News Release

May. 20, 2024: JCR Affirmed AA/Stable and J-1+ on Kyoei Fire and Marine Insurance; JCR Affirmed A-/Stable and J-1 on Kyoto Shinkin Bank; JCR Assigned Preliminary A+ Rating to Shelf Registration of SCSK

May. 17, 2024: Nippon Life Insurance Invests in a US Life Insurer—No Immediate Impact on Rating; JCR Affirmed AAAp/Stable Long-term Issuer Rating on Shin-Etsu Chemical; JCR Affirmed AA+/Stable Long-term Issuer Rating on NARITA INTERNATIONAL AIRPORT; JCR Affirmed AA-/Stable (FC/LC) on Chile; JCR Assigned AA Rating to Bonds of Kansai Electric Power; JCR Assigned A+ Rating to Bonds of Mitsui O.S.K. Lines; JCR Assigned A Rating to Bonds of Japan Airlines; JCR Assigned AAA Rating to Bonds of West Nippon Expressway; JCR Assigned Preliminary AA Rating to Shelf Registration of ASAHI KASEI; JCR Assigned A to SPIRE SA Series 2024-228; JCR Assigned AA- to Ganymede Limited Series 2024-42

May. 16, 2024: JCR Assigned AA Rating to Bonds of Chubu Electric Power; JCR Affirmed A+/Stable Long-term Issuer Rating on Hiroshimashi Credit Cooperative; JCR Affirmed A+ on EMTN of Mitsui O.S.K. Lines; JCR Assigned AA to Libra A Limited Series C085-1

May. 15, 2024: JCR Downgraded Long-term Issuer Rating on Sharp to BB-/Negative; JCR Assigned AA- Rating to Bonds of RICOH LEASING; JCR Affirmed AA/Stable (FC) and AA+/Stable (LC) on Korea; JCR Assigned AA- to Sylph Limited Series 60168; JCR Assigned AA- to Sylph Limited Series 60169

May. 14, 2024: Aozora Bank Forms Capital and Business Alliance with Daiwa Securities Group—Easing Downward Pressure on Rating; Sanken Electric Posted Net loss for FY2023 - No Immediate Impact on Rating

May. 13, 2024: erex Announces Issuance of New Shares through Third-party Allotment—Easing Downward Pressure on Rating; JCR Affirmed A+/Stable Long-term Issuer Rating on EXEDY; JCR Affirmed A+/Stable FC Long-term Issuer Rating on America Movil; JCR Affirmed AA+/Stable Long-term Issuer Rating on National Mutual Insurance Federation of Agricultural Cooperatives; JCR Affirmed AA+/Stable (FC/LC) on Hong Kong; JCR Affirmed AA+/Stable Long-term Issuer Rating on Nippon Building Fund; JCR Assigned SU1(F) and Blue1(F) to Sustainability Finance Framework of TAISEI

May. 10, 2024: JCR Affirmed A/Stable and J-1 on KAGOME; JCR Affirmed BB Long-term Issuer Rating (FC/LC) on Turkiye; Revised Outlook to Stable; JCR Affirmed AA/Stable Long-term Issuer Rating on Central American Bank for Economic Integration; JCR Assigned AA- to SPIRE SA Series 2024-184; JCR Provided a Second Party Opinion on Sustainability Linked Bond Framework of OKAMURA; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Tashiro Seisakusho

May. 09, 2024: LOGISTEED's Acquisition of ALPS LOGISTICS—Limited Impact on Financial Structure, Focus on Synergy Effect; JCR Assigned Preliminary A+ Rating to Subordinated Bonds and Subordinated Loan of NIPPON STEEL; JCR Affirmed AA-/Stable and J-1+ on Hulic; Assigned Preliminary AA- to Shelf Registration; Results of Review of Structured Finance Products (Excluding Those to Which Credit Ratings Are Assigned) April 2024; JCR Assigned Green 1 (Preliminary Evaluation) to 106th corporate Bonds to be Issued by Central Nippon Expressway

May. 07, 2024: JCR Affirmed A+/Stable Long-term Issuer Rating on Okinawa Financial Group and Bank of Okinawa; JCR Affirmed A+/Stable Long-term Issuer Rating on Bank of The Ryukyus; [ Asset Securitization Products ] JCR Upgraded Oxygen Capital Limited Series 163 to AA-

