News Release

Aug. 24, 2020

JCR Affirmed A+ Rating on Daicel; Revised Outlook from Stable to Negative

JCR Affirmed A/Stable and A on PERSOL HOLDINGS

JCR Affirmed A+/Stable Long-term Issuer Rating on Daishi Hokuetsu Financial Group
JCR Affirmed A+/Stable Long-term Issuer Rating on Daishi Bank
JCR Affirmed A+/Stable Long-term Issuer Rating on Hokuetsu Bank

JCR Affirmed A-/Stable and J-1 on Idemitsu Credit

JCR Affirmed BBB Rating on EMTN of Monex Finance

Aug. 21, 2020

JCR Upgraded Rating on Kanamoto from BBB+/Positive to A-/Stable

JCR Assigned Preliminary A+ Rating to Bonds (Tier 2 with loss absorption clause) of Mitsubishi UFJ Financial Group

JCR Assigned AAA Rating to Bonds of Japan Student Services

JCR Assigned Preliminary AAA Rating to Shelf Registration of Development Bank of Japan

JCR Affirmed BBB+/Negative Long-term Issuer Rating on Tsukuba Bank

JCR Affirmed AAA/AAA (FC/LC) Ratings on United States of America

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 20-08

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 20-08

[ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (Kyokuhoukai Medical Association, Asahikawa Sanai Hospital)

Aug. 20, 2020

JCR Assigned SU 1(F) to Sustainability Finance Framework of Japan Excellent

JCR Assigned SU 1 to Long-term Loan (Sustainability Loan) Borrowed by Japan Excellent

JCR Affirmed A+/Stable, A+ and Preliminary A+ on AIR WATER

JCR Affirmed A-/Positive and J-1 on TOHO HOLDINGS

JCR Affirmed A-/Stable and A- on Sushiro Global Holdings

JCR Affirmed A-/Stable, A- and J-1 on Mitsui Mining and Smelting

JCR Affirmed A-/Stable Long-term Issuer Rating on Sumitomo Mitsui Construction

JCR Affirmed A-/Stable and A- on MITSUI-SOKO HOLDINGS

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 20-08 (F Hospital)

[ Asset Securitization Products ] JCR Affirmed A Rating on Trust ABL and Corporate Bonds of Nomura Trust and Banking (1806-04)

Aug. 19, 2020

LaSalle LOGIPORT REIT's Issuance of New Investment Units, Secondary Offering of Investment Units and Acquisition of Properties - JCR Will Watch Developments Such as Management Conditions after Acquisition

JCR Affirmed AA/AA (FC/LC) Ratings on Spain with Stable Outlook

JCR Assigned Preliminary AA Rating to Shelf Registration of Chugoku Electric Power

Aug. 18, 2020

JCR Affirmed A/Stable, A, BBB+, Preliminary A and J-1 on DIC

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

JCR Assigned BBB to Amp Green Project Bond Trust (Gunma) Beneficial Interest and Trust ABL

Aug. 17, 2020

JCR Assigned Preliminary AA+ Rating to Shelf Registration of NEW KANSAI INTERNATIONAL AIRPORT

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Class A Beneficial Interest 202009

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to BANK OF FUKUOKA C Corporation Bills & Electronically Recorded Receivable ABL 20-08

Aug. 14, 2020

JCR Assigned Green 1 (Preliminary Evaluation) to Investment Corporation Bonds of Canadian Solar Infrastructure Fund

JCR Assigned AAA Ratings to Bonds of African Development Bank

JCR Assigned Pre. A- to HIKARI TSUSHIN; Increase in CP Max. Amount

JCR Affirmed A/Stable, A and Preliminary A on TOBU RAILWAY

JCR Assigned AA- to Ascent Finance Limited Series 2020-1050

Aug. 13, 2020

Showa Denko Announces Business Forecasts for FY2020 - Downward Pressure on Rating Increases

JCR Upgraded Rating on TAIHEIYO CEMENT from A-/Positive and Preliminary A- to A/Stable and Preliminary A; Affirmed J-1

JCR Affirmed A/Stable, A and Preliminary A on Nisshin OilliO Group

Aug. 12, 2020

Nippon Sheet Glass' Announcement on FY2020 Q1 Financial Results - Downward Pressure on Ratings increases

JCR Assigned Preliminary A+ to Nippon Electric Glass; Affirmed A+/Stable, A+ and J-1

JCR Affirmed BBB+/Positive, BBB+ and Preliminary BBB+ on HEIWA REAL ESTATE

JCR Assigned J-1+ to Jointly Operated Designated Money Trust Z2

Aug. 11, 2020

JCR Affirmed AA- Rating on Commitment Line of PASMO

JCR Assigned Preliminary AA- Rating to Shelf Registration of Kansai Electric Power

