News Release

Oct. 25, 2016

JCR Affirmed AA-/Stable on NISSAN MOTOR

JCR Affirmed AA-/Stable on NISSAN FINANCIAL SERVICES

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

JCR Affirmed BBB/Stable LT Issuer Rating on TAMURA CORPORATION

JCR Affirmed J-2 on CP of TSUBAKIMOTO KOGYO

[ Asset Securitization Products ] JCR Assigned Pre. J-1 to Hyakugo Bank B Corp. Bills Rec. ABL16-10

[ Asset Securitization Products ] JCR Assigned J-1+ to MSNW Trust Certificate Series 16100

Oct. 24, 2016

JCR Upgraded Rating on Nankai Electric Railway to A-/Stable and J-1

JCR Affirmed A-/Stable and A- on H.I.S.

JCR Affirmed A/Stable and J-1 on SKY Perfect JSAT Holdings

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

JCR Affirmed A+/Stable on NSK

JCR Affirmed J-1 Rating on CP of T&D Lease

JCR Affirmed AAAp/Negative LT Issuer Rating on East Japan Railway

Oct. 21, 2016

JCR　Assigned AA+ to Bonds of Japan Student Services Organization

JCR　Assigned AA- to Bonds of Japan Excellent

JCR　Assigned A to Bonds of Kenedix Retail REIT

JCR　Assigned BBB+ to Bonds: Affirmed BBB+/Stable and J-2 on HANWA

JCR　Assigned Pre A- to Shelf of ARAKAWA CHEMICAL; Affirmed A-/Stable

JCR　Assigned Pre AA- to Shelf Reg of Mitsubishi Heavy Industries

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL16-10

[ Asset Securitization Products ] JCR Affirmed J-1 on Med. Fees Rec. ABL Program (Seiwakai, Ishii HP)

Oct. 20, 2016

Showa Denko's Acquisition of Graphite Electrodes Business

JCR Affirmed BBB+ on CAC HD; Revised Outlook from Stable to Negative

JCR Assigned AA- to Bonds of Kansai Electric Power Company

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

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL16-10

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL16-10 (F Hospital)

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

Oct. 19, 2016

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

JCR Assigned A to Bonds of MORI BUILDING

JCR Assigned AA- to Bonds of Kyushu Electric Power

JCR Affirmed J-2 on CP of KOKUSAI PULP & PAPER

JCR Affirmed AAA/AAA (FC/LC) Ratings on Germany

Oct. 18, 2016

JCR Assigned A- to Bonds of Mitsubishi UFJ Financial Group

JCR Assigned A to Bonds of NICHIREI

JCR Affirmed BBB/Stable on DAIKI ALUMINIUM INDUSTRY

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

[ Asset Securitization Products ] JCR Assigned Preliminary J-1+ to MSNW Trust Certificate Series 16100

Oct. 17, 2016

JCR Downgraded and Placed Rating on Aderans under CM #BBB-/Negative

JCR Upgraded Rating on Japan Hotel REIT from A/Positive to A+/Stable

JCR Removed CM; Affirmed A/Negative and J-1 on DAIBIRU

JCR Affirmed A-/Stable and J-1 on Kobelco Construction Machinery

JCR Affirmed BBB+/Stable and J-2 on FUJI SOFT

JCR Affirmed AA/Stable Rating on Mitsui Fudosan Private REIT

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

Oct. 14, 2016

JCR Assigned AAA to Bonds of Aichi Prefecture

JCR Assigned AA- to Bonds of Tohoku Electric Power

JCR Assigned AA+ Rating to Bonds of J-Power

JCR Affirmed #A-/Negative, #J-1/Negative on JAPC; Maintains CM

JCR Affirmed A-/Stable on Takeda Healthcare Foundation

JCR Affirmed A/Stable on PARAMOUNT BED HOLDINGS

JCR Affirmed A/Stable and J-1 on PARCO

Oct. 13, 2016

JCR Downgraded Rating on EDF from AA+ to AA

JCR Assigned J-1 to CP of Orico Auto Leasing

JCR Assigned AAA to Bonds of West Nippon Expressway

JCR Assigned AA- Rating to Bonds of AEON REIT

Oct. 12, 2016

JCR Assigned BBB/Stable and Preliminary BBB to JALUX

JCR Assigned AAA to Bonds of Development Bank of Japan

JCR Affirmed A-/Stable and J-1 on JACCS; Increase in CP Max. Amount

Oct. 11, 2016

Series 146 Unsecured Trust Bonds

JCR Assigned A+/Stable to LT Issuer Rating for Invesco Office J-REIT

JCR Affirmed AA/Stable on United Urban Investment

Highlights of Shinkin Banks' Financial Results for FY2015

Oct. 07, 2016

JCR Placed Rating on Nippon Yusen under Credit Monitor #A+/Negative

JCR Upgraded Rating on Activia Properties to AA/Stable and AA

JCR Assigned AA Rating to Bonds of Chubu Electric Power

JCR Assigned AAA to Bonds of Metropolitan Expressway

JCR Assigned AA- Rating to Bonds of Global One Real Estate

JCR Assigned Pre. A Rating to Shelf Reg. of SUMITOMO HEAVY IND.

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

JCR Affirmed BBB-/Stable on Jimoto Holdings
JCR Affirmed BBB-/Stable on Kirayaka Bank
JCR Affirmed BBB-/Stable on Sendai Bank

JCR Affirmed AA-/Stable and AA- on Japan Excellent

JCR Affirmed A+/Stable and A+ on KONICA MINOLTA

JCR Affirmed BBB-/Stable Ratings on Turkey

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

Oct. 06, 2016

JCR Affirmed A/Stable, A and J-1 on Nabtesco

Oct. 05, 2016

Sompo Japan Nipponkoa Insurance to Acquire Endurance Specialty Holdings - No Immediate Impact on Rating

JCR Upgraded Rating on ORIX to AA-/Stable and AA-

JCR's Rating Review of Blast Furnace Steel Manufacturers

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

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

JCR Affirmed BBB/Stable on Akanekai

JCR Affirmed A/A+ (FC/LC) Ratings on Malaysia with stable outlook

Oct. 04, 2016

JCR Assigned AAA to Bonds of Aichi Prefecture

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

[ Asset Securitization Products ] JCR Affirmed J-1+ on ABCP Programs of Super Trust 1 to 15, LLC

Oct. 03, 2016

JCR Assigned Pre AA- to Shelf Registration of Tohoku Electric Power

JCR Affirmed J-1 on CP of Orient Corp; Increase in CP Max Amount

Sep. 30, 2016

loans receivable 12

leases receivable 18

COCA-COLA WEST's Agreement on Integration with Coca-Cola East

JCR Removed CM; Affirmed A-/Negative, A- and J-1 on MOL

JCR Removed CM; Affirmed A- Rating on EMTN on Mitsui O.S.K. Lines
JCR Removed CM; Affirmed A- Rating on EMTN on Euromol

JCR Assigned A+/Stable Rating to The Dai-ichi Life Insurance Company
JCR Withdraws A+/J-1+ Ratings on The Dai-ichi Life Insurance Company

JCR Assigned A/Stable on Nishi-Nippon Financial Holdings
JCR Affirmed A/Stable and A- on THE NISHI-NIPPON CITY BANK

JCR Assigned A-/Stable Long-term Issuer Rating to SANKYO

JCR Affirmed A+/AA- on the Czech Republic; Revised Outlook to Positive

JCR Assigned AAA Ratings to the bonds issued by AfDB

JCR Assigned Pre. AA Rating to Shelf Reg. of Chubu Electric Power