News Release

Dec. 14, 2018

JCR Affirmed AA-/Stable and J-1+ on Meiji Yasuda Life Insurance

JCR Upgraded Rating on SUMITOMO LIFE INSURANCE from A+/Positive to AA-/Stable

JCR Assigned AA- Rating to Bonds of Odakyu Electric Railway

JCR Assigned A Rating to Bonds of TSUBAKIMOTO CHAIN

JCR Withdraws AAA/Stable Long-term Issuer Rating on Japan Broadcasting Corporation

Dec. 13, 2018

TAIYO NIPPON SANSO’s Acquisition of HyCO Business in US—Limited Impact on Rating

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JCR Assigned A+ Rating to Bonds of Mitsubishi Chemical Holdings

JCR Affirmed AA/Stable and J-1+ on Tokyo Electron

JCR Affirmed A-/Stable Long-term Issuer Rating on Southern TOHOKU Research Institute for Neuroscience

JCR Affirmed BBB+/Stable and BBB+ on UNIZO Holdings

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

Dec. 12, 2018

JCR Assigned A- Rating to Bonds (Tier 1 with loss absorption clause) of Mitsubishi UFJ Financial Group

JCR Affirmed A/Stable, A, and J-1 on Nippon Flour Mills

JCR Affirmed AA/Stable Long-term Issuer Rating on NISSHIN SEIFUN GROUP

JCR Affirmed A-/Stable, A-, and J-1 on Showa Sangyo

JCR Affirmed A+/Stable and A+ on Keisei Electric Railway

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

JCR Affirmed A/Stable, A, Preliminary A and J-1 on JA Mitsui Leasing

[ Asset Securitization Products ] JCR Assigned Preliminary J-1+ to Saitama Resona Bank A Corporation Bills Receivable Senior Beneficial Interest 18-12

Dec. 11, 2018

JCR Removed Credit Monitor; Upgraded Rating on DAIKYO from #A/Positive and Preliminary #A/Positive to A+ and Preliminary A+; Placed Stable Outlook

JCR assigned Green 1 (Preliminary Evaluation) to the 21st bonds issued by Orient Corporation

JCR Assigned AA+ Rating to Bonds of Nippon Building Fund

JCR Assigned Preliminary A- Rating to Shelf Registration of IHI

JCR Affirmed BBB+/Stable, BBB+ and J-2 on HANWA

JCR Affirmed A+/Stable and J-1 on NIPPON STEEL & SUMIKIN TEXENG

Dec. 10, 2018

Pioneer Announced the Sponsor Support - JCR Will Confirm the Outcome of Capital Increase, Etc. for Rating

JCR Removed Credit Monitor; Upgraded Rating from #A/Positive to A+ on Nisshin Steel; Placed Stable Outlook; Affirmed J-1

JCR's Rating Review of Volume-sales Consumer Electronics Retailers

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

JCR Affirmed BBB and J-2 Rating on Nojima; Revised Outlook from Stable to Positive

JCR Affirmed BBB+/Stable and J-2 on Joshin Denki

JCR Affirmed A/Stable Long-term Issuer Rating on K'S HOLDINGS

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

JCR Affirmed AAA/Stable and AAA on Tokyo Metro

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

JCR Affirmed A/Stable and A- on Ogaki Kyoritsu Bank

JCR Affirmed A/Positive and A on Invincible Investment Corporation

Dec. 07, 2018

JCR Assigned AA- Rating to Bonds of Mitsubishi UFJ Financial Group

JCR Assigned BBB+ Rating to Subordinated Bonds of Rakuten

JCR Assigned BBB Rating to Bonds of ZENSHO HOLDINGS

JCR Assigned A Rating to Bonds of TEPCO Power Grid

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Assigned AA- Rating to Bonds of Kansai Electric Power

JCR Assigned A Rating to Bonds of HOKKAIDO GAS

JCR Assigned AA- Rating to Bonds of SAIBU GAS

JCR Assigned BBB+ Rating to Bonds of HEIWA REAL ESTATE

JCR Assigned A+ Rating to Bonds of YOKOHAMA MINATOMIRAI RAILWAY

JCR Assigned A+ Rating to Bonds of Invesco Office J-REIT

Dec. 06, 2018

JCR Upgraded Rating on Fukoku Mutual Life Insurance from A+p/Positive to AA-p/Stable
JCR Upgraded Rating on Fukokushinrai Life Insurance from A+/Positive to AA-/Stable

