News Release

Jul. 04, 2007: Affirmed A- for Hyundai Capital Services and Revised outlook to Positive; Affirmed BBB+ for Aomori Shinkin Bank & Revised outlook to Negative; Upgraded sr.debts of Akebono Brake Industry to A-/Stable from BBB+; Assigned preliminary AAA to shelf of Electric Power Development Company

Jul. 03, 2007: Upgraded sr.debts of Keiyo to BBB- and Revised outlook to Stable

Jun. 29, 2007: Assigned J-1 to Aso Shoji Bills Receivable ABL07-06; Assigned J-1+ to Teral Kyokuto Bills Receivable ABL07-06; Assigned J-1 to Hayakawa Rubber Bills Receivable ABL07-06; Assigned J-1 to Molten Bills Receivable ABL07-06; Assigned J-1+ to Nippei Toyama Bills Receivable ABL07-06; Assigned J-1 to Toda Kogyo Bills Receivable ABL07-06; Withdrawn J-1 rating on CP program of Itochu Finance; Removed CM and affirmed A/Stable on sr.debts of TIS; Assigned A- to bonds of Nippon Tochi-Tatemono; Removed CM and downgraded Sanki Engineering to BBB+/Stable; Upgraded LT and ST sr.debts of kabu.com Securities to A+ and J-1

Jun. 28, 2007: Assigned J-1 to Bills Receivable ABL07-06 (B Corporation in Mie); Assigned J-1+ to Kimura Bills Receivable Certificates/ABL07-06; Assigned J-1 to MoonStar Bills Receivable ABL07-06; Assigned J-1+ to JUTEC Bills Receivable ABL07-06; JCR Affirmed A- and BBB+ for Tokyo Tomin Bank and Revised outlook to Positive
JCR Affirmed BBB+ and BBB for Tokyo Tomin Finance (Cayman); Affirmed AA+/Stable on sr.debts of Japan Water Agency; Upgraded sr.debts of Kagome to A/Stable from A-/Positive; Assigned A+ to bonds of Aeon Credit Service

Jun. 27, 2007: Assigned J-1 to SEIBUKIZAI Bills Receivable ABL07-06; Assigned J-1 to Osaka Steel Tube Bills Receivable ABL07-06

Jun. 26, 2007: Upgraded sr.debts and CP of Tokyu Land to A-/Stable and J-1; Assigned A to bonds of Horiba

Jun. 25, 2007: Assigned J-1+ to MSNW Trust Certificate Series 07060; Withdrawn preliminary AAA rating on shelf of Electric Power Development

Jun. 22, 2007: Assigned J-1 to healthcare fees receivable ABL07-06 (C Hospital); Assigned J-1 to healthcare fees ABL07-06 (D Hospital); Assigned J-1 to Bills Receivable ABL07-06 (A Corporation in Aichi); Assigned J-1 to healthcare fees ABL07-06 (Asahikawa Sanai HP); Assigned A- to bonds of PTT; Affirmed A-/Stable on sr.debts of Seishin Shinkin Bank

Jun. 21, 2007: Assigned J-1 to Fuji Shokai Bills Receivable ABL07-06; Assigned A-/Stable to sr.debts of Tono Shinkin Bank; Assigned preliminary A and A to shelf and bonds of Sumitomo Realty & Development; Assigned A+ to bonds of Sumitomo Rubber; Assigned BBB+ to bonds of Sapporo Holdings; Assigned AA+ to bonds of Japan Student Services Organization; Placed Jaccs under Credit Monitor with Positive direction; Removed CM and upgraded Nosan to A/Stable; Affirmed J-2 on CP of Saiyu; Affirmed BBB+/Stable on sr.debts of Matsui Securities

