News Release

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

JCR Assigned AAA Rating to Bonds of Hanshin Expressway

JCR Assigned A Rating to Bonds of Poland

JCR Assigned Preliminary A+ Rating to Shelf Registration of Orient Corporation

Feb. 05, 2026

JCR Removed Credit Monitor; Downgraded Rating on PACIFIC INDUSTRIAL to BBB+; Placed Stable Outlook

JCR Affirmed AAA/Stable Long-term Issuer Rating on Development Bank of Japan

JCR Assigned A Rating to Bonds of AEON Financial Service

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

AKATSU MANUFACTURING, The Joyo Bank: Second Opinion on Positive Impact Finance

Feb. 04, 2026

SANKEI BUILDING's Parent Company Begins Considering Introduction of External Capital into Its Subsidiaries - JCR to Monitor Outcome and Reflect It in Rating

JCR Affirmed AA Long-term Issuer Rating on Nomura Real Estate Private REIT; Revised Outlook to Positive

JCR Assigned Preliminary AA, AA- and A Ratings to Shelf Registration of Mizuho Financial Group

Feb. 03, 2026

JA MITSUI LEASING Will Record An Additional Provision, Capital Support from Norinchukin Bank and Others - No Impact on the Rating

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

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

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

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

JCR Affirmed AA/Negative FC Long-term Issuer Rating on Electricite de France

[ Asset Securitization Products ] JCR Assigned Preliminary A+ to US real estate secured loan securitization 2026-02

Feb. 02, 2026

JCR Affirmed A/Stable (FC) on Hotel Lotte; Assigned A/Stable (LC)

JCR Affirmed AA/Stable and J-1+ on TOKYU

JCR Affirmed AA-/Stable and J-1+ on RICOH LEASING

[ Asset Securitization Products ] JCR Assigned A+ to PACE INVADERS T2-UT-2026-1

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

Japan: Reviewed Climate Transition Bond(FY2023) Evaluation: Green 1(T)

Japan: Reviewed Climate Transition Bond(FY2024) Evaluation: Green 1(T)

Jan. 30, 2026

JCR Affirmed A/Stable and J-1 on UBE

JCR Affirmed AA-p/Stable Long-term Issuer Rating on Oji HD

JCR Affirmed A+/Stable and J-1 on Tokyu Fudosan HD

JCR Affirmed AA/Stable and J-1+ on Mitsui Fudosan

JCR Affirmed AA/Stable and J-1+ on Sumitomo Realty & Development

JCR Affirmed A+/Stable Long-term Issuer Rating on Mitsubishi Chemical Group

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

JCR Affirmed AA+/Stable Long-term Issuer Rating on Japan Real Estate Investment Corporation

JCR Assigned AA+ Rating to Bonds of ITOCHU

JCR Assigned A- Rating to Bond Program of Yanmar HD

JCR Assigned Preliminary A+ Rating to Shelf Registration of JACCS

JCR Affirmed BBB- on JA Solar Green Project Bond Trust (Fukushima) Beneficial Interest and Trust ABL

JCR Assigned A to SPIRE SA Series 2026-74

[ Asset Securitization Products ] JCR Assigned AAA to Trust ABL 202601 (Contract No. 93-82013)

JCR Withdraws J-3 Short-term Issuer Rating on INV Inc.

JCR Withdraws A FC Long-term Issuer Rating on AEON Thana Sinsap (Thailand)

ES-CON JAPAN: Assigned Green Finance Framework Evaluation: Green 1(F)

Joint Green Bond Issuers (Local Governments): Assigned Green Bond Preliminary Evaluation: Green 1

Daiwa FGC HealthCare: Assigned Social Finance Framework Evaluation: Social 1(F)

Chuo-Nittochi Group: Post-execution Verification Report on Sustainability Linked Loan

Isetan Mitsukoshi Holdings, Sumitomo Mitsui Trust Bank: Second Party Opinion on Sustainability Linked Loan

IHI, Sumitomo Mitsui Trust Bank: Second Opinion on Positive Impact Assessment

MIRARTH HOLDINGS, The Chiba Bank: Second Opinion on Positive Impact Assessment