News Release

Dec. 29, 2014

JCR Affirmed A+/Stable Long-term Issuer Rating and J-1 Short-term Issuer Rating on kabu.com Securities

JCR Affirmed BBB/Stable and BBB on Monex Group
JCR Affirmed BBB/Stable and J-2 on Monex

Dec. 26, 2014

JCR Affirmed A Rating on Kurimoto Mega Solar Project Bond Trust 1 Beneficial Interest and Trust ABL

JCR Affirmed A Rating on JRE Mega Solar Project Bond Trust 1 Class B Beneficial Interest and Class B Trust ABL

JCR Affirmed BBB+ Rating on JRE Mega Solar Project Bond Trust 1 Class C Beneficial Interest

[ Asset Securitization Products ] JCR Assigned J-1 to Nohara Bills Receivable ABL14-12

JCR Affirmed A- Rating on JRE Mega Solar Project Bond Trust 1 Class A Beneficial Interest and Class A Trust ABL

JCR Affirmed J-1 Rating on CP of Nippon Steel & Sumikin Coated Sheet Corporation

JCR Affirmed AAA Rating on Bonds (guaranteed by Development Bank of Japan) of Suzuyo

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

JCR Affirmed A+/Stable Long-term Issuer Rating on Japan Net Bank

JCR Affirmed BBB+/Stable Long-term Issuer Rating on NIPPON CHEMI-CON

JCR Withdraws J-2 Rating on CP of UACJ Corporation

JCR Affirmed A-/Stable Long-term Issuer Rating and Preliminary A- Rating on Shelf Reg. for SQUARE ENIX HOLDINGS

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

JCR Assigned Preliminary AA- Rating to Shelf Registration of RICOH LEASING

JCR Downgraded the Ratings on Russia to BBB-, and simultaneously placed them under Credit Monitor Negative

Dec. 25, 2014

[ Asset Securitization Products ] JCR Assigned J-1+ and J-2 to Hokuriku Bank C Corporation Bills Receivable ABL14-12

[ Asset Securitization Products ] JCR Assigned J-1 to Kimura Bills Receivable ABL14-12

[ Asset Securitization Products ] JCR Assigned J-1+ to Saitama Resona Bank A Corporation Bills Receivable Senior Beneficial Interest 14-12

[ Asset Securitization Products ]JCR Assigned J-1+ to MSNW Trust Certificate Series 14120

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

JCR Affirmed BBB+/Stable Long-term Issuer Rating and BBB+ Rating on Bonds of PACIFIC INDUSTRIAL

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

JCR Affirmed J-1+ Rating on CP of TOYOTA

JCR Affirmed BBB/Stable Long-term Issuer Rating on EIKEN CHEMICAL

JCR Removed CM; Affirmed A Ratings on Busan Bank

JCR Assigned Preliminary A+ Rating to Shelf Registration of DAIBIRU

Dec. 24, 2014

[ Asset Securitization Products ] JCR Assigned J-3 to Monthly Clear Card Shopping Receivable ABL 14-12

JCR Affirmed CC/Negative Long-term Issuer Rating and CC Bond Rating for AvanStrate

JCR Affirmed BBB Rating on Shinsho Corporation; Revised Outlook from Stable to Positive, Affirmed J-2 Rating on CP

JCR Affirmed A+/Stable Long-term Issuer Rating on DISCO CORPORATION

JCR Affirmed AAA/Stable Long-term Issuer Rating and AAA on Bonds for Japan Finance Corporation

Dec. 22, 2014

[ Asset Securitization Products ] JCR Assigned J-1 to Hyakugo Bank B Corporation Bills Receivable ABL14-12

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL14-12 (D Hospital)

JCR Affirmed A+p/Stable Long-term Issuer Rating and Ability To Pay Insurance Claims on Fukoku Mutual Life Insurance
JCR Affirmed A+/Stable Long-term Issuer Rating and Ability to Pay Insurance Claims on Fukokushinrai Life Insurance

JCR Affirmed AA/Stable Long-term Issuer Rating and J-1+ Rating on CP of Tokyo Electron

JCR Affirmed A-/A+ (FC/LC) Ratings on Mexico

JCR Assigned AA Ratings to TRY and ZAR Notes of CAF

Dec. 19, 2014

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL14-12

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL14-12

Dec. 18, 2014

Series 50152

Series 50153

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL14-12 (F Hospital)

JCR Affirmed BBB+/Stable Long-term Issuer Rating and J-2 Rating on CP for Showa Leasing

JCR Affirmed J-1 Rating on CP of UC Card

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

JCR Affirmed BBB+/Stable Long-term Issuer Rating and J-2 Short-term Issuer Rating on Shinsei Bank

JCR Affirmed BBB-/Stable Long-term Issuer Rating on Howa Bank

JCR Affirmed AA+/Stable Long-term Issuer Rating on Shoko Chukin Bank

JCR Affirmed BBB-/Stable Long-term Issuer Rating on Toyoko Inn

JCR Withdraws J-2 Rating on CP of TOHO

JCR Affirmed AAA/Stable Long-term Issuer Rating, AAA on Bonds and Preliminary AAA on Shelf Reg. of DBJ