May. 02, 2024: JCR Affirmed AA/Stable Long-term Issuer Rating on Concordia Financial Group, Bank of Yokohama and Higashi-Nippon Bank; JCR Affirmed AA+/Stable on NEW KANSAI INTERNATIONAL AIRPORT and KANSAI INTERNATIONAL AIRPORT LAND; JCR Assigned Preliminary AA+ Rating to Shelf Registration of DAIKIN INDUSTRIES; JCR Provided a Second Opinion to Positive Impact Finance Provided by Kyoto Chuo Shinkin Bank to Sanyo Metal Industry

May. 01, 2024: SUMITOMO CHEMICAL Announces Revision of FY2023 Financial Forecast, FY2024 Financial Forecast, etc.— Despite Strong Downward Pressure on Ratings, Progress Toward Future Performance Recovery; JCR Assigned Preliminary BBB to Auto Loan Receivables Securitization 202406; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Kikuchi Steel; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Suzuki Kogyo; JCR Provided a Second Opinion to Positive Impact Finance Provided by Hiroshima Bank to MASSTECHNO

Apr. 30, 2024: Jimoto HD Announces Downward Revision of Earnings Forecasts—No Impact on Ratings; JCR Affirmed AA/Stable (FC/LC) on Spain; JCR Affirmed AA/Stable Long-term Issuer Rating on Comforia Residential REIT; JCR Affirmed A+/Stable Long-term Issuer Rating on Japan Hotel REIT Investment Corporation; JCR Assigned Preliminary A- to JPY-denominated Green Loans to AKANE 01 G.K.; JCR Assigned Green 1(F) to Green Finance Framework of Canadian Solar Project AKANE; JCR Reviewed Sustainability Finance Framework by HASEKO Residential Private REIT; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to KINSEIKEN; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to KOMAZUKI; JCR Provided a Second Opinion to Positive Impact Finance Provided by 33 Bank to Shin-ei Development; JCR Provided a Second Opinion to Positive Impact Finance Provided by THE SHIMIZU BANK to Kondo Kogyo; JCR has Provided THE NISHI-NIPPON CITY BANK, with its Second Opinion for the Scheme on "Forestrike", Decarbonization Impact Finance; JCR Withdraws J-1+ Rating on CP of Sumitomo Warehouse

Apr. 26, 2024: JCR Upgraded Rating on NIPPON SANSO HD to AA-/Stable and J-1+; JCR Affirmed AA-/Stable Long-term Issuer Rating on Kenedix; JCR Affirmed AA+/Stable Long-term Issuer Rating on BRIDGESTONE; JCR Affirmed A-/Stable Long-term Issuer Rating on SHIMIZU BANK; JCR Affirmed AA-/Stable and J-1+ on JAPAN SECURITIES FINANCE; JCR Affirmed AA-/Stable and J-1+ on JSF Trust and Banking; JCR Assigned Preliminary AA- Rating to Shelf Registration of Kyushu Electric Power; JCR Upgraded Azusa Limited Series 504 to BBB+; [ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 24-04 (D Hospital); JCR Assigned AA- to SPIRE SA Series 2024-166

Apr. 25, 2024: JCR Affirmed A-/Stable Long-term Issuer Rating on ARATA; JCR Affirmed A+/Stable Long-term Issuer Rating on KONAMI GROUP; JCR Affirmed AA+/Negative Long-term Issuer Rating on Shoko Chukin Bank; JCR Affirmed AAA/Stable (FC/LC) on United Kingdom; JCR Affirmed AAA/Stable (FC/LC) on Finland; JCR Affirmed AAA/Stable Long-term Issuer Rating on Inter-American Development Bank; JCR Assigned Preliminary AA Rating to Shelf Registration of Resona HD; JCR Assigned AA to Libra A Limited Series C049; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to koyaguchi express; JCR Reviewed Green Financing Framework of MIRAI; Development of JCR Transition Strategies

Apr. 24, 2024: JCR Affirmed A-/Stable Long-term Issuer Rating on RYODEN; JCR Affirmed AA-/Stable Long-term Issuer Rating on Kokushikan

Apr. 23, 2024: JCR Affirmed A-/Stable and J-1 on SAPPORO HD; JCR Assigned A+ Rating to Bonds of RYOHIN KEIKAKU; [ Asset Securitization Products ] JCR Upgraded Securitization of Loans Receivable 202203 to AA; [ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 24-04; JCR Assigned AA- to Sylph Limited Series 60161; JCR Assigned AA- to SPIRE SA Series 2024-152; JCR Provided a Second Party Opinion on Sustainability Linked Loan Conducted by The Joyo Bank to AGER

Apr. 22, 2024: JCR Affirmed BBB+/Stable and J-2 on JK HD; JCR Affirmed A+/Stable Long-term Issuer Rating on YOKOHAMA MINATOMIRAI RAILWAY

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