News Release

Jan. 21, 2026: Merger between DREAM Private REIT and DREAM Hospitality REIT was Announced-Limited Impact on Rating on DREAM Private REITNEW; JCR Placed Rating on DREAM Hospitality REIT under Credit Monitor #A/PositiveNEW; JCR Affirmed AA/Stable and J-1+ on Sekisui HouseNEW; JCR Affirmed BBB/Stable Long-term Issuer Rating on TAMURANEW; JCR Affirmed AAA/Stable Long-term Issuer Rating on African Development Bank; Assigned AAA to BondsNEW; SoftBank: Reviewed Sustainability Bond Framework Evaluation: SU 1(F)NEW

Jan. 20, 2026: JCR Assigned A-/Stable Long-term Issuer Rating to Premium Group; JCR Upgraded Long-term Issuer Rating on Chuo Warehouse to A-/Stable; JCR Affirmed A Long-term Issuer Rating on FIRST BANK OF TOYAMA; Revised Outlook to Positive; JCR Affirmed A+/Stable and J-1 on HIKARI TSUSHIN; JCR Affirmed A/Stable Long-term Issuer Rating on Maruzen Showa Unyu; JCR Assigned AA+ Rating to Bonds of Kansai Electric Power; [ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 26-01; Hamagin Finance, The Bank of Yokohama: Second Opinion on Positive Impact Finance

Jan. 19, 2026: JCR Affirmed AA/Stable Long-term Issuer Rating on ORIENTAL LAND; JCR Affirmed AA-/Stable and J-1+ on Mitsui Chemicals; JCR Affirmed A+/Stable Long-term Issuer Rating on Keiyo Bank; JCR Assigned A+ Rating to Subordinated Loan of Marubeni; JCR Assigned BBB+ to Jointly Operated Designated Money Trust MF1; Japan: Reviewed Climate Transition Bond Framework Evaluation: Green 1(T)(F); Japan: Assigned Climate Transition Bond Preliminary Evaluation: Green 1(T)

Jan. 16, 2026: JCR Assigned AA-/Stable (FC/LC) to Mapletree Industrial Trust; JCR Upgraded Rating on AISAN INDUSTRY from A-/Positive to A/Stable; JCR Downgraded Long-term Issuer Rating on ROHM to A+/Stable; JCR Removed Credit Monitor; Upgraded Rating on SBI Sumishin Net Bank to AA+; Placed Stable; JCR Affirmed AA-/Stable Long-term Issuer Rating on Fukuoka Kogyo Daigaku; JCR Affirmed AA+/Stable Long-term Issuer Rating on DOCOMO Finance; JCR Assigned A+ Rating to Bonds of ISUZU MOTORS; JCR Assigned AA Rating to Bonds of Tohoku Electric Power; JCR Assigned AAA Rating to Bonds of NTT FINANCE; JCR Assigned AA- Rating to Bonds of Credit Saison; CUMBERLAND JAPAN , The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Jan. 15, 2026: JCR Affirmed A+/Negative Long-term Issuer Rating on LIXIL; JCR Affirmed A-/Stable Long-term Issuer Rating on Nippon Paper Industries; JCR Affirmed A/Stable and J-1 on SUMCO; JCR Affirmed AA/Stable Long-term Issuer Rating on Toyo University; JCR Assigned AA Rating to Bonds of Sumitomo Mitsui Trust Bank; JCR Assigned AAA Rating to Bonds of East Nippon Expressway; JCR Assigned AAA Rating to Bonds of Japan Student Services Organization; Results of Review of Structured Finance Products (Exclud-ing Those to Which Credit Ratings Are Assigned) December 2025; Cqree, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Jan. 14, 2026: JCR Affirmed A+/Stable and J-1 on ISUZU MOTORS; JCR Assigned AA+ Rating to Bonds of Kansai Electric Power; JCR Assigned AA Rating to Bonds of Sumitomo Mitsui Finance and Leasing; [ Asset Securitization Products ] JCR Affirmed J-1+ on 2nd Trust Beneficial Interest (Class A); [ Asset Securitization Products ] JCR Assigned J-2 to 2nd Trust Beneficial Interest (Mezzanine); SAYS, The Chiba Bank: Second Opinion on Positive Impact Finance

Jan. 13, 2026: JCR Assigned A-/Stable Long-term Issuer Rating to Meiko Electronics; JCR Affirmed A+/Stable and J-1 on DOWA HD; JCR Affirmed AAA/Stable Long-term Issuer Rating on Japan Student Services Organization

Jan. 09, 2026: JCR Affirmed AA/Stable and J-1+ on Keio; JCR Affirmed BBB+/Stable Long-term Issuer Rating on FUJI KYUKO; JCR Assigned AAA Rating to Bonds of Development Bank of Japan; JCR Withdraws A Long-term Issuer Rating on FUJI; JOYO CONSTRUCTION ENGINEERING., The Joyo Bank: Second Opinion on Positive Impact Finance

Jan. 08, 2026: JCR Assigned BBB+/Stable (FC/LC) to Yixin Group; JCR Assigned A-/Stable (FC/LC) to Chailease Holding and Chailease Finance; JCR Affirmed AA/Stable and J-1+ on Sumitomo Mitsui Finance and Leasing

Jan. 07, 2026: SANKEI REAL ESTATE Announces Commencement of TOB Led by Tosei and GIC Group-JCR to Monitor Outcome and Rating Impact; KONICA MINOLTA: Second Party Opinion on Sustainability Linked Bond Framework

Jan. 06, 2026: JCR Upgraded Long-term Issuer Rating on CABEI to AA+/Stable; JCR Downgraded SPARX Biomass Green Project Bond Trust (Toki) Beneficial Interest and Trust ABL to #BBB-/Negative; Placed Rating under Credit Monitor; JCR Upgraded Nomura Trust Bank Trust Bonds no. 203 to AA-; JCR Upgraded Mirach Limited Series 1904-03, 2003-M02 and 2004-M01 to AA-; [ Asset Securitization Products ] JCR Upgraded Mirach Limited Series 1907-M02 to AA-; JCR Upgraded MASCOT II Limited Series 1501-01J to AA-; JCR Upgraded ZEST Investments B Series 1502-B01 to AA-; JCR Upgraded Spica Limited Series 1910-S12 and Series 2007-S03 to AA-; SANWA PRESS, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Jan. 05, 2026: JCR's Rating on Hachijuni Nagano Bank, Ltd.; JCR Affirmed A- on Canadian Solar; Revised Outlook to Negative; JCR Assigned A to SPIRE SA Series 2025-699; IGARASHI, The Joyo Bank: Second Party Opinion on Sustainability Linked Loan; JACCS, The Hokkaido Bank: Second Opinion on Positive Impact Finance; JACCS, The Bank of Yokohama: Second Opinion on Positive Impact Finance; NISHINIHON EIZAI, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance