News Release

Nov. 30, 2016

JCR Assigned A to Long-term Issuer Rating for KYOWA EXEO

JCR Assigned A- to Bonds of MITSUBISHI MATERIALS

JCR Assigned AA to Bonds of Mitsui Fudosan

JCR Affirmed A-/Stable, BBB (Sub) and J-1 on Idemitsu Kosan

JCR Affirmed A-/Stable on UKC Holdings

JCR Affirmed A/Stable on K'S HOLDINGS

JCR Affirmed A+/Stable on YAMADA DENKI

[ Asset Securitization Products ] JCR Assigned J-1 to Nohara Bills Receivable ABL16-11

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Elect. Rec. Receivable ABL16-11

JCR Withdraws BBB-/Stable Long-term Issuer Rating on NIHON CHOUZAI

Nov. 29, 2016

JCR Assigned AA to Bonds of Chubu Electric Power

JCR Assigned Pre.AA- to Shelf Reg. of Asahi Group Holdings; Affirmed AA-

JCR Assigned Preliminary A- to Shelf Registration of IHI

JCR Affirmed AA/Stable and J-1+ on Keio; Assigned Preliminary AA

JCR Affirmed A Rating on Keisei Electric Railway; Revised Outlook to Positive

JCR Affirmed AA-/Stable, AA-, Pre. AA- and J-1+ on Odakyu Electric Railway

JCR Affirmed AAA Rating on Bonds (gtd. by DBJ) of Suzuyo

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL16-11

[ Asset Securitization Products ] JCR Assigned J-1 to Hyakugo Bank B Corp. Bills Rec. ABL16-11

Nov. 28, 2016

JCR Assigned AA and Pre A+ (Sub.Bonds) to MS&AD Insurance Group HD

JCR Assigned Pre.BBB+ to Shelf Reg. of Sojitz; Affirmed BBB+/Stable

Nov. 25, 2016

JCR Assigned A+ Rating to Bonds of Keikyu Corporation

JCR Assigned A- Rating to Bonds of Showa Denko

JCR Assigned A+ Rating to Bonds of Daiwa Securities Group

JCR Affirmed BBB+/Stable on Southern TOHOKU Soc. Welfare Foundation

JCR Affirmed A+/Stable on EXEDY

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

JCR Affirmed AAA Rating on IDB with Stable Outlook

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL16-11 (D Hospital)

[ Asset Securitization Products ] JCR Assigned J-1+ to MSNW Trust Certificate Series 16110

[ Asset Securitization Products ] JCR Assigned J-1+ to D Corporation Bills Receivable ABL16-11

JCR Withdraws BBB+/Negative Long-term Issuer Rating on CAC Holdings

JCR Withdraws A+/AA- (FC/LC) Ratings on Daejeon City

Nov. 24, 2016

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

JCR Affirmed AA/Stable on NISSHIN SEIFUN GROUP

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

JCR Affirmed A-/Stable on Nishimatsu Construction

JCR Affirmed A/Stable Long-term Issuer Rating on EZAKI GLICO

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

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

[ Asset Securitization Products ] JCR Assigned Pre. J-1 to Hyakugo Bank B Corp. Bills Rec. ABL16-11

Nov. 22, 2016

TAIYO NIPPON SANSO will Acquire Australian Industrial Gas Company - JCR will Pay Attention to Impact of Its Series of Acquisitions on Financial Structure

JCR Assigned AA+ Rating to Bonds of J-Power

JCR Assigned BBB+ Rating to Bonds of UNIZO Holdings

JCR Assigned AA to Bonds of DAIWA HOUSE INDUSTRY

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Affirmed BBB+/Stable and BBB- on Nippon Light Metal Holdings

[ Asset Securitization Products ] JCR Assigned Pre AAA to Class A Beneficial Interest 201701

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL16-11

Nov. 21, 2016

JCR Affirmed A-/Stable on Senshu Ikeda Bank

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL16-11 (F Hospital)

Nov. 18, 2016

JCR Assigned AA to Bonds of Chugoku Electric Power

JCR Assigned A- Rating to Bonds of Mitsui Mining and Smelting

JCR Assigned AA- Rating to Bonds of NIDEC

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

JCR Assigned AA to Bonds of Frontier Real Estate Investment

JCR Affirmed BB+/Stable Rating on IKAI

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL16-11

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

Nov. 17, 2016

JCR Assigned AA to Bonds of GLP J-REIT

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

JCR Affirmed AA/Stable on Nomura Real Estate Master Fund

[ Asset Securitization Products ] JCR Assigned Preliminary J-1+ to MSNW Trust Certificate Series 16110

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

Nov. 16, 2016

JCR Assigned A- Ratings to Bonds of POCKET CARD

JCR Assigned AA to Bonds of Urban Renaissance Agency

JCR Assigned AAA to Bonds of Aichi Prefecture

JCR Affirmed A+/Stable on YAMAHA

JCR Affirmed A/Stable on DAIICHIKOSHO

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

JCR Affirmed BBB+/Stable on Namura Shipbuilding

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

JCR Affirmed BBBp/Stable on NDS

Nov. 15, 2016

JCR Placed Rating on AIG Fuji Life Insurance under CM #A+/Negative

Sale of AIG’s life insurance subsidiary of Fuji Fire and Marine Insurance – No Immediate Impact on Fuji Fire and Marine’s Rating

JCR Upgraded Rating on Kenedix Residential to A+/Stable and A+

JCR Affirmed A+/Stable on Nippon Steel & Sumikin Engineering

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

JCR Affirmed A-/Stable and J-1 on KROSAKI HARIMA

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

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

Nov. 14, 2016

JCR Assigned Preliminary AA- Rating to Shelf Registration of NIDEC

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

JCR Affirmed A+/Stable and J-1 on MG Leasing Corporation

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

JCR Affirmed AAA/Negative on Development Bank of Japan

Nov. 11, 2016

JCR Assigned A+/Stable to Long-term Issuer Rating for MIRAI Corp.

JCR Removed CM; Downgraded Rating on Nippon Yusen to A with Negative Outlook

JCR Assigned Pre. BBB+ to Shelf Reg. of UNIZO; Affirmed BBB+/Stable

JCR Affirmed A/Stable and J-1 on Sharp Finance

JCR Affirmed A/Stable, A, Pre. A and J-1 on Fuyo General Lease

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

Nov. 10, 2016

Trump wins the US presidential election - No immediate change in Mexico's Ratings while close attention to be paid to the new president's policy

JCR Affirmed A- on TIS and INTEC; Revised Outlook to Positive

JCR Affirmed BBB+/Stable and J-2 on RESORTTRUST

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

Nov. 09, 2016

Neon Capital Limited

JCR Assigned AAA to Bonds of Aichi Prefecture

Nov. 08, 2016

Revision of SANKYO's Earnings Forecast - No Immediate Impact on Rating, but JCR Will Watch Future Earnings Trend

JCR Affirmed A/Stable on Okazaki Shinkin