Jun. 20, 2007: Assigned J-1 to healthcare fees ABL07-06 (E Hospital); Assigned J-1 to Molten Bills Receivable ABL08-06; Assigned AAA to bonds of Kyushu Electric Power Company; Assigned BBB+/Stable to sr.debts of Tohokusoshin; Assigned BBB- to bonds of ES-CON Japan; Affirmed A/Stable on senior debts of Taiko Bank; Affirmed AA-/Stable on sr.debts of Futaba Industrial; Removed CM & affirmed BBB+ on sr.debts of Sanyo Electric

Jun. 19, 2007: Assigned BBB- to bonds of Towa Real Estate Development; Affirmed A-/Stable on sr.debts of Sapporo Shinkin Bank

Jun. 18, 2007: Assigned J-1 to healthcare fees receivable ABL07-06 (A Hospital); Assigned J-1 to healthcare fees ABL07-06 (Heiwa & Konbu Onsen); Assigned preliminary A rating to shelf registration of SUMCO

Jun. 15, 2007: Affirmed A-/Stable on sr.debts of Saitamaken Shinkin Bank; Affirmed AA+ on sr.debts of Japan Student Services Organization; Affirmed BBB+/Stable on sr.debts of ASKA Pharmaceutical; Assigned preliminary A+ to shelf registration of Sumitomo Metal

Jun. 14, 2007: Assigned J-1+ to Takeda Gen. Hospital Trust Certificates 07-06; Assigned J-1 to healthcare fees receivable ABL07-06 (Tokachinomori); Assigned AA to bonds of NTT Finance; Affirmed AAA/Stable and AAA on sr.debts and bonds of National Life Finance

Jun. 13, 2007: Assigned J-1 to Healthcare Fees Receivable ABL07-06 (Ishii HP); Assigned J-1 to healthcare fees receivable ABL07-06 (B Hospital); Affirmed A- on sr.debts of Nippon Tochi-Tatemono; Assigned AA- to bonds of Mitsubishi UFJ Lease & Finance; Affirmed A-/Stable on sr.debts of Michinoku Bank

Jun. 12, 2007: Affirmed A+/Stable on sr.debts of Aichi Bank; Affirmed BBB+/Stable on sr.debts of Oriental Yeast; Affirmed A- for Nishi-Nippon City Bank & Revised Outlook to Positive; Assigns Telefonica at A-/Stable; JCR Assigned BBB+ to EMTN of Monex Beans Holdings; Affirmed BBB+/Stable
JCR Affirmed BBB+/Stable and J-2 on Monex; Assigned BBB- to bonds of Zephyr

Jun. 11, 2007: Assigned BBB/Stable and J-2 to sr.debts and CP of Daiei Real Estate; Assigned preliminary BBB to shelf of Joint Corporation; Removed CM and downgraded Jaccs to BBB+/Stable

Jun. 08, 2007: Assigned J-1 to Nohara Bills Receivable ABL07-06; Assigned AA to bonds of Nippon Yusen; Assigned BBB to bonds of Softbank; Assigned A- to bonds of Keisei Electric Railway; Assigned A+ to bonds of Mitsubishi Rayon

Jun. 06, 2007: Assigned A- to bonds of Sumitomo Osaka Cement; Downgraded Goodwill to #BBB-/Negative with CM continued; Assigned A-/Stable and A+/Stable to PTT Public Company; Upgraded sr.debts of Ehime Bank to A-/Stable

Jun. 05, 2007: Assigned A-/Stable and J-1 to sr.debts and CP of Idemitsu Kosan; Assigned BBB to bonds of Showa Denko; Affirmed J-1+ on CP of HOYA; Affirmed A+/Stable on sr.debts of Bank of Nagoya; Assigned BBB/Stable to sr.debts of Jowa Holdings; Assigned preliminary BBB to shelf registration of Softbank; Affirmed J-1 on CP of Taiyo Nippon Sanso; Assigned A to bonds of Taiyo Nippon Sanso

Release Information: News Release; Issuer Reports; Reports relating to Issuer; JCR News