News Release

Apr. 18, 2018

JCR Assigned AA Rating to Bonds of KURARAY

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Assigned AA Rating to Bonds of Advance Residence Investment Corporation

JCR Assigned A Rating to Bonds of NIPPON REIT Investment Corporation

JCR Affirmed A/Stable, A, Preliminary A, and J-1 on TSUBAKIMOTO CHAIN

JCR Affirmed A/Stable and J-1 on KAGOME

JCR Affirmed BBB+/Stable, BBB+, and J-2 on Tokai Tokyo Financial Holdings
JCR Affirmed BBB+/Stable Long-term Issuer Rating on Tokai Tokyo Securities

JCR Affirmed BBB+/Stable Long-term Issuer Rating on OKASAN SECURITIES GROUP
JCR Affirmed BBB+/Stable Long-term Issuer Rating on OKASAN SECURITIES

JCR Affirmed A/Stable and A- (sub. bonds) on Miyazaki Bank

JCR Affirmed BBB-/Stable Long-term Issuer Rating on Howa Bank

Apr. 17, 2018

JCR Assigned A Rating to Bonds of Denka

JCR Assigned AA- Rating to Bonds of Hitachi Capital

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Hyakugo Bank B Corporation Bills Receivable ABL18-04

Apr. 16, 2018

FSA's Approach to Framework of TLAC Regulations and Nomura Holdings - Risk of the Holding Company increases, but Limited Impact on Existing Senior Bonds

JCR Removed Credit Monitor; Affirmed A-/Negative, A- and J-1 on Japan Atomic Power

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

JCR Affirmed AA/Stable Long-term Issur Rating and Ability to Pay Insurance Claims on SECOM General Insurance

JCR Assigned AA- Rating to Commitment Line of PASMO

Apr. 13, 2018

JCR Assigned AA- Rating to Bonds of Kansai Electric Power

JCR Assigned A Rating to Bonds of TEPCO Power Grid

JCR Assigned AA Rating to Bonds of Kanagawa Prefectural Housing Supply Corporation

JCR Assigned AA- Rating to Bonds of Japan Excellent

Apr. 12, 2018

JCR Assigned A- Ratings to Japanese Yen Bonds of Mexico

JCR Upgraded Republic of Korea to AA-/AA (FC/LC) with Stable Outlook

JCR Upgraded Ratings on Korea Electric Power Corporation to AA-/AA (FC/LC)

JCR Upgraded Ratings on Korea Development Bank to AA-p/AAp (FC/LC)

JCR Affirmed A Rating on HEIWA REAL ESTATE REIT; Revised Outlook from Stable to Positive

JCR Affirmed A-/Stable Long-term Issuer Rating on Nittetsu Mining

Apr. 11, 2018

JCR Assigned AA- Rating to Bonds of Mitsubishi UFJ Lease & Finance

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

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

JCR Assigned AAA Ratings to Bonds of African Development Bank

Apr. 10, 2018

JCR Assigned A Rating to Bonds of DIC

JCR Assigned A+ Rating to Bonds of SUMITOMO CHEMICAL

JCR Assigned Preliminary A- Rating to Shelf Registration of Ube Industries

Apr. 09, 2018

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

JCR Affirmed A Rating on Rakuten's four subsidiaries; Revised Outlook to Negative

Monex Group Announced Acquisition of Coincheck to Make It A Wholly Owned Subsidiary - JCR Will Watch Future Developments

JCR Assigned A+/Positive Long-term Issuer Rating to MCUBS MidCity Investment Corporation

JCR's Rating Review of Air Transportation Companies

JCR Assigned Preliminary A Rating to Shelf Registration of ANA HOLDINGS

JCR Assigned Preliminary A Rating to Shelf Registration of Nagoya Railroad;Affirmed A; Revised Outlook from Stable to Positive

JCR Affirmed A/Stable and A on KONAMI HOLDINGS

JCR Affirmed AA-/Stable Long-term Issuer Rating on Maruichi Steel Tube

JCR Affirmed A-/Stable, A- and J-1 on MITSUBISHI MATERIALS

JCR Affirmed A/Stable Long-term Issuer Rating on Hiroshimashi Credit Cooperative

JCR Affirmed A on SGET Usa Mega Solar Power Station Project Beneficial Interest

JCR Affirmed A/Stable Long-term Issuer Rating on NIPPON REIT Investment Corporation

