News Release

Nov. 28, 2025: JCR Assigned A/Stable Long-term Issuer Rating to One Private REITNEW; JCR Upgraded Long-term Issuer Rating on SKY Perfect JSAT HD to A+/StableNEW; JCR Affirmed A-/Stable Long-term Issuer Rating on TAKAMATSU CONSTRUCTION GROUPNEW; JCR Affirmed BBB+/Stable Long-term Issuer Rating on RestarNEW; JCR Affirmed A-/Negative FC Long-term Issuer Rating on FORVIANEW; JCR Assigned AA Rating to Bonds of Kyushu Electric PowerNEW; JCR Assigned A- Rating to Bonds of KYOEI STEELNEW; JCR Assigned AA Rating to Bonds of TOKYUNEW; JCR Assigned AA- Rating to Bonds of Nippon YusenNEW; JCR Assigned A Rating to Bonds of Hokuetsu CorporationNEW; JCR Assigned AA- Rating to Bonds of Hirogin HDNEW; [ Asset Securitization Products ] JCR Assigned J-1+ to Hokuriku Bank A Corporation Bills & Electronically Recorded Receivables ABL 25-11NEW; JCR Upgraded SPIRE SA Series 2025-167, 2025-228 and 2025-230 to AANEW; FUJI SASH: Assigned Green Loan Framework Evaluation: Green 1(F)NEW; KOUEI HOME, THE KYOTO CHUO SHINKIN BANK: Second Opinion on Positive Impact FinanceNEW; Toshin Juhan, THE SHIMIZU BANK: Second Opinion on Positive Impact FinanceNEW; DIAMOND HOTEL, The Shoko Chukin Bank: Second Opinion on Positive Impact FinanceNEW; KAWASHIMA CONCRETE INDUSTRY, The Shoko Chukin Bank: Second Opinion on Positive Impact FinanceNEW; JCR Withdraws BBB Long-term Issuer Rating on Mitsubishi Steel Mfg.NEW

Nov. 27, 2025: JCR Assigned Preliminary AA to Bonds of Republic of Angola; JCR Upgraded Rating on MUFG Finance and Leasing to AA-/Stable and J-1+; JCR Affirmed AA/Stable and J-1+ on Mitsubishi UFJ NICOS; JCR Affirmed A+/Stable and J-1 on JACCS; JCR Affirmed A+/Stable and J-1 on Orient Corporation and Orico Product Finance and J-1 on Orico Auto Leasing; Assigned A+ to Bonds of Orient Corporation; JCR Affirmed AA-/Stable and J-1+ on MIZUHO Leasing, Mizuho-Toshiba Leasing and Mizuho Marubeni Leasing; JCR Affirmed A+/Stable Long-term Issuer Rating on OSAKA STEEL; JCR Affirmed A-/Stable Long-term Issuer Rating on SWCC; JCR Affirmed A/Stable Long-term Issuer Rating on Topre; JCR Assigned A+ Rating to Bonds of Denka; JCR Assigned AA- Rating to Bonds of Hokkaido Electric Power; JCR Assigned AA+ Rating to Bonds of Mitsubishi Estate; [ Asset Securitization Products ] JCR Assigned A to Senior Beneficial Interest 7931601 Series 10; [ Asset Securitization Products ] JCR Assigned AAA to Beneficial Interest 202511 (Contract No. 93-08004); [ Asset Securitization Products ] JCR Assigned BBB to IDOM202511; Axing, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; KYOWAKOGYOSYO, The Chugoku Bank: Second Opinion on Positive Impact Finance

Nov. 26, 2025: JCR Assigned AA-/Stable Long-term Issuer Rating to POSCO JAPAN; JCR Affirmed BBB+/Stable Long-term Issuer Rating on ARAKAWA CHEMICAL INDUSTRIES; JCR Affirmed BBB+/Stable Long-term Issuer Rating on Premium Water HD; JCR's Rating Review of Megabank Groups; JCR Affirmed AA/Stable on Mitsubishi UFJ Financial Group, MUFG Bank and Mitsubishi UFJ Trust and Banking; and J-1+ on Mitsubishi UFJ Trust and Banking; Affirmed AA on MUFG Securities EMEA; JCR Affirmed AA/Stable on Mizuho Financial Group, Mizuho Bank and Mizuho Trust & Banking; JCR Affirmed AA/Stable on Sumitomo Mitsui Financial Group and Sumitomo Mitsui Banking; and J-1+ on Sumitomo Mitsui Banking; JCR Affirmed AA/Stable Long-term Issuer Rating on Mitsubishi UFJ Securities HD and Mitsubishi UFJ Morgan Stanley Securities; JCR Affirmed AA/Stable and J-1+ on Mitsubishi UFJ eSmart Securities; JCR Affirmed AA/Stable and J-1+ on Mizuho Securities; JCR Affirmed AA/Stable Long-term Issuer Rating on SMBC Nikko Securities; JCR Assigned A Rating to Bonds of SoftBank Group; JCR Assigned A Rating to Bonds of NEC Capital Solutions; JCR Assigned AA to Oxygen Capital Limited Series 183-2; JCR Assigned AA to Oxygen Capital Limited Series 183-3; Luup: Assigned Green Loan Framework Evaluation: Green 1(F)

Nov. 25, 2025: JCR Affirmed A/Stable Long-term Issuer Rating on Ezaki Glico; JCR Assigned A to SPIRE SA Series 2025-533; JCR Assigned A to SPIRE SA Series 2025-80; JCR Assigned AA- to SPIRE SA Series 2025-598; Sumitomo Mitsui Trust Panasonic Finance: Second Party Opinion on Sustainability Linked Loan; Kurumefudousansystem, The Kumamoto Bank: Second Opinion on Positive Impact Finance; Tachihi Holdings, The Yamanashi Chuo Bank: Second Opinion on Positive Impact Finance