News Release

Mar. 31, 2017

JCR Assigned Preliminary AA Rating to Shelf Reg. of Mitsui Fudosan

[ Asset Securitization Products ]JCR Assigned J-1+ to Teral Bills & Elect. Rec. Receivable ABL17-03

[ Asset Securitization Products ]JCR Affirmed AAA and A- on Beneficial Int. of Triangulum Occident

JCR Withdraws NJ Rating on CP of Takata

[ Asset Securitization Products ]JCR Withdraws BBB Rating on ABL of WBBL

JCR Assigned A to SGET Tochigi Mega Solar Power Station Proj. BI

JCR Upgraded Rating on ANA HOLDINGS from A-/Positive to A/Stable

Mar. 30, 2017

Japan Trustee Services to Merge - Limited Impact on Rating

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

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

Mar. 29, 2017

JCR Assigned BBB to Subordinated Loan of YOKOHAMA REITO

JCR Assigned Preliminary BBB+ Rating to Shelf Reg. of MEIDENSHA

JCR Affirmed A+/Stable LT Issuer Rating on Nissan Chemical Ind.

JCR Affirmed A/Stable and A on HOKUETSU KISHU PAPER

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

JCR Affirmed BBB-/Stable and J-2 on JK Holdings

JCR Affirmed AAA/Negative on Kyushu University

JCR Affirmed AA/Stable on The 77 Bank

JCR Affirmed BBB/Stable on TOHOKU BANK

JCR Affirmed AAA rating on ADB with Stable outlook

Mar. 28, 2017

TEPCO and Chubu Electric Power Agreed on Integration of Thermal Power Generation Business - JCR will Pay Attention to Earnings/ Financial Structure When Realized

JCR Assigned BB+ Rating to Subordinated Loan of Hitachi Zosen

JCR Assigned BBB- to Subordinated Loan of Toyo Tire & Rubber

JCR Affirmed A/Stable on America Movil

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

[ Asset Securitization Products ] JCR Affirmed AAA on Senior Beneficial Interest 201602

[ Asset Securitization Products ] JCR Affirmed AAA on Senior Beneficial Interest 201609

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL17-03 (D Hospital)

[ Asset Securitization Products ] JCR Assigned J-1+ to A Corp. Bills Receivable Senior Ben. Int. 17-03

Mar. 27, 2017

JCR Upgraded Rating on SEIREN from A-/Positive to A/Stable

JCR Affirmed BBB+ on YOROZU; Revised Outlook from Positive to Stable

JCR Assigned Pre. BBB+ Rating to Shelf Registration of KANEMATSU

JCR Affirmed BBB+/Stable and J-2 on MARUDAI FOOD

JCR Affirmed BBB/BBB+ (FC/LC) Ratings on Romania with Stable Outlook

[ Asset Securitization Products ] JCR Assigned J-1 to Hyakugo Bank B Corp. Bills Rec. ABL17-03

[ Asset Securitization Products ] JCR Assigned J-1+ to MSNW Trust Certificate Series 17030

Mar. 24, 2017

JCR Assigned Pre. A+ to Shelf Reg. of TAISEI; Affirmed A+; Revised Outlook to Positive

JCR Affirmed A+ Rating on OBAYASHI; Revised Outlook to Positive

JCR Affirmed A+p Rating on SHIMIZU; Revised Outlook to Positive

JCR Affirmed A/Stable and J-1 on Sanyo Special Steel

JCR Affirmed A- Ratings on Renault with Stable Outlook

[ Asset Securitization Products ] JCR Assigned J-1+ and J-2 to C Corporation Bills Receivable ABL17-03