JCR Affirmed A+/Stable, A+ and J-1 on FamilyMart UNY Holdings

Dec. 05, 2018

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

JCR Affirmed BBB+/Stable and BBB on MICHINOKU BANK

JCR Affirmed AAA/AAA (FC/LC) Ratings on Denmark with Stable outlook

JCR Affirmed AAAp Rating on European Bank for Reconstruction and Development with Stable Outlook

Dec. 04, 2018

JCR Removed Credit Monitor; Affirmed A+ and J-1 on TAIYO NIPPON SANSO; Placed Negative Outlook

JCR Assigned Preliminary A- Rating to Subordinated Bonds of TAIYO NIPPON SANSO

JCR Assigned A- Rating to Bonds of GS Yuasa Corporation

JCR Affirmed BBB Rating on Sankyo Tateyama; Revised Outlook from Stable to Negative

JCR Affirmed BB+/Stable and J-3 on Nippon Sheet Glass

JCR Affirmed BBB+/Stable and BBB+ on BELLUNA

Dec. 03, 2018

JCR Assigned Preliminary AA Rating to Shelf Registration of Keio; Affirmed AA/Stable, AA and J-1+

JCR Affirmed A-/Stable Long-term Issuer Rating on TAKASAGO INTERNATIONAL

JCR Affirmed BBB+/Stable, BBB+, Preliminary BBB+ and J-2 on KANEMATSU

Nov. 30, 2018

JCR Upgraded Rating on AIFUL from B+/Stable to BB/Positive

JCR Assigned A to Bonds of Yahoo Japan

JCR Assigned A- Rating to Bonds of Nankai Electric Railway

JCR Assigned BBB+ Rating to Bonds of FUJI KYUKO

JCR Assigned BBB Rating to Bonds of ICHINEN HOLDINGS

JCR Assigned AA- Rating to Bonds of Tohoku Electric Power

JCR Assigned A- to CPI Property Group's JPY bonds

JCR Assigned A- Rating to Bonds of NEC Capital Solutions

JCR Assigned Preliminary A Rating to Shelf Registration of MORI BUILDING

JCR Assigned Preliminary AA- Rating to Shelf Registration of Kenedix Office Investment Corporation

JCR Affirmed A/Stable and J-1 on TOC

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL18-11

Nov. 29, 2018

Highlights of Online Securities Companies' Financial Results for Period from April to September 2018

JCR Assigned AA Rating to Bonds of ASAHI KASEI

JCR Assigned A- Rating to Bonds of SEIBU HOLDINGS

JCR Affirmed A-/Stable and A- on J-OIL MILLS

JCR Affirmed A-/Stable, A-, Preliminary A- and J-1 on HIKARI TSUSHIN

JCR Affirmed A (FC) rating on Lotte Shopping with Stable outlook

JCR Affirmed A (FC) rating on Lotte Card with Stable outlook

JCR Withdraws J-1 Rating on CP of SUMITOMO HEAVY INDUSTRIES

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL18-11

Nov. 28, 2018

JCR Affirmed A+ Rating on Invesco Office J-REIT; Revised Outlook from Stable to Positive

JCR Assigned AA- Rating to Bonds of Hitachi Capital

JCR Affirmed A/Stable Long-term Issuer Rating on Nishi-Nippon Financial Holdings
JCR Affirmed A/Stable and A- on NISHI-NIPPON CITY BANK

JCR Assigned Preliminary BBB+ Rating to Shelf Registration of Sojitz

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

Nov. 27, 2018

2018-2

JCR Assigned Green 1 (Preliminary) to Bonds issued by GLP J-REIT

JCR Removed CM and Affirmed BBB- (FC/LC) Ratings on Turkey; Outlook Negative

JCR Affirmed A+ and J-1 Rating on Shimadzu; Revised Outlook from Stable to Positive

JCR Affirmed A- and Preliminary A- on Nishimatsu Construction; Revised Outlook from Stable to Positive

JCR Affirmed A+/Stable, A+ and J-1 on Sanwa Holdings

JCR Affirmed BB+/Stable Long-term Issuer Rating on IKAI

JCR Affirmed A-/Stable Long-term Issuer Rating on RISO KAGAKU

JCR Affirmed BBB+/Stable Long-term Issuer Rating and and Ability to Pay Insurance Claims on Daido Fire & Marine Insurance