News Release

Mar. 26, 2020

Cypher Limited 439

JCR Assigned Green 1(F) to Green Finance Framework of GPSS Holdings

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Sumitomo Mitsui Trust Bank to SUBARU

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Sumitomo Mitsui Trust Bank to Sumitomo Forestry

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Sumitomo Mitsui Trust Bank to Toyo Aluminium

JCR Affirmed A-/Stable and A- on SENKO Group Holdings

JCR Affirmed A/Stable on America Movil

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

JCR Affirmed AAA Rating on Asian Development Bank with Stable outlook

JCR Affirmed AA-/Stable, AA- and Preliminary AA- on AEON REIT Investment Corporation

Mar. 25, 2020

Mitsui Sugar and Dai-Nippon Meiji Sugar Started Talks on Business Integration - JCR will Examine Progress of Talks to be Reflected in Mitsui Sugar's Rating

Marubeni's Downward Revisions to Earnings Forecasts - No Immediate Impact on Rating, but JCR Will Pay Attention to Future Financial Improvement

Mar. 24, 2020

SoftBank Group's JPY 4.5 Trillion Program - Limited Impact on Rating

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Sumitomo Mitsui Trust Bank to Sumitomo Metal Mining

JCR Provided a Third party Opinion to Positive Impact Finance Provided by Sumitomo Mitsui Trust Bank to Nippon Paper Industries

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

JCR Affirmed A+/Stable Long-term Issuer Rating on Yokogawa Electric

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

JCR Affirmed A/A+ (FC/LC) Ratings with Stable Outlook and A bonds Ratings on Poland

Mar. 23, 2020

JCR Assigned Social 1 to Bonds Issued by Real Estate Fund Arranged by Bridge C Capital Inc.

JCR Affirmed A and J-1 on Mortgage Corporation of Japan; Revised Outlook from Stable to Positive

JCR Assigned A-/Stable Long-term Issuer Rating to KYOEI STEEL

JCR Affirmed AA-/Stable, AA- and Preliminary AA- on Kenedix Office Investment Corporation

[ Asset Securitization ]JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 20-03

[ Asset Securitization ]JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 20-03

Mar. 19, 2020

JCR Assigned AAA Ratings to Bonds of African Development Bank

JCR Assigned A Rating to Bonds of Ichigo Office REIT Investment Corporation

JCR Affirmed AA-/Stable Long-term Issuer Rating on HAMAMATSU PHOTONICS

JCR Affirmed A/Stable Long-term Issuer Rating on Aica Kogyo

JCR Affirmed A+/Stable and A on SHIGA BANK

JCR Affirmed BBB/Stable Long-term Issur Rating on TOTTORI BANK

JCR Affirmed BBB+ Ratings on ICICI Bank with Stable Outlook

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL20-03 (F Hospital)

Mar. 18, 2020

JCR Upgraded Rating on HASEKO from A/Positive to A+/Stable

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL20-03 (D Hospital)

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

Mar. 17, 2020

JCR Affirmed A/Stable, A and Preliminary A on NICHIAS

JCR Affirmed A-/Stable and A- on Shibusawa Warehouse

JCR Affirmed AA/Stable and AA on Frontier Real Estate Investment Corporation

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

Mar. 16, 2020

JCR Assigned Preliminary A Rating to Bonds of Topre

JCR Affirmed A/Stable Long-term Issuer Rating on AIN HOLDINGS

JCR Affirmed A+ Rating on KKR & Co. with Stable Outlook

JCR Affirmed A+ Ratings on the Bonds Issued by KKR Group Finance Co. IV

Mar. 13, 2020

JCR provided a third party opinion on Sustainability Linked Loans to Sumitomo Heavy Industries, Ltd.

