News Release

May. 26, 2016

Highlights of Major Information Services Companies' Financial Results for Fiscal Year Ended March 2016

JCR Assigned AA- Rating to Bonds of Suntory Holdings

JCR Affirmed AAAp Rating on the EBRD with Stable Outlook

JCR Affirmed AA-/Stable, AA-, Pre AA-, J-1+ on Sumitomo Metal Mining

JCR Assigned AA-/Stable Rating to Hitachi Capital Insurance

JCR Assigned J-1 Rating to CP of Marubeni-Itochu Steel

JCR Assigned BBB+ Rating to Bonds of Nankai Electric Railway

Merger Agreement between NMF and Top REIT - Impact on NMF's Rating is Limited

May. 25, 2016

[ Asset Securitization Products ] JCR Assigned J-1 to Hyakugo Bank B Corp. Bills Rec. ABL16-05

[ Asset Securitization Products ] JCR Assigned J-1+ to MSNW Trust Certificate Series 16050

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Affirmed A on TonenGeneral Sekiyu; Revised Outlook to Stable

Highlights of Major Japanese Automakers' Financial Results for Fiscal Year Ended March 2016

JCR Assigned AA- to Bonds of Kansai Electric Power Company

JCR Affirmed BBB+/Stable LT Issuer Rating on Kita Osaka Shinkin

May. 24, 2016

JCR Assigned Preliminary AA-, A+ and A-to Shelf Registration of MHFG

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

JCR Assigned Pre. AA Rating to Shelf Registration of ASAHI KASEI

May. 23, 2016

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL16-05

JCR Affirmed A/Stable Long-term Issuer Rating on AOKI Holdings

JCR Affirmed A-/Stable LT Issuer Rating on Seto Shinkin Bank

JCR Affirmed J-2 Rating on CP of Daio Paper; Increase in CP Maximum

JCR Affirmed A-/Stable LT Issuer Rating on Saitamaken Shinkin Bank

JCR Affirmed AA- on MORI HILLS REIT; Revised Outlook to Positive

May. 20, 2016

[ Asset Securitization Products ] JCR Assigned Pre. J-1 to Hyakugo Bank B Corp. Bills Rec. ABL16-05

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL16-05

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL16-05 (F Hospital)

JCR Assigned A+ to Bonds of Sumitomo Realty & Development

JCR Assigned BBB+ to Bonds of UNIZO Holdings

JCR Assigned Preliminary A+ to Shelf Registration of Sumitomo Riko

JCR Affirmed AA+ (FC/LC) Ratings on Hong Kong with Stable Outlook

JCR Affirmed NIPPON TOCHI-TATEMONO; Revised Outlook to Positive

JCR Affirmed AAA/AAA Ratings on Norway with Stable Outlook

May. 18, 2016

JCR Assigned AA- to Bonds of Tohoku Electric Power

JCR Affirmed AA/Stable Ratings on SECOM General Insurance

May. 17, 2016

Loan (Trust Account 1169045)

[ Asset Securitization Products ]JCR Assigned Preliminary J-1+ to MSNW Trust Certificate Series 16050

Highlights of Major General Merchandise Stores' Financial Results for Fiscal Year Ended February 2016

JCR Affirmed A-/Stable and J-1 Rating on Kyoto Shinkin Bank

May. 16, 2016

JCR Affirmed AA- on EMTN Program of Suntory Holdings

Highlights of Major Shipping Companies' Financial Results for Fiscal Year Ended March 2016

May. 13, 2016

JCR Affirmed AA/AA Ratings on Spain with Stable Outlook

Highlights of Major Blast Furnace Steelmakers’ Financial Results for Fiscal Year Ended March 2016