Apr. 06, 2018

JCR Assigned A+ Rating to Bonds of Tokyo Century Corporation

JCR Assigned A+ Rating to Bonds of Nishi-Nippon Railroad; Affirmed A+/Stable and A+

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Affirmed BBB/Stable Long-term Issuer Rating on NAKAMURAYA

JCR Affirmed BBB/Stable and BBB on Sodick

JCR Affirmed J-1+ Rating on CP of Mitsui Fudosan; Increase in CP Maximum Amount

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

JCR Affirmed A/Stable on America Movil

Apr. 05, 2018

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

JCR Assigned Preliminary A- Rating to Shelf Registration of Mazda Motor

Apr. 04, 2018

JCR Affirmed A+/Stable, A+ and J-1 on Sumitomo Mitsui Trust Panasonic Finance

JCR Affirmed AA-/Stable on Central American Bank for Economic Integration

JCR Affirmed A-/A (FC/LC) ratings on Thailand with Stable outlook

JCR Affirmed AA-/Stable and AA- on Comforia Residential REIT

Apr. 03, 2018

JCR Assigned Preliminary A Rating to Shelf Registration of DAIKYO

JCR Assigned Preliminary AAA Rating to Shelf Registration of NTT DOCOMO

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

JCR Affirmed A+/Stable, A+, and Preliminary A+ on Daicel

JCR Affirmed AA/Stable and AA on GLP J-REIT

[ Asset Securitization Products ] JCR Affirmed AAA Rating on Senior Beneficial Interest and Class A Beneficial Interest

Apr. 02, 2018

JCR Assigned A-/Stable Long-term Issuer Rating to San ju San Financial Group
JCR Removed Credit Monitor; Downgraded Rating on Mie Bank from #A/Negative to A-
JCR Removed Credit Monitor; Upgraded Rating on Daisan Bank from #BBB+/Positive to A-

JCR Assigned Preliminary A Rating to Shelf Registration of SCSK

JCR Affirmed A/Stable, A, and J-1 on Tokyo Electric Power Company Holdings
JCR Affirmed A/Stable, A, and Preliminary A on TEPCO Power Grid

JCR Affirmed BBB/Stable, BBB, Preliminary BBB and J-2 on Mitsui E&S Holdings

JCR Withdraws AAA/Negative and AAA on Aichi Prefecture

Mar. 30, 2018

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JCR Assigned BBB+/Stable Long-term Issuer Rating to Mitsubishi Steel Mfg.

JCR Removed Credit Monitor; Affirmed A and A- (Sub.) on MINATO BANK
JCR Removed Credit Monitor; Upgraded Rating on Kansai Urban Banking from #A-/Positive to A and Affirmed J-1

JCR Assigned BBB+ Rating to Subordinated Loan of Nomura Real Estate Holdings

JCR Assigned Preliminary A Rating to Shelf Registration of Denka

JCR Affirmed A/Stable and A on Yahoo Japan

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

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

JCR Assigned BBB/BBB+(FC/LC) Unsolicited Ratings to Romania with Stable Outlook and Withdrew BBB/BBB+(FC/LC) Solicited Ratings

JCR Affirmed AA- Rating on Sekisui House Reit ; Revised Outlook from Stable to Positive
JCR Affirmed AA- Rating on Sekisui House Residential Investment Corporation; Revised Outlook from Stable to Positive

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL18-03

JCR Withdraws AA/Stable Long-term Issuer Rating on Showa University

JCR Withdraws BBB+/Stable Long-term Issuer Rating on OHSHO FOOD SERVICE

Mar. 29, 2018

Mitsui Mining and Smelting’s Downward Revision of Earnings Forecasts – Limited Impact on Rating

JCR Affirmed BBB+ Rating on SATO HOLDINGS; Revised Outlook from Positive to Stable

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

JCR Affirmed AAA/Negative Long-term Issuer Rating on Kyushu University

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

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

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL18-03

Mar. 28, 2018

Earls Eight Limited 773

JCR Removed Credit Monitor; Downgraded Rating on CP of MMC Diamond Finance from #J-1/Negative to J-2

JCR Assigned Preliminary A- Rating to Shelf Registration of POCKET CARD

JCR Affirmed AA/Stable, AA- and Pre.AA on Concordia Financial Group
JCR Affirmed AA/Stable Long-term Issuer Rating on Bank of Yokohama
JCR Affirmed AA-/Stable Long-term Issuer Rating on Higashi-Nippon Bank

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

JCR Affirmed AAA rating on ADB with Stable outlook