Dec. 17, 2014

Trust Bonds No.72

JCR Assigned Preliminary J-1 to Hyakugo Bank B Corporation Bills Receivable ABL14-12

JCR Affirmed A Long-term Issuer Rating on MINEBEA; Revised Outlook from Stable to Positive, Affirmed A and J-1 Rating

JCR Removed CM; Upgraded Long-term Issuer Rating on AIFUL from #CCC[Positive] to B- with Stable Outlook, Rating on Bonds from #CCC[Positive] to B

JCR Assigned AA- Rating to Bonds of Nomura Holdings

JCR Affirmed A-/Stable Long-term Issuer Rating, A- Rating on Bonds and Preliminary A- Rating on Shelf Registration of DAIKYO

Dec. 16, 2014

[ Asset Securitization Products ]JCR Assigned Preliminary J-1+ to MSNW Trust Certificate Series 14120

JCR Affirmed A/Stable Long-term Issuer Rating, A Rating on Bonds and Preliminary A Rating on Shelf Registration of Nippon Paper

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

JCR Affirmed AAA Ratings on Australia

Dec. 15, 2014

Series 1839

JCR Affirmed A-/Stable Long-term Issuer Rating and J-1 Rating on CP for Mitsubishi Electric Credit

JCR Affirmed A-/Stable Long-term Issuer Rating on TAKASAGO INTERNATIONAL

JCR Affirmed A+/Stable Long-term Issuer Rating on SUNDRUG

JCR's Opinion on Japan following the Lower House Election

Dec. 12, 2014

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

JCR Affirmed A+/Stable Long-term Issuer Rating on NIPPON STEEL & SUMIKIN ENGINEERING

JCR Affirmed A-/Stable Long-term Issuer Rating and J-1 Rating on CP for KROSAKI HARIMA

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

JCR Affirmed AA-/Stable Long-term Issuer Rating and AA- Ratings on Bonds of DAIKIN INDUSTRIES

JCR Assigned A- Rating to Bonds of TOYOBO

JCR Assigned AA- Rating to Bonds of Hitachi Capital

JCR Assigned AA- Rating to Bonds of GLP J-REIT

JCR Assigned AA- Rating to Bonds of Daiwa House REIT

JCR Assigned A Rating to Subordinated Bonds (with contractual point of non-viability loss absorption feature) of Mizuho Financial Group

Dec. 11, 2014

JCR Affirmed AA Ratings on CAF

JCR Affirmed AA-/Stable Long-term Issuer Rating on Daiwa House REIT

Dec. 10, 2014

JCR Affirmed AA-/Stable Long-term Issuer Rating and AA- Rating on Bonds of Daiwa House Residential Investment Corporation

Dec. 09, 2014

[ Asset Securitization Products ] JCR Assigned Preliminary J-1+ to Saitama Resona Bank A Corporation Bills Receivable Senior Beneficial Interest 14-12

JCR Affirmed J-1 Rating on CP of Nissay Leasing; Increase in CP Maximum Amount

JCR Affirmed A+/Stable Long-term Issuer Rating and J-1 Rating on CP of NIPPON STEEL & SUMIKIN LOGISTICS

JCR Affirmed AAA/Stable Long-term Issuer Rating on NHK

JCR Assigned AA- Rating to Bonds of ORIX JREIT

JCR Assigned A+ Rating to Bonds of Marubeni

Dec. 08, 2014

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

Dec. 05, 2014

JCR Assigned BBB+ Rating to Bonds of Mitsui Engineering & Shipbuilding

JCB Assigned AA- Rating to Bonds of JCB

JCR Assigned AA Rating to Bonds of Kanagawa Prefectural Housing Supply Corporation; Affirmed AA/Stable Long-term Issuer Rating

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

JCR Affirmed A-/Stable Long-term Issuer Rating, A- Rating on Bonds, BBB Rating on Subordinated Loan and J-1 Rating on CP of TOYOBO

JCR Affirmed A+/Stable Long-term Issuer Rating, A+ on Bonds, Preliminary A+ on Shelf Reg., and J-1 on CP for DAIBIRU

JCR Assigned AA Rating to Bonds of NEW KANSAI INTERNATIONAL AIRPORT

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

JCR Assigned A Rating to Bonds of DOWA HOLDINGS; Affirmed A and J-1; Revised Outlook from Stable to Positive

JCR Downgraded Rating on Takata Corporation from #A/Negative to #A-/ Negative and Maintains CM; Placed Rating on CP under Credit Monitor #J-1/Negative

JCR Affirmed AA- Long-term Issuer Rating and AA- Ratings on Bonds for GLP J-REIT; Revised Outlook from Stable to Positive

JCR Assigned A Rating to Bonds of Japan Hotel REIT