News Release

Feb. 20, 2026

JCR Affirmed A+/Stable and J-1 on Sumitomo Bakelite

JCR Affirmed A/Stable and J-1 on TOYOBO

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

JCR Assigned A Rating to Bonds of Tokyo Tatemono

JCR Assigned A Rating to Bonds of TEPCO Renewable Power

JCR Assigned AA- Rating to Bonds of TOYODA GOSEI

JCR Assigned AA Rating to Bonds of Mitsubishi HC Capital

JCR Assigned A Rating to Bonds (Tier 1 with loss absorption clause) of Shoko Chukin Bank

[ Asset Securitization Products ] JCR Assigned J-1 to Class B Specified Loan Program (No.100055)

Asagiri, THE SHIMIZU BANK: Second Opinion on Positive Impact Finance

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

Kagawa Eco Recycle, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Feb. 19, 2026

JCR Upgraded Long-term Issuer Rating on Asahi Mutual Life Insurance to A/Stable

JCR Affirmed AA-/Stable and J-1+ on Fuyo General Lease and Sharp Finance

JCR Affirmed AA/Stable Long-term Issuer Rating on NTT UD REIT Investment Corporation

JCR Affirmed A-/Stable Long-term Issuer Rating on Nippon Hotel & Residential Investment Corporation

JCR Assigned A Rating to Bonds of Kobe Steel

JCR Assigned A- Rating to Bonds (Tier 1 with loss absorption clause) of Nomura HD

JCR Assigned A+ Rating to Bonds of Hoshino Resorts REIT

Change in CP Maximum Amount of Sumitomo Metal Mining; Affirmed J-1+

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 26-02

JCR Assigned AA to Oxygen Capital Limited Series 183-4

KISHIKAWA SEISAKUSHO, The Juhachi-Shinwa Bank: Second Opinion on Positive Impact Finance

Feb. 18, 2026

AIR WATER Releases the Investigation Report of the Special Investigating Committee, Revised Financial Forecast, Etc. - Limited Impact on the Rating, but Future Developments to Be Closely Watched

JCR Upgraded Long-term Issuer Rating on MEIDENSHA to A/Stable; Affirmed J-1 on CP

JCR Affirmed A/Stable Long-term Issuer Rating on Senshu Ikeda Bank

JCR Affirmed AA/Stable Long-term Issuer Rating on Japan Metropolitan Fund Investment Corporation

JCR Assigned Preliminary A+ Rating to Shelf Registration of SUGI HD

[ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (R Hospital)

[ Asset Securitization Products ] JCR Assigned BBB- to SPIRE SA Series 2026-240

JCR Withdraws BBB+ Long-term Issuer Rating on PACIFIC INDUSTRIAL

Meiji Holdings, Sumitomo Mitsui Trust Bank: Second Opinion on Positive Impact Finance

Feb. 17, 2026

DyDo GROUP HD Recognized Impairment Loss - Will Watch the Performance Trend of Domestic Beverage Business

TAKARA HD Announces Commencement of A Tender Offer for Shares of TAKARA BIO - Limited Impact on TAKARA HD's Rating

JCR Placed Rating on TAKARA BIO under Credit Monitor #A/Positive

JCR Upgraded Long-term Issuer Rating on Nojima to A/Stable; Affirmed J-1

JCR Affirmed AA-/Stable Long-term Issuer Rating on Sumitomo Warehouse

JCR Affirmed AA/Stable and J-1+ on Sumitomo Electric Industries

JCR Affirmed AA-/Stable Long-term Issuer Rating on DHLCF GK

JCR Assigned AAA Rating to Bonds of NTT TC Leasing

Feb. 16, 2026

KOHNAN SHOJI Commences A Tender Offer for Alleanza HD - No Immediate Impact on the Rating

JCR Affirmed AAA/Stable Long-term Issuer Rating on NTT

JCR Affirmed BBB/Stable FC Long-term Issuer Rating on Indomarco Prismatama

JCR Affirmed A+/Stable FC Long-term Issuer Rating on Marubeni Equipment Finance (Oceania)

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

JCR Assigned AA to SPIRE SA Series 2026-244

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Beneficial Interest 202603 (Contract No. 93-08006)

DaisenUnyu, Aomori Michinoku Bank: Second Opinion on Positive Impact Finance

Feb. 13, 2026

THK Posts Net Loss - No Immediate Impact on the Rating

JCR Affirmed A+/Stable Long-term Issuer Rating on Kyoritsu Women's Educational Institution

