News Release

Dec. 11, 2025

JCR Affirmed AA/Stable Long-term Issuer Rating on Nippon Open Ended Real Estate Investment Corporation

Results of Review of Structured Finance Products (Excluding Those to Which Credit Ratings Are Assigned) November 2025

[ Asset Securitization Products ] JCR Affirmed A on Senior Beneficial Interest 7931601 Series 1, 2, 3, 4, 5, 6, 7, 8 and 9

[ Asset Securitization Products ] JCR Assigned Preliminary AA to ABL 26-02

JCR Assigned AA- to SPIRE SA Series 2025-535

JCR Assigned AA- to SPIRE SA Series 2025-588

Dec. 10, 2025

JCR Affirmed AA-/Stable and J-1+ on LY Corporation

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

JCR Affirmed AA-/Stable and J-1+ on PayPay Card

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

JCR Affirmed AA/Stable Long-term Issuer Rating on Shinkin Securities

JCR Affirmed AA-/Stable Long-term Issuer Rating on Shinkin Guarantee Fund

JCR Affirmed A-/Stable and J-1 on Mitsubishi Electric Financial Solutions

JCR Assigned AA+ Rating to Bonds of Chubu Electric Power

JCR Assigned A Rating to Bonds of Tokyo Star Bank

JCR Assigned A- Rating to Bonds of Rakuten Card

THE SUMITOMO WAREHOUSE: Assigned Green Loan Evaluation: Green 1

TOUZAKI, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Dec. 09, 2025

Administrative Action Against Sumitomo Corporation-Sponsored Asset Management Company—JCR Will Watch Progress on Governance Enhancement

JCR Affirmed A/Stable and J-1 on NIPPN

JCR Affirmed AA/Stable Long-term Issuer Rating on NISSHIN SEIFUN GROUP

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

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

JCR Assigned Preliminary AA- Rating to Shelf Registration of SoftBank

Dec. 08, 2025

[ Asset Securitization Products ] JCR Affirmed AAA Rating on ABL 22-09

Dec. 05, 2025

JCR Affirmed AA/Stable Long-term Issuer Rating on T&D HD, DAIDO LIFE INSURANCE, TAIYO LIFE INSURANCE and T&D FINANCIAL LIFE INSURANCE

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

JCR Affirmed AA/Stable Long-term Issuer Rating on Broadia Private REIT

JCR Assigned A Rating to Bonds of Open Up Group

JCR Assigned AA- Rating to Bonds of Odakyu Electric Railway

JCR Assigned A Rating to Bonds of COSMO ENERGY HD

JCR Assigned A- Rating to Subordinated Bonds of Tokyu Fudosan HD

JCR Assigned AA- Rating to Bonds of Fuyo General Lease

JCR Assigned AA Rating to Bonds of Resona HD

JCR Assigned AA+ Rating to Bonds of Kanagawa Prefectural Housing Supply Corporation

JCR Assigned AA Rating to Bonds of Angola

JCR Assigned A Rating to SPIRE SA Series 2025-599

Dec. 04, 2025

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

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

JCR Affirmed AA-/Stable Long-term Issuer Rating on JR East Private Reit

JCR Assigned A- Rating to Bonds of ICHINEN HD

JCR Assigned AA- Rating to Bonds of Mizuho Leasing

JCR Assigned Preliminary BBB+ Rating to Jointly Operated Designated Money Trust MF1

JCR Assigned A to SPIRE SA Series 2025-534

Dec. 03, 2025

JCR Affirmed BBB+/Stable (FC/LC) on Housing and Urban Development Corporation

JCR Assigned BBB+ Rating to Bonds of Kanagawa Chuo Kotsu

Dec. 02, 2025

JCR Affirmed A+ Long-term Issuer Rating on Mitsui & Co., Private REIT; Revised Outlook to Positive

JCR Affirmed AAA/Stable Long-term Issuer Rating on National University Corporation Tokai National Higher Education and Research System

JCR Affirmed J-1+ on Jointly Operated Designated Money Trust LY

JCR Affirmed AA- on Jointly Operated Designated Money Trust LY Over 1Y

Dec. 01, 2025

Asahi Mutual Life Acquires a Vietnamese Life Insurance Company—Limited Impact on Rating

