News Release

Dec. 22, 2025

MUFG Invests in a Leading Non-Banking Financial Company in India—No Impact on RatingNEW

Shriram Finance to Undertake Preferential Issue of Equity Shares, To Become MUFG’s Equity-Method Affiliate—Future Management Structure and Synergies in FocusNEW

Financial Partners Group Announces Notice Regarding Its Response to Upcoming Tax System Reforms—JCR Will Watch Demand Trend for Real Estate Fractional Ownership Investment ProductsNEW

JCR Upgraded Long-term Issuer Rating on DISCO to AA/StableNEW

JCR Affirmed A- and J-1 on Joshin Denki; Revised Outlook to NegativeNEW

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

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

JCR Assigned AA- to Bonds of Cypher Limited Series 30132NEW

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 25-12NEW

Dec. 19, 2025

JCR Removed Credit Monitor; Upgraded Rating on Sumitomo Riko to AA; Placed Stable Outlook

JCR Affirmed A-/Stable and J-1 on TOA

JCR Affirmed A-/Stable Long-term Issuer Rating on Southern TOHOKU Research Institute for Neuroscience

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

JCR Affirmed AA/Stable Long-term Issuer Rating on Advance Residence Investment Corporation

JCR Affirmed AA-/Stable Long-term Issuer Rating on Japan Excellent

JCR Affirmed A-/Stable Long-term Issuer Rating on marimo Regional Revitalization REIT

so-rin, The Joyo Bank: Second Party Opinion on Sustainability Linked Loan

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

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

KSY Energy Partners, THE KAGOSHIMA BANK: Second Opinion on Positive Impact Finance

HOKKAIDO PORACON, The Hokkaido Bank: Second Opinion on Positive Impact Finance

Dec. 18, 2025

Asahi Group HD Acquires Diageo plc’s Businesses in East Africa—No Immediate Rating Action; JCR Will Watch Future Financial Management Policies

JCR Affirmed A+/Stable Long-term Issuer Rating on North Pacific Bank

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Beneficial Interest 202601 (Contract No. 93-82013)

JCR Assigned A(fp) Fund Portfolio Rating to SAIMUHOSHOU GOUDOUKINSHIN <202512>

Dec. 17, 2025

JCR Assigned A-/Stable Long-term Issuer Rating to Astomos Energy

JCR Affirmed BBB Long-term Issuer Rating on Namura Shipbuilding; Revised Outlook to Positive

JCR Affirmed A+ Long-term Issuer Rating on NICHIREI; Revised Outlook to Positive

JCR Affirmed AA+ Rating on EMTN Program of ITOCHU

JCR Affirmed A+/Stable Long-term Issuer Rating on K'S HD

JCR Affirmed A-/Stable Long-term Issuer Rating on J-OIL MILLS

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

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

JCR Assigned AA- Rating to SPIRE SA Series 2025-663

West Japan Railway: Post-execution Verification Report on Sustainability Linked Loan

Dec. 16, 2025

JCR Removed Credit Monitor; Upgraded Ratings on SCSK to AA; Placed Stable Outlook

JCR Affirmed A-/Stable Long-term Issuer Rating on GMO internet group, GMO Financial HD and GMO CLICK Securities

NTT TC Leasing: Assigned Sustainability Finance Framework Evaluation: SU 1(F)

Dec. 15, 2025

JCR Affirmed AA-/Stable Long-term Issuer Rating on ASICS

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

JCR Affirmed AA/Stable Long-term Issuer Rating on Japan Prime Realty Investment Corporation

JCR Assigned AA- Rating to SPIRE SA Series 2025-536

Dec. 12, 2025

JCR Affirmed AAA (FC/LC) on France; Revised Outlook to Negative

JCR Affirmed AA (FC) on Electricite de France; Revised Outlook to Negative

JCR Affirmed AA/Stable (FC/LC) on Mapletree Investments

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

JCR Assigned A Rating to Bonds (Tier 1 with loss absorption clause) of Sumitomo Mitsui Financial Group

JCR Assigned Preliminary A+ Rating to Shelf Registration of Sumitomo Rubber Industries

[ Asset Securitization Products ] JCR Assigned AA+ to Beneficial Interest 202512

Joint Green Bond Issuers (Local Governments): Assigned Green 1 to Joint Local Government Green Bond 6th