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

JCR Affirmed A/Stable and A- on Bank of The Ryukyus

JCR Assigned AA to Bonds of Chugoku Electric Power Company

Hitachi Capital's Capital and Business Alliance - No Immediate Impact on Rating

JCR Affirmed A/Stable on Oberlin University and Affiliated Schools

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

JCR Assigned AAA to Bonds of Aichi Prefecture

May. 12, 2016

JCR Affirmed A-, Pre A- on TOBU RAILWAY; Revised Outlook to Positive

JCR Affirmed A+/Stable on Bank of Okinawa

May. 11, 2016

JCR Affirmed AA/Stable Long-term Issuer Rating on 77 Bank

JCR Assigned AAA to Bonds of Aichi Prefecture

JCR Affirmed AA+/Stable LT Issuer Rating on Nippon Building Fund

May. 09, 2016

Trust Bonds No.132

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

May. 06, 2016

JCR Withdraws BB-/Stable on Asahi Mutual Life Insurance

JCR Downgraded AKEBONO BRAKE INDUSTRY from BBB to BBB-; Affirmed J-2

JCR Affirmed BBB on SHINNIHON CORP.; Revised Outlook to Positive

JCR Affirmed A-/Stable, BBB+ and Pre. A- Rating on Shikoku Bank

JCR Downgraded Rating on Takata from BB+/Negative to BB-/Negative

May. 02, 2016

JCR Affirmed A/Stable LT Issuer Rating on Tomakomai Shinkin Bank

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

Apr. 28, 2016

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills Receivable ABL16-04

JCR Assigned J-1+ on ABCP Programs of Super Trust 11 to 15, LLC

JCR's Rating Review of 4 Expressway Companies

JCR Affirmed J-1 Rating on CP of SMTLF; Increase in CP Maximum

JCR Affirmed AA+/Stable LT Issuer Rating on Japan Logistics Fund

JCR Affirmed AA-/Stable Long-term Issuer Rating on San-in Godo Bank

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

Kawasaki Kisen Kaisha's Earnings Forecast - Negative for Rating, JCR to Keep Close Watch on Future Performance

JCR Affirmed A and J-1 on TAIYO NIPPON SANSO; Outlook Positive

Mitsui O.S.K. Lines' FY2016 Earnings Forecast - JCR to Assess Additional Turnaround Efforts/ Results, Reflect on Rating

Apr. 27, 2016

JCR Assigned AAA to Bonds of Aichi Prefecture

JCR Downgraded OHSHO FOOD SERVICE from A-/Negataive to BBB+/Stable

Apr. 26, 2016

JCR Assigned A Rating to Bonds of Fuyo General Lease

JCR Upgraded Rating on DIC to A/Stable, A and Pre. A; Affirmed J-1

Start of Discussions on Business Integration of COCA-COLA WEST COMPANY with Coca-Cola East Japan - JCR will Examine Progress toward Integration to be Reflected in Rating

JCR Assigned A- Rating to Bonds of Tokyo Tatemono

Apr. 25, 2016

[ Asset Securitization Products ]JCR Assigned J-1+ to MSNW Trust Certificate Series 16040

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL16-04 (D Hospital)

[ Asset Securitization Products ] JCR Assigned J-1 to Hyakugo Bank B Corp. Bills Rec. ABL16-04

JCR Affirmed A/Stable and A on KONAMI HOLDINGS

JCR Affirmed A- Rating on NIPPON REIT Investment; Outlook Positive

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

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

Apr. 22, 2016

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

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

JCR Affirmed AA+p/Stable on TOHO GAS

JCR Affirmed AA+p/Stable on OSAKA GAS

JCR Affirmed AAA/Stable on TOKYO GAS

JCR's Rating Viewpoints on City Gas Companies

JCR Assigned A+ Rating to Bonds of Kenedix Office Investment

JCR Affirmed AAA/Stable, AAA, Pre. AAA and J-1+ on NTT FINANCE

JCR Assigned A+ Rating to Bonds of Mitsubishi UFJ Financial Group

Apr. 21, 2016

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL16-04

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

Apr. 20, 2016

[ Asset Securitization Products ] JCR Assigned Pre. J-1 to Hyakugo Bank B Corp. Bills Rec. ABL16-04

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL16-04 (F Hospital)