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JCR Assigned Green 1 (Preliminary) to Alma Diode Solar Green Project Bond Trust (Shimane) Trust Beneficial Rights

JCR Assigned Green 1 (Preliminary) to Alma Diode Solar Green Project Bond Trust (Shimane) Trust ABL

JCR Assigned A Rating to Bonds of Japan Airlines

JCR's Rating Review of General Construction Companies

JCR Affirmed AA-/Stable, AA- and Preliminary AA- on TAISEI

JCR Affirmed AA-/Stable Long-term Issuer Rating on OBAYASHI

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

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

Mar. 12, 2020

JCR Assigned AA- Rating to Bonds of SoftBank

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

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

JCR Affirmed AAA(FC/LC) on United Kingdom with Negative Outlook

[ Asset Securitization Products ] JCR Assigned Preliminary J-1+ to Saitama Resona Bank A Corporation Bills Receivable Senior Beneficial Interest 20-03

Mar. 11, 2020

JCR Downgraded Rating on NIPPON CHEMI-CON from BBB+/Negative to BBB/Negative

JCR Assigned BBB+ Rating to Security Bank with Positive Outlook

JCR Assigned AA Rating to Bonds of Mitsui Fudosan

JCR Assigned Preliminary A- Rating to Shelf Registration of JACCS

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

JCR Affirmed BBB+/Stable and BBB+ on NIPPON THOMPSON

Mar. 10, 2020

Earls Eight Limited 773

Earls Eight Limited 772

Neon Capital Limited 781

MIZUHO Leasing Forms Business Alliance with RICOH and RICOH LEASING - Creation of New Business Opportunities to Be Watched

Change in Parent Company of RICOH LEASING and Business Alliance - No Impact on Rating

JCR Assigned Social 1 to Synthetic CLO (2020) of Japan Finance Corporation

JCR Assigned BBB+ Rating to Bonds of Daiwa Securities Group

JCR Assigned Preliminary AA- Rating to Shelf Registration of TOKYU

JCR Affirmed A+/Stable, A+ and Preliminary A+ on YOKOHAMA MINATOMIRAI RAILWAY

Mar. 09, 2020

JCR Reviewed Securitized Green Equity Trust 1 Trust Beneficiary Rights of Canadian Solar

JCR Assigned A+ Ratings to Bonds to be issued by Aflac Incorporated

JCR Assigned Preliminary A Rating to Shelf Registration of HASEKO

JCR Affirmed A+/Stable, A+ and Preliminary A+ on Nagoya Railroad

Mar. 06, 2020

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JCR Assigned Social 1 (Final Evaluation) to Bonds of GAKKEN HOLDINGS

JCR Assigned BBB Rating to Bonds of GAKKEN HOLDINGS

JCR Downgraded Rating on H.I.S. from A-/Negative and A- to BBB+/Stable and BBB+

JCR Upgraded Rating on NEW KANSAI INTERNATIONAL AIRPORT from AA/Positive to AA+/Stable
JCR Upgraded Rating on KANSAI INTERNATIONAL AIRPORT LAND from AA/Positive to AA+/Stable

JCR Downgraded Rating on Deutsche Bank from Ap to A-p with Negative Outlook

JCR Affirmed A-, BBB, Preliminary A- and J-1 on Tokyo Tatemono; Revised Outlook to Positive

JCR Assigned A- Rating to Bonds of Konoike Transport

JCR Assigned A+ Rating to Bonds of AIR WATER

JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Concordia Financial Group

JCR Assigned A+ Rating to Bonds of Invincible Investment Corporation

JCR Withdraws A/Stable Rating on Busan Bank

Mar. 05, 2020

JCR Assigned A Rating to Bonds of Tokyu Fudosan Holdings

JCR Assigned AA Rating to Bonds of Sumitomo Mitsui Finance and Leasing

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

JCR Affirmed AA/Stable and AA on Nippon Prologis REIT

Mar. 04, 2020

JCR Affirmed BBB Rating on FUKUSHIMA BANK; Revised Outlook from Negative to Stable

JCR Affirmed A+/Stable, A+ and J-1 on DOWA HOLDINGS

JCR Affirmed AA/Stable Long-term Issuer Rating on Kanagawa University

Mar. 03, 2020

JCR Assigned Green 1 (Final Evaluation) to the 18th Unsecured Bond Issued by MITSUI-SOKO HOLDINGS

JCR Assigned A- Rating to Bonds of MITSUI-SOKO HOLDINGS