News Release

Jan. 30, 2012

JCR Placed Ratings on TonenGeneral Sekiyu K.K. under Credit Monitor #AA-[Negative] and #J-1+[Negative]

JCR Affirmed A+p/Stable Rating on Senior Debts of Oji Paper

JCR Affirmed BBB+/Stable Rating on Sr.debts of SEIBU HOLDINGS

Withdraws BBB+/Stable Rating on Senior debts of Roland Corporation

JCR Upgraded Rating on Daikyo from BBB-/Positive to BBB/Stable

Jan. 27, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Hyakugo Bank B Corporation Bills Receivable ABL12-01

[ Asset Securitization Products ] JCR Assigned J-1+ to Bills Receivable Beneficial Interest 12-01 (A Corp.)

JCR Affirmed A+/Stable Rating on Sumitomo Warehouse

JCR Affirmed A-/Stable Rating on Hokuto Corporation

JCR Assigned Preliminary A+ Rating to Subordinated Bonds of Mizuho Bank

Jan. 26, 2012

JCR Assigned Preliminary A Rating to Shelf Registration of Chukyo Bank

JCR Affirmed AAA Rating on Bonds of Aichi Prefecture

JCR Assigned AA+ Rating to Bonds of Japan Student Services Organization

JCR Affirmed A+/Stable Rating on Senior debts of Kyoritsu Women's Educational Institution

Jan. 25, 2012

[ Asset Securitization Products ]JCR Assigned J-1+ to MSNW Trust Certificate Series 12010

[ Asset Securitization Products ] JCR Assigned J-1+ and J-2 to C Corporation Bills Receivable ABL12-01

JCR Affirmed BBB+/Stable Rating on Senior debts of OKAYA & CO., LTD.

JCR Assigned A+ Rating to Bonds of Marubeni Corporation

JCR Affirmed A/Stable and J-1 on Fukuoka Financial Group
JCR Affirmed A+/Stable on Bank of Fukuoka
JCR Affirmed A/Stable on Kumamoto Family Bank
JCR Affirmed A/Stable on Shinwa Bank

JCR Assigned A Rating to Subordinated Loan of Musashino Bank; Affirmed A+/Stable and A

Jan. 24, 2012

[ Asset Securitization Products ] JCR Assigned Pre. J-1 to Hyakugo Bank B Corporation Bills Receivable ABL12-01

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-01 (M Hospital)

JCR Affirmed A-/Stable on Toyobo
JCR Affirmed BBB on TC Preferred Capital

JCR Affirmed A-/Stable and J-1 Rating on Japan Pulp and Paper Company

JCR withdraws BB+(FC)/BBB-(LC) Ratings on Macedonia

JCR Affirmed AA+/Stable Rating on Japan Student Services Organization

Jan. 23, 2012

[ Asset Securitization Products ] JCR Assigned J-3 to Monthly Clear Card Shopping Receivable ABL12-01

[ Asset Securitization Products ] JCR Assigned J-1 to Dispensing Fees ABL12-01 (Nanba Pharmacy)

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-01 (Asahikawa Sanai HP)

[ Asset Securitization Products ] JCR Assigned Pre. J-1 to Aso Shoji Bills Receivable ABL12-01

Jan. 20, 2012

<Asset Securitization Products> JCR Assigned J-1 to Medical Fees Receivable ABL11-12 (G Hospital)

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-01 (G Hospital)

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-01 (H Hospital)

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-01 (I Hospital)

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-01 (C Hospital)

JCR Affirmed A+/Stable and J-1 Rating on Mitsui Chemicals Tohcello

JCR Affirmed BBB/Stable Rating on Senior debts of Pacific Industrial

JCR Affirmed A+/Stable on NGK Spark Plug

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

JCR Assigned Preliminary AA- Rating to Subordinated Bonds of Bank of Tokyo-Mitsubishi UFJ

JCR Assigned A- Rating to Bonds of Softbank

Jan. 19, 2012

JCR Assigned A Rating to WILLOW NO.2 (CAYMAN) LIMITED Series 003

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-01 (L Hospital)

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-01 (F Hospital)

[ Asset Securitization Products ] JCR Assigned Preliminary J-1+ to MSNW Trust Certificate Series 12010

JCR Downgraded FC/LC Ratings on Italy to AA- from AA; Withdrew Ratings on Euro-yen Bonds

JCR Removed CM ; Downgraded FC/LC Ratings on Portugal to A/Negative from #AA-[Negative]

JCR Assigned AA- Rating to Bonds of Mizuho Corporate Bank

JCR Affirmed AAA Ratings on France

JCR Affirmed BBB/Stable Rating on Senior Debts of Eiken Chemical

JCR Placed Ratings on Sankei Building under Credit Monitor #A[Positive]

