News Release

Oct. 31, 2023: JCR Withdraws #BBB/Negative and #J-2/Negative on TOSHIBA; JCR Withdraws BBB- FC Long-term Issuer Rating on Moya Holdings Asia

Oct. 30, 2023: JCR Assigned AA- Rating to Subordinated Loan of National Mutual Insurance Federation of Agricultural Cooperatives; JCR Assigned AA- to Bonds of Zenkyoren 3rd Subordinated Loan Securitization Company Limited; JCR Affirmed J-1+ on Jointly Operated Designated Money Trust LY; [ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 23-10 (D Hospital); [ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL 23-10; JCR Assigned BBB to Clean Energy Connect Non-FIT Virtual PPA Low-voltage Solar Power Plant Green Project Bond Trust Trust ABL; JCR Assigned Green 1 to Clean Energy Connect Non-FIT Low-voltage Solar Power Plant Green Project Bond Trust Trust ABL

Oct. 27, 2023: JCR Affirmed AA-/Stable Long-term Issuer Rating on YAMAHA; JCR Affirmed A-/Stable and J-1 on ASAHI SHINKIN BANK; JCR Affirmed A-/Stable and J-1 on Mitsubishi Electric Financial Solutions; JCR Affirmed AA/Stable Long-term Issuer Rating on Industrial & Infrastructure Fund Investment Corporation; JCR Assigned AA Rating to Bonds of Seven & i HD; JCR Provided a Third Party Opinion on Sustainability Linked Loan of DIC

Oct. 26, 2023: IHI Revises Forecasts of Financial Results Downward—JCR Will Confirm Directions of Performance and Finances to be Reflected in Rating; JCR Affirmed A- Long-term Issuer Rating on AOKI HD; Revised Outlook to Positive; JCR Affirmed AA-/Stable and J-1+ on Shimadzu; JCR Affirmed BBB/Stable Long-term Issuer Rating on AIRTECH JAPAN; JCR Assigned A Rating to Bonds of Yasuda Real Estate; JCR Assigned Preliminary AA Rating to Bonds of Arab Republic of Egypt; [ Asset Securitization Products ] JCR Assigned Preliminary A Rating to BEP Senior Beneficial Interest/ABL 202311; [ Asset Securitization Products ] JCR Affirmed BBB+ on ABL 21-06-02

Oct. 25, 2023: JCR Affirmed BBB/Stable on GAKKEN HD; JCR Affirmed A/Stable Long-term Issuer Rating on NISHIMATSUYA CHAIN; JCR Affirmed A/Stable Long-term Issuer Rating on Hiroshima Shinkin Bank; JCR Assigned AA to Libra A Limited Series C044; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Nishi-Nippon City Bank to Shimadagakuen; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Hiroshima Bank to Marushin Kigyo

Oct. 24, 2023: JCR Upgraded Long-term Issuer Rating on Resona Bank, Saitama Resona Bank, Kansai Mirai Bank and MINATO BANK to AA/Stable; Affirmed J-1+ on Kansai Mirai Bank; JCR Affirmed AA/Stable Long-term Issuer Rating on ASAHI KASEI; JCR Affirmed BBB/Stable and J-2 on Taiyo Oil; JCR Affirmed AA-/Stable Long-term Issuer Rating on SC Realty Private REIT; JCR Assigned Preliminary A+ Rating to Shelf Registration of Mitsui Chemicals

Oct. 23, 2023: JCR Affirmed BBB+ Long-term Issuer Rating on WARABEYA NICHIYO HD; Revised Outlook to Positive; JCR Affirmed A+/Stable Long-term Issuer Rating on IZUMI; JCR Affirmed BBB+/Stable Long-term Issuer Rating on Kanagawa Chuo Kotsu; JCR Affirmed A/Stable and J-1 on Toyo Tire; JCR Affirmed AA+/Stable Long-term Issuer Rating on Recruit HD; JCR Affirmed AAA/Stable and J-1+ on NTT TC Leasing; JCR Affirmed AA-/Stable and J-1+ on Sumitomo Mitsui Auto Service; JCR Assigned Preliminary A+ Rating to Shelf Registration of Nomura Real Estate HD; [ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 23-10; [ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 23-10; [ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (Seiwakai Medical Corporation, Ishii Hospital); JCR Affirmed A+ on Nomura Trust Bank Trust Bonds no. 203; JCR Affirmed A+ on Mirach Limited Series 2003-M02; JCR Affirmed A+ on Mirach Limited Series 1904-03; JCR Affirmed A+ on Mirach Limited Series 2004-M01; JCR Affirmed A+ on MASCOT II Limited Series 1501-01J; JCR Affirmed A+ on Spica Limited Series 2007-S03; JCR Affirmed A+ on ZEST Investments B Series 1502-B01

Oct. 20, 2023: JCR Affirmed A- and J-1 on FUJI SOFT; Revised Outlook to Positive; JCR Affirmed A/Stable and J-1 on GUNZE; JCR Affirmed BBB+/Stable and J-2 on DAIHO; JCR Affirmed A-/Stable Long-term Issuer Rating on PACIFIC INDUSTRIAL; JCR Affirmed A/Stable and J-1 on Yasuda Real Estate; JCR Assigned A+ Rating to Bonds of Fuyo General Lease; JCR Assigned AAA Rating to Bonds of Japan Student Services Organization; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by 33 Bank to KAFKA

Oct. 19, 2023: JCR Affirmed A-/Stable Long-term Issuer Rating on Chiba Kogyo Bank

Oct. 18, 2023: JCR Affirmed AAA/Stable Long-term Issuer Rating on New Development Bank; JCR Assigned AA+ Rating to Bonds of JAPAN POST HD; JCR Assigned AA- Rating to Bonds of RICOH LEASING; JCR Assigned Green 1(F) to Green Bond Framework of Ishikawa Prefecture; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to booost technologies; JCR Provided a Post-issuance Verification Report to Sustainability Linked bond Issued by Chuo-Nittochi Group