JCR reviewed Bonds issued by Orient Corporation

Aug. 07, 2020

JCR Assigned BBB+ Rating to Bonds of DAIHO

JCR Assigned Preliminary BBB Rating to Subordinated Bonds of NIPRO

JCR Affirmed A-/Stable, A-, BBB and J-1 on NIPRO

JCR Assigned A- Rating to Bonds of NIPPON STEEL KOWA REAL ESTATE

JCR Assigned AA Rating to Bonds of Nomura Real Estate Master Fund

JCR Assigned AA+ Rating to Bonds of Nippon Building Fund

JCR Affirmed BBB Rating on Toyoko Inn; Revised Outlook from Stable to Negative

JCR Affirmed AA-/Stable, AA- and Preliminary AA- on Z Holdings

JCR Affirmed AA+/Stable and J-1+ on Toa Reinsurance

JCR Assigned A+ to Ganymede Limited Series 2020-125

[ Asset Securitization Products ] JCR Affirmed A on ABL 17-03

Aug. 06, 2020

JCR Assigned BBB+/Stable Long-term Issuer Rating to DAIHO; Affirmed J-2 on CP

JCR Affirmed A+/Stable and A+ on HORIBA

JCR Affirmed A-/Stable, A- and J-1 on NIPPON STEEL KOWA REAL ESTATE

Aug. 05, 2020

JCR Assigned Green 1(F) to Green Bonds Framework of Nagano Prefecture

JCR Assigned Green 1 (Preliminary Evaluation) to the 2nd Public Bonds Issued by Nagano Prefecture

JCR Affirmed A-/Stable and J-1 on Kyoto Shinkin Bank

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

JCR Affirmed AA-/AA (FC/LC) on Korea Electric Power Corporation

Aug. 04, 2020

JCR Upgraded Rating on Tokuyama from A-/Positive to A/Stable and from BBB to BBB+

JCR Assigned Green 1 (Preliminary) to the 7th Bonds issued by Daiwa Office Investment Corporation

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

JCR Assigned AA Rating to Bonds of United Urban Investment Corporation

JCR Assigned Preliminary A Rating to Shelf Registration of MAEDA

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

JCR Affirmed AA-/Stable, AA-, Preliminary AA- and J-1+ on Meiji Holdings

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

JCR Affirmed AAA (FC/LC) Ratings on Finland with Stable Outlook

Aug. 03, 2020

Revisions to Rating Methodology for General Methodology (Structured Finance)

JCR Assigned A-/Stable Long-term Issuer Rating to Star Asia Investment Corporation

JCR Placed Ratings on Seven & i Holdings and SEVEN-ELEVEN JAPAN under Credit Monitor #AA+/Negative

JCR Reviewed Bonds of SEIBU HOLDINGS

JCR Affirmed AAA/Stable and AAA on Japan Bank for International Cooperation

JCR Assigned Preliminary AA- Rating to Shelf Registration of AEON REIT Investment Corporation

JCR Affirmed J-1 Rating on CP of SoftBank Group; Increase in CP Maximum Amount

Jul. 31, 2020

Renault's Announcement on Financial Results for 1st Half of 2020 - Downward Pressure on Rating

JCR Assigned Green 1 to Trust Beneficiary Rights 202007 (Contract No. 210252)

JCR Assigned Green 1(Final Evaluation) to 1st Unsecured Bond issued by GPSS Holdings

JCR Reviewed Bonds Issued by Meidensha

JCR Assigned AAA/Stable Long-term Issuer Rating to National University Corporation, the University of Tokyo

JCR Upgraded Canadian Solar Infrastructure Fund from A- to A/Stable

JCR Assigned A Rating to Bonds of One REIT

JCR Affirmed BB+/Stable Long-term Issuer Rating on YAMADA SERVICER SYNTHETIC OFFICE

JCR Affirmed S3 Special Servicer Rating on YAMADA SERVICER SYNTHETIC OFFICE

JCR Assigned J-1 Rating to Specified Money Trust ABL Program 20-07

[ Asset Securitization Products ] JCR Assigned AAA, A and A- to Beneficial Interest 202007 (Contract No. 210252)

[ Asset Securitization Products ] JCR Assigned BB+ and Preliminary BB+ to Beneficial Interest 20-07

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL 20-07

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

Jul. 30, 2020

Banco Santander Incurs Large Impairments - No Direct Impact On Rating But JCR Will Monitor Future Development of Earnings Capacity

JCR Assigned Green 1(F) to Green Finance Framework of Dream Energy

JCR Assigned Preliminary A to Shelf Registration of KUREHA; Affirmed A/Stable, A and J-1