Jan. 18, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-01 (Kyowakai)

[ Asset Securitization Products ] JCR Assigned J-1 to Dispensing Fees Receivable ABL12-01 (sun-kur)

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-01 (E Hospital)

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL12-01

JCR Downgraded FC/LC Ratings on Spain to AA+/Negative from AAA/Stable

JCR Affirmed AAA Ratings on Germany

JCR Affirmed A-/Stable Rating on Senior debts of Japan Rental Housing Investments

JCR Assigned AA-/Stable Rating to Senior debts of Industrial & Infrastructure Fund Investment Corporation

JCR Assigned AAA Rating to Bonds of DBJ

JCR Affirmed A/Stable and J-1 on Nippon Car Solutions

JCR Assigned AAA Rating to Bonds of Aichi Prefecture

JCR Affirmed BBB+/Stable and J-2 on Resorttrust

JCR Affirmed A-/Stable Rating on Maruzen Showa Unyu

JCR Affirmed J-1 Rating on CP of Nissay Leasing

JCR Assigned AA Rating to Bonds of Bank of Tokyo-Mitsubishi UFJ

JCR Assigned AA- Rating to Subordinated Bonds of Bank of Tokyo-Mitsubishi UFJ

JCR Assigned AA- Rating to Bonds of Saibu Gas

Jan. 17, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Kurashiki Medical Center Beneficial Interest 12-01

JCR Affirmed BBB+/Stable on Yachiyo Bank

JCR Downgraded Rating on Covalent Materials from #BBB[Negative] to #BBB-[Negative]; Maintains CM Negative

JCR Assigned AAA Rating to Bonds of Aichi Prefecture

JCR Affirmed A-/Stable Rating on Senior Debts of Seiren

Jan. 16, 2012

JCR Affirmed A/Stable, A and J-1 Rating on Don Quijote

JCR Affirmed A-/Stable and J-1 on All Nippon Airways

JCR Affirmed BBB+/Stable Rating on Senior debts of Fujikura Kasei

Jan. 13, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL Program(N Hospital in Hokkaido)

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-01 (K Hospital)

[ Asset Securitization Products ] JCR Assigned Pre. J-1+ to Bills Receivable Beneficial Interest 12-01 (A Corp.)

[ Asset Securitization Products ] JCR Assigned J-1+ to Takeda General Hospital Beneficial Interest 12-01

JCR Assigned AA- Rating to Bonds of Sumitomo Mitsui Banking Corporation

JCR Affirmed AA/Stable Rating on Senior Debts of Kanagawa University

Jan. 12, 2012

[ Asset Securitization Products ] JCR Assigned Pre. J-1 to Kurashiki Medical Center Beneficial Interest 12-01

JCR Downgraded Rating on Daiwa Securities Group from A+/Stable to A/Stable
JCR Downgraded Rating on Daiwa Securities from A+/Stable to A/Stable
JCR Downgraded Rating on Daiwa Securities Capital Markets from A+/Stable to A/Stable

JCR Assigned BBB+ Rating to Bonds of Tobu Railway

JCR Affirmed A+/Stable and A+ on Daicel

Jan. 11, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-01 (B Hospital)

JCR Affirmed AA/Stable on Senior Debts of Toyo University

JCR Assigned AA- Rating to Bonds of Odakyu Electric Railway

JCR Affirmed A+/Stable on Senior Debts of DISCO Corporation

JCR Affirmed A-/Stable Rating on Senior Debts of Riso Kagaku

Jan. 10, 2012

JCR Maintains Credit Monitor on Covalent Materials; Revised Direction of CM from Developing to Negative

Jan. 06, 2012

[ Asset Securitization Products ] JCR Assigned J-1+ to JUTEC Bills Receivable ABL12-01

JCR Assigned AA- Rating to WILLOW NO.2 (CAYMAN) LIMITED Series 002

Jan. 05, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-01 (D Hospital)

Jan. 04, 2012

JCR Withdraws AA-/Stable Rating on AIG Edison Life Insurance Company

Dec. 29, 2011

<Asset Securitization Products> JCR Assigned J-1 to Molten Bills Receivable ABL11-12

JCR Assigned A+ Rating to Subordinated Loans of Suntory Holdings

JCR Affirmed AAA/Stable and AAA on Senior Debts and Bonds of NHK

JCR Affirmed A/Stable and A, Withdraws J-1 on CP and A on EMTN of ORIX
JCR Withdraws A on EMTN of ORIX AUSTRALIA (SECURITIES)
JCR Withdraws A on EMTN of ORIX (CARIBBEAN)
JCR Withdraws A on EMTN of ORIX USA