Mar. 23, 2017

JCR Assigned Pre BBB- to Subordinated Loan of Toyo Tire & Rubber

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

JCR Affirmed A/Stable and J-1 on SUMITOMO HEAVY INDUSTRIES

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

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL17-03

JCR Affirmed A+/AA- (FC/LC) ratings on Korea with Stable outlook

JCR Affirmed A/A+ Ratings on Poland with Stable Outlook

Mar. 22, 2017

Violet Protected Asset SPC VPA 1 S01

JCR Affirmed AA/Stable Long-term Issuer Rating on NITTO DENKO

JCR Affirmed AA/Stable on Kokugakuin University

JCR Affirmed A/Stable LT Issuer Rating on HEIWA REAL ESTATE REIT

JCR Assigned Pre A to CS Mega Solar Green Proj. 4 Ben. Int/Trust ABL

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL17-03

[ Asset Securitization Products ] JCR Assigned Pre. J-1 to Hyakugo Bank B Corp. Bills Rec. ABL17-03

Mar. 21, 2017

JCR Assigned Pre. A- to Shelf Reg. of NICHIAS; Affirmed A-/Stable

JCR Affirmed AA-/Stable LT Issuer Rating on Nomura Trust and Banking

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL17-03 (F Hospital)

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

Mar. 17, 2017

ABL17-03

JCR Affirmed A+/Stable and J-1 on J. FRONT RETAILING

JCR Affirmed A+/Stable and J-1 on Takashimaya

JCR Affirmed AA-/Stable and J-1+ Rating on Japan Securities Finance

JCR Affirmed A+/Stable and J-1+ Rating on JSF Trust and Banking

JCR Affirmed A-/Stable, A-, Pre. A- and J-1 on Orient Corp

[ Asset Securitization Products ] JCR Assigned Preliminary J-1+ to MSNW Trust Certificate Series 17030

Mar. 16, 2017

JETS International Five Limited 176

JCR Assigned A/Stable LT Issuer Rating to United Super Markets HLD

JCR Assigned A-/Stable LT Issuer Rating and J-1 to SINANEN HOLDINGS

JCR Affirmed BBB+/Stable and BBB+ on NAGATANIEN HOLDINGS

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

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

Mar. 15, 2017

JCR Assigned A- to Bonds of Tokyo Tatemono

JCR Assigned BBB+ to Bonds of Daio Paper

JCR Assigned A Rating to Sub. Bonds of Bank of Nagoya

JCR Assigned AAA to Bonds of Aichi Prefecture

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

JCR Affirmed A+/Positive Long-term Issuer Rating on HAMAMATSU PHOTONICS

JCR Affirmed AA/Stable Long-term Issuer Rating on Gunma Bank

JCR Affirmed AAA/Stable ratings on Canada

Mar. 14, 2017

JCR Assigned AA- Rating to Sub. Bonds of Concordia Financial Group

JCR Assigned A+ Rating to Bonds of Don Quijote Holdings

JCR Affirmed BBB/Stable and BBB on Sodick

JCR Affirmed AA+/Stable on SECOM

JCR Affirmed A+/Negative on SANKEI BUILDING

Mar. 13, 2017

loans receivable 14

leases receivable 20

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

JCR Affirmed A/Stable and A- (Sub.) on SBI Sumishin Net Bank

JCR Affirmed AA-/Stable on Sony Bank

JCR Withdraws AA/Negative and AA on Urban Renaissance Agency

Mar. 10, 2017

JCR Assigned A- Rating to Bonds of SEIBU HD

JCR Assigned AA- Rating to Bonds of SAIBU GAS

JCR Assigned Preliminary BBB+ Rating to Shelf Registration of MES

JCR Assigned Pre. A+ Rating to Shelf Reg. of Don Quijote Holdings

Mar. 09, 2017

JCR Affirmed A-/Stable, BBB (Sub.) and J-1 on Tokyo Tatemono

JCR Affirmed AA/Stable on Showa University

JCR Affirmed AA+/Stable and AA+ on NARITA INTERNATIONAL AIRPORT

[ Asset Securitization Products ] JCR Assigned Pre. J-1+ to A Corp. Bills Rec. Senior Ben. Int. 17-03