Revisions of Rating Methodologies by Sector "Retail" and "Railroad"

Revisions of Rating Methodology by Sector "Guaranty Company"

JCR Affirmed A/Stable Long-term Issuer Rating on SEIBU HD

JCR Affirmed AAA/Stable Long-term Issuer Rating on National University Corporation, the University of Tokyo

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

JCR Affirmed A-/Stable Long-term Issuer Rating on TAIKO BANK

JCR Affirmed AA-/Stable Long-term Issuer Rating on NIPPON REIT Investment Corporation

Nov. 28, 2025

JCR Assigned A/Stable Long-term Issuer Rating to One Private REIT

JCR Upgraded Long-term Issuer Rating on SKY Perfect JSAT HD to A+/Stable

JCR Affirmed A-/Stable Long-term Issuer Rating on TAKAMATSU CONSTRUCTION GROUP

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

JCR Affirmed A-/Negative FC Long-term Issuer Rating on FORVIA

JCR Assigned AA Rating to Bonds of Kyushu Electric Power

JCR Assigned A- Rating to Bonds of KYOEI STEEL

JCR Assigned AA Rating to Bonds of TOKYU

JCR Assigned AA- Rating to Bonds of Nippon Yusen

JCR Assigned A Rating to Bonds of Hokuetsu Corporation

JCR Assigned AA- Rating to Bonds of Hirogin HD

[ Asset Securitization Products ] JCR Assigned J-1+ to Hokuriku Bank A Corporation Bills & Electronically Recorded Receivables ABL 25-11

JCR Upgraded SPIRE SA Series 2025-167, 2025-228 and 2025-230 to AA

FUJI SASH: Assigned Green Loan Framework Evaluation: Green 1(F)

KOUEI HOME, THE KYOTO CHUO SHINKIN BANK: Second Opinion on Positive Impact Finance

Toshin Juhan, THE SHIMIZU BANK: Second Opinion on Positive Impact Finance

DIAMOND HOTEL, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

KAWASHIMA CONCRETE INDUSTRY, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

JCR Withdraws BBB Long-term Issuer Rating on Mitsubishi Steel Mfg.

Nov. 27, 2025

JCR Assigned Preliminary AA to Bonds of Republic of Angola

JCR Upgraded Rating on MUFG Finance and Leasing to AA-/Stable and J-1+

JCR Affirmed AA/Stable and J-1+ on Mitsubishi UFJ NICOS

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

JCR Affirmed A+/Stable and J-1 on Orient Corporation and Orico Product Finance and J-1 on Orico Auto Leasing; Assigned A+ to Bonds of Orient Corporation

JCR Affirmed AA-/Stable and J-1+ on MIZUHO Leasing, Mizuho-Toshiba Leasing and Mizuho Marubeni Leasing

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

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

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

JCR Assigned A+ Rating to Bonds of Denka

JCR Assigned AA- Rating to Bonds of Hokkaido Electric Power

JCR Assigned AA+ Rating to Bonds of Mitsubishi Estate

[ Asset Securitization Products ] JCR Assigned A to Senior Beneficial Interest 7931601 Series 10

[ Asset Securitization Products ] JCR Assigned AAA to Beneficial Interest 202511 (Contract No. 93-08004)

[ Asset Securitization Products ] JCR Assigned BBB to IDOM202511

Axing, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

KYOWAKOGYOSYO, The Chugoku Bank: Second Opinion on Positive Impact Finance

Nov. 26, 2025

JCR Assigned AA-/Stable Long-term Issuer Rating to POSCO JAPAN

JCR Affirmed BBB+/Stable Long-term Issuer Rating on ARAKAWA CHEMICAL INDUSTRIES

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Premium Water HD

JCR's Rating Review of Megabank Groups

JCR Affirmed AA/Stable on Mitsubishi UFJ Financial Group, MUFG Bank and Mitsubishi UFJ Trust and Banking; and J-1+ on Mitsubishi UFJ Trust and Banking; Affirmed AA on MUFG Securities EMEA

JCR Affirmed AA/Stable on Mizuho Financial Group, Mizuho Bank and Mizuho Trust & Banking