HEIWA SEIFUN, San ju San Bank: Second Opinion on Positive Impact Finance

Dec. 11, 2025

JCR Upgraded FC/LC Long-term Issuer Rating on Slovenia to AA/Stable

JCR Affirmed A-/Stable and J-1 on ASAHI SHINKIN BANK

JCR Affirmed A-/Stable Long-term Issuer Rating on DAIDO FIRE & MARINE INSURANCE

JCR Affirmed AA/Stable Long-term Issuer Rating on Nippon Open Ended Real Estate Investment Corporation

Results of Review of Structured Finance Products (Excluding Those to Which Credit Ratings Are Assigned) November 2025

[ Asset Securitization Products ] JCR Affirmed A on Senior Beneficial Interest 7931601 Series 1, 2, 3, 4, 5, 6, 7, 8 and 9

[ Asset Securitization Products ] JCR Assigned Preliminary AA to ABL 26-02

JCR Assigned AA- to SPIRE SA Series 2025-535

JCR Assigned AA- to SPIRE SA Series 2025-588

Dec. 10, 2025

JCR Affirmed AA-/Stable and J-1+ on LY Corporation

JCR Affirmed AA-/Stable Long-term Issuer Rating on PayPay Bank

JCR Affirmed AA-/Stable and J-1+ on PayPay Card

JCR Affirmed AA/Stable Long-term Issuer Rating on Shinkin Central Bank

JCR Affirmed AA/Stable Long-term Issuer Rating on Shinkin Securities

JCR Affirmed AA-/Stable Long-term Issuer Rating on Shinkin Guarantee Fund

JCR Affirmed A-/Stable and J-1 on Mitsubishi Electric Financial Solutions

JCR Assigned AA+ Rating to Bonds of Chubu Electric Power

JCR Assigned A Rating to Bonds of Tokyo Star Bank

JCR Assigned A- Rating to Bonds of Rakuten Card

THE SUMITOMO WAREHOUSE: Assigned Green Loan Evaluation: Green 1

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

Dec. 09, 2025

Administrative Action Against Sumitomo Corporation-Sponsored Asset Management Company—JCR Will Watch Progress on Governance Enhancement

JCR Affirmed A/Stable and J-1 on NIPPN

JCR Affirmed AA/Stable Long-term Issuer Rating on NISSHIN SEIFUN GROUP

JCR Affirmed A-/Stable and J-1 on Showa Sangyo

JCR Affirmed AA/Stable Long-term Issuer Rating on Daiwa House REIT Investment Corporation

JCR Assigned Preliminary AA- Rating to Shelf Registration of SoftBank

Dec. 08, 2025

[ Asset Securitization Products ] JCR Affirmed AAA Rating on ABL 22-09

Dec. 05, 2025

JCR Affirmed AA/Stable Long-term Issuer Rating on T&D HD, DAIDO LIFE INSURANCE, TAIYO LIFE INSURANCE and T&D FINANCIAL LIFE INSURANCE

JCR Affirmed J-1+ Rating on CP of T&D Lease

JCR Affirmed AA/Stable Long-term Issuer Rating on Broadia Private REIT

JCR Assigned A Rating to Bonds of Open Up Group

JCR Assigned AA- Rating to Bonds of Odakyu Electric Railway

JCR Assigned A Rating to Bonds of COSMO ENERGY HD

JCR Assigned A- Rating to Subordinated Bonds of Tokyu Fudosan HD

JCR Assigned AA- Rating to Bonds of Fuyo General Lease

JCR Assigned AA Rating to Bonds of Resona HD

JCR Assigned AA+ Rating to Bonds of Kanagawa Prefectural Housing Supply Corporation

JCR Assigned AA Rating to Bonds of Angola

JCR Assigned A Rating to SPIRE SA Series 2025-599

Dec. 04, 2025

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

JCR Affirmed BBB+/Stable Long-term Issuer Rating on YAHAGI CONSTRUCTION

JCR Affirmed AA-/Stable Long-term Issuer Rating on JR East Private Reit

JCR Assigned A- Rating to Bonds of ICHINEN HD

JCR Assigned AA- Rating to Bonds of Mizuho Leasing

JCR Assigned Preliminary BBB+ Rating to Jointly Operated Designated Money Trust MF1

JCR Assigned A to SPIRE SA Series 2025-534

Dec. 03, 2025

JCR Affirmed BBB+/Stable (FC/LC) on Housing and Urban Development Corporation

JCR Assigned BBB+ Rating to Bonds of Kanagawa Chuo Kotsu