long-term Issuer Rating to Mitsubishi HC Capital Private REIT

JCR Affirmed A+/Stable and J-1 on ISUZU MOTORS

JCR Affirmed A-/Stable Long-term Issuer Rating on Sotetsu HD

JCR Affirmed AAA/Stable Long-term Issuer Rating on TOYOTA MOTOR

JCR Affirmed AAA/Stable Long-term Issuer Rating on TOYOTA FINANCE

JCR Affirmed BBB+/Stable (FC/LC) on Indian Railway Finance Corporation

JCR Assigned Preliminary A+ Rating to Shelf Registration of DAIBIRU

IDA Technos, THE SAITAMAKEN SHINKIN BANK: Second Opinion on Positive Impact Finance

Hirabayashi Kinzoku, The Chugoku Bank: Second Opinion on Positive Impact Finance

Jan. 23, 2025

JCR Upgraded FC Long-term Issuer Rating on Banco Santander to AA-/Stable

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

JCR Affirmed A+/Stable and J-1 on HIKARI TSUSHIN

JCR Affirmed Long-term Issuer Rating on Tokyo Star Bank to A/Stable

JCR Affirmed AA/Stable (FC) on Shinhan Bank and AA-/Stable on SBJ

JCR Assigned AA- to Jointly Operated Designated Money Trust LY Over 1Y

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 25-01

Jan. 22, 2025

JCR Upgraded Long-term Issuer Rating on KANEMATSU to A/Stable

JCR Affirmed A/Stable FC Long-term Issuer Rating on Hotel Lotte

JCR Assigned A+ Rating to Bonds of THK

Jan. 21, 2025

JCR Affirmed BBB+ Long-term Issuer Rating on Chuo Warehouse; Revised Outlook to Positive

JCR Affirmed A+/Stable Long-term Issuer Rating on FUJI ELECTRIC

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

JCR Affirmed A+/Stable Long-term Issuer Rating on RYOHIN KEIKAKU

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

JCR Affirmed A/Stable Long-term Issuer Rating on FIRST BANK OF TOYAMA

JCR Assigned AA- Rating to Bonds of SoftBank

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to obbligato 202502 Senior Beneficial Interest and ABL

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 25-01

Jan. 20, 2025

JCR Affirmed AA/Stable Long-term Issuer Rating on ORIENTAL LAND

JCR Affirmed A+/Stable Long-term Issuer Rating on SANKEI BUILDING

JCR Affirmed AA-/Stable and J-1+ on Nissan Chemical

JCR Affirmed A+/Stable FC Long-term Issuer Rating on Marubeni Equipment Finance (Oceania)

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Plum

Chuo-Nittochi Group: Reviewed Green1(F) to Green Finance Framework/Second Party Opinion on Sustainability Linked Finance Framework

SoftBank: Reviewed Sustainability Bond Framework Evaluation: SU 1(F)

Japan Freight Railway: Reviewed Green Bond Framework Evaluation: Green 1(F)

&Do Holdings, THE SHIMIZU BANK: Second Opinion on Positive Impact Finance

Jan. 17, 2025

JCR Affirmed A- Long-term Issuer Rating on AISAN INDUSTRY; Revised Outlook to Positive

JCR Affirmed A/Stable and J-1 on UBE

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

JCR Affirmed AA-/Stable Long-term Issuer Rating on Fukuoka Kogyo Daigaku

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

JCR Assigned A+ Rating to Bonds of Mitsui O.S.K. Lines

JCR Assigned A+ Rating to Bonds of NH Foods

JCR Assigned A Rating to Bonds of TEPCO Power Grid

JCR Assigned A- Rating to Bonds of FOOD & LIFE COMPANIES

JCR Assigned A- Rating to Bonds of AIFUL

JCR Assigned AAA Rating to Bonds of NTT TC Leasing

JCR Assigned AA- to Bonds and Preliminary AA- to Shelf Registration of Credit Saison

JCR Assigned A+ Rating to Bonds of JA MITSUI LEASING