JCR Affirmed A/Stable Long-term Issuer Rating on OKAZAKI SHINKIN BANK

JCR Affirmed AAA/Stable (FC/LC) on Denmark

JCR Affirmed BBB+/Stable (FC/LC) on Export-Import Bank of India

JCR Affirmed A+/Stable FC Long-term Issuer Rating on Malayan Banking

JCR Affirmed A-/Stable FC Long-term Issuer Rating on Far East Horizon

JCR Assigned AA+ Rating to Bonds of Kansai Electric Power

Change in CP Maximum Amount of Yanmar HD; Affirmed J-1

JCR Assigned A+ to SPIRE SA Series 2026-81

Ichigo: Second Party Opinion on Sustainability Linked Loan Framework

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

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

SANU, The Hokkoku Bank: Second Opinion on Positive Impact Finance

Feb. 12, 2026

REC Grants In-Principle Approval for Merger with Parent Company - Attention Now on the Upcoming Merger Scheme

JCR Affirmed A+ and J-1 on NH Foods; Revised Outlook to Positive

JCR Assigned Preliminary A- Rating to Subordinated Bonds of TOKAI CARBON

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

Change in CP Maximum Amount of GS Yuasa; Affirmed J-1

Results of Review of Structured Finance Products (Excluding Those to Which Credit Ratings Are Assigned) January 2026

JCR Assigned AA- to SPIRE SA Series 2026-234

Feb. 10, 2026

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

JCR Affirmed AA/Stable Long-term Issuer Rating on Fukoku Mutual Life Insurance and Fukokushinrai Life Insurance

JCR Affirmed AAA/Stable on Japan Finance Corporation

JCR Affirmed AA/Stable and J-1+ on Daiwa Securities Living Investment Corporation

JCR Affirmed A- on CSIQ Guaranteed JPY-denominated Green Structured Bond Trust - Trust ABL

JCR Affirmed A- on JPY-denominated Green Loans to AKANE 01 G.K.

[ Asset Securitization Products ] JCR Affirmed A+ on Triangulum Occident

[ Asset Securitization Products ] JCR Affirmed AAA and A+ on Class A and Class B Beneficial Interests on Jupiter Investment Purpose Condominium Loan Backed Beneficial Interests 2013

[ Asset Securitization Products ] JCR Affirmed AAA and A+ on Class A and Class B Beneficial Interests on Sakura Investment Purpose Condominium Loan Securitization Series 1

Feb. 09, 2026

Solicits Public Comments on Revisions to Rating Methodology by Sector "Foods"

Solicits Public Comments on Revisions to Rating Methodology by Sector "Life Insurance" and "Non-life Insurance" and "Rating Methodology for Financial Institutions' Capital and TLAC Instruments"

Solicits Public Comments on Revisions to Rating Methodology "Project Finance"

JCR Downgraded Long-term Issuer Rating on Wakkanai Shinkin Bank to A-/Negative

JCR Affirmed A+/Stable and J-1 on J. FRONT RETAILING

JCR Affirmed AA+/Stable Long-term Issuer Rating on FAST RETAILING

Keio Corporation: Assigned Sustainability Finance Framework Evaluation: SU 1(F)

San ju San Bank: Second Opinion on Sustainable Deposit Framework

Feb. 06, 2026

NIKON Revises Its Financial Forecast for FY2025 Downward - No Immediate Impact on the Rating, but Direction of Future Performance Must Be Watched

Kanadevia Started Considering Business Integration with NIPPON STEEL ENGINEERING - Watch Consequence and Reflect in Rating

JCR Placed Rating on NIPPON STEEL ENGINEERING under Credit Monitor #AA-/Negative

JCR Affirmed A- Long-term Issuer Rating on Takeda Healthcare Foundation; Revised Outlook to Negative

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

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

JCR Assigned AA- Rating to Bonds of JERA

JCR Assigned A Rating to Bonds of Chuo-Nittochi Group

JCR Assigned AA- Rating to Bonds of Sumitomo Mitsui Auto Service

JCR Assigned AA- Rating to Bonds of POCKET CARD

JCR Assigned AA Rating to Bonds of Sumitomo Mitsui Trust Panasonic Finance

JCR Assigned AAA Rating to Bonds of Metropolitan Expressway

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Assigned AAA Rating to Bonds of West Nippon Expressway