News Release

Apr. 26, 2017

JCR Affirmed AAA Ratings on Finland with Stable Outlook

[ Asset Securitization Products ] JCR Assigned J-1 to Hyakugo Bank B Corp. Bills Rec. ABL17-04

Apr. 25, 2017

Recognition of JAPAN POST HOLDINGS’ Impairment Loss - Limited Impact on Rating; JCR will Watch Reforms of International Logistics Business

JCR Affirmed AA+p/Stable LT Issuer Rating on Shin-Etsu Chemical

JCR Assigned BBB to Bonds of Nojima

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL17-04 (D Hospital)

[ Asset Securitization Products ] JCR Assigned J-1+ to MSNW Trust Certificate Series 17040

Apr. 24, 2017

JCR Affirmed A+/Stable on TAKARA STANDARD

JCR Upgraded Rating on TOBU RAILWAY from A-/Positive to A/Stable

Apr. 21, 2017

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JCR Affirmed A/Stable and J-1 Rating on KAGOME

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

JCR Affirmed BBB+/Stable on OKABE

[ Asset Securitization Products ] JCR Assigned Pre. J-1 to Hyakugo Bank B Corp. Bills Rec. ABL17-04

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL17-04

Apr. 20, 2017

JCR Assigned AA- to Bonds of Kyushu Electric Power

JCR's Rating Viewpoints on City Gas Companies

JCR Assigned AAAp/Negative Long-term Issuer Rating to TOKYO GAS

JCR Affirmed AA+p/Stable on OSAKA GAS

JCR Affirmed AA+p/Stable on TOHO GAS

JCR Affirmed A/Stable and J-1 on HOKKAIDO GAS

JCR Affirmed A/Stable and J-1 on HIROSHIMA GAS

JCR Affirmed AA-/Stable and J-1+ on SAIBU GAS

JCR Affirmed A/Stable on Oberlin University and Affiliated Schools

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

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL17-04 (F Hospital)

Apr. 19, 2017

JCR Upgraded Rating on NIPPON REIT from A-/Positive to A/Stable

JCR Assigned A- Rating on OKAMURA

JCR Assigned A Rating to Bonds of TAKARA HOLDINGS

JCR Assigned AA- Rating to Sub.Bonds of Sompo Japan Nipponkoa

JCR Assigned AAA to Bonds of East Nippon Expressway

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Assigned AA- Rating to Bonds of Japan Excellent

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

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

Apr. 18, 2017

Turkey's proposed constitutional amendment is likely to be passed. Limited impact on ratings; Attention to be paid on a set of policies of the government for economic challenges

JCR Affirmed BBB/Stable LT Issuer Rating on Soken Chemical & Eng.

JCR Affirmed A/Stable on Hiroshimashi Credit Cooperative

[ Asset Securitization Products ] JCR Assigned Preliminary J-1+ to MSNW Trust Certificate Series 17040

Apr. 17, 2017

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

Apr. 14, 2017

JCR Assigned A- Rating to Bonds of Takasago Thermal Eng.

JCR Assigned A- Rating to Bonds of Tokyo Tatemono

JCR Assigned A Rating to Bonds of DIC

JCR Assigned AA- to Bonds of Tohoku Electric Power Company

JCR Assigned AA- Rating to Sub. Bonds of Gunma Bank

JCR Assigned AAA to Bonds of Aichi Prefecture

JCR Affirmed A-/Stable on Ryoden Corporation

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

JCR Affirmed BBB+ on Sumitomo Mitsui Trust ABL11339

JCR Affirmed BBB+ on Sumitomo Mitsui Trust ABL11340

JCR Affirmed BBB- on Sumitomo Mitsui Trust ABL11341

Apr. 13, 2017

JCR Affirmed BBB+/Stable and BBB+ on ARATA

JCR Affirmed A-/Stable and BBB+ (Subordinated Bonds) on SAIKYO BANK

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

JCR Affirmed AA/Stable Ratings on SECOM General Insurance

Apr. 12, 2017

JCR Downgraded IBJ Leasing/IBJL-TOSHIBA from #A- to #BBB+/Negative; Maintains CM

JCR Assigned AA- Rating to Bonds of Kansai Electric Power

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

JCR Assigned AA- Rating to Bonds of Hitachi Capital

JCR Assigned AAA to Bonds of Aichi Prefecture

JCR Assigned Preliminary A Rating to Shelf Registration of DIC

JCR Affirmed BBB+/Stable on OKASAN SECURITIES GRP. & OKASAN SEC.

JCR Affirmed BBB+/Stable and J-2 on Tokai Tokyo Financial Holdings
JCR Affirmed BBB+/Stable on Tokai Tokyo Securities

Apr. 11, 2017

JCR Assigned A-/Stable Long-term Issuer Rating to Starts Proceed Inv. Corp.

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

JCR Assigned A+ Rating to Bonds of Tokyo Century

JCR Affirmed A-/A+ Ratings on Mexico with Stable Outlook

Apr. 10, 2017

JCR Affirmed BBB+/Stable on OHSHO FOOD SERVICE

Apr. 07, 2017

JCR Assigned AA Rating to Bonds of Chubu Electric Power

JCR Assigned AA+ Rating to Bonds of Electric Power Development

JCR Assigned A+ to Bonds of Nishi-Nippon Railroad

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Affirmed A-/Stable on KEIAIKAI

JCR Affirmed A-/Stable on Shikoku Bank

Apr. 06, 2017

Seven & i Holdings' Subsidiary to Acquire Convenience Store Business from a US Company - Impact on Financial Structure to Be Examined and Reflected in Rating

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

JCR Placed Rating on Daishi Bank under Credit Monitor #AA-/Negative
JCR Placed Rating on Hokuetsu Bank under Credit Monitor #A/Positive

Apr. 05, 2017

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

Apr. 04, 2017

JCR Affirmed BBB+/Stable on Japan Medical Alliance

JCR Assigned Pre. AA- to Shelf Reg. of Sumitomo Mitsui Trust

JCR Affirmed AAA Rating on Bonds of Aichi Prefecture

JCR Affirmed AA-/Stable and AA- on Hankyu REIT

[ Asset Securitization Products ] JCR Upgraded Class A to AA+; Affirmed A- on Class B on Jupiter 2013

[ Asset Securitization Products ] JCR Upgraded Class A to AA+; Affirmed A- on Class B on Sakura Ser.1

Apr. 03, 2017

JCR Assigned Preliminary A Rating to Shelf Registration of SCSK

JCR Assigned Preliminary A- Rating to Shelf Registration of OKAMURA

JCR Affirmed BB+ on Ferrotec HD; Revised Outlook to Positive

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

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

JCR Affirmed AA-/Stable on Coca-Cola Bottlers Japan

JCR Affirmed A/Stable and A on KONAMI HOLDINGS

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

JCR Affirmed A-/A (FC/LC) Ratings on PTT with Stable Outlook

JCR Affirmed A-/A (FC/LC) Ratings on PTTEP with Stable Outlook

Mar. 31, 2017

loans receivable 14

leases receivable 20

TOC to Dispose of an Asset - No Impact on Rating but Will Probably Lessen Future Financial Risks

[ Asset Securitization Products ]JCR Assigned J-1 to Nohara Bills Receivable ABL17-03

JCR Assigned A to Canadian Solar Green Proj. Ben. Int/Trust ABL

JCR Withdraws J-2 Rating on CP of Furukawa Electric