News Release

Jan. 29, 2026

[ Asset Securitization Products ] JCR Affirmed J-1+ on Ferry Road ETC Card Receivable ABL Program

Canadian Solar Infrastructure Fund: Reviewed Green Finance Framework Evaluation: Green 1(F)

RM Partners, The Chiba Bank: Second Opinion on Positive Impact Finance

Jan. 28, 2026

JCR Assigned A+/Stable Long-term Issuer Rating to TODA

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

JCOM: Post-execution Verification Report on Sustainability Linked Loan

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

Jan. 27, 2026

JCR Affirmed A/Stable and J-1 on Sumitomo Osaka Cement

JCR Affirmed AAA/Stable Long-term Issuer Rating on National University Corporation University of Tsukuba

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

JCR Affirmed AA/Stable Long-term Issuer Rating on MORI TRUST REIT

JCR Assigned AAA Rating to Bonds of NTT TC Leasing

Jan. 26, 2026

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

JCR's Rating Review of Major Life Insurance Groups

JCR Affirmed AA+/Stable and J-1+ on Nippon Life Insurance

JCR Affirmed AA-/Stable Long-term Issuer Rating on Dai-ichi Life HD and AA/Stable Long-term Issuer Rating on Dai-ichi Life

JCR Affirmed AA/Stable and J-1+ on Meiji Yasuda Life

JCR Affirmed AA/Stable Long-term Issuer Rating on SUMITOMO LIFE INSURANCE

JCR Affirmed J-1+ Rating on CP of Nissay Leasing

Japan: Assigned Climate Transition Bond Evaluation: Green 1(T)

Canadian Solar : Reviewed Green Bond Evaluation: Green 1

Nomura Real Estate Group: Reviewed Sustainability Finance Framework Evaluation: SU 1(F)

Sumitomo Mitsui Trust Panasonic Finance: Post-execution Verification Report on Sustainability Linked Loan

Jan. 23, 2026

JCR Affirmed A+ Long-term Issuer Rating on Yokogawa Electric; Revised Outlook to Positive

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

JCR Affirmed A+/Stable and J-1 on Keihan HD

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

JCR Affirmed A+/Stable Long-term Issuer Rating on SQUARE ENIX HD

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

JCR Affirmed AA/Stable Long-term Issuer Rating on GLP J-REIT

Jan. 22, 2026

JCR Affirmed A Long-term Issuer Rating on SEIREN; Revised Outlook to Positive

JCR Affirmed A+ Rating on Bonds of FUJI ELECTRIC

ALL Industry, The Juhachi-Shinwa Bank: Second Opinion on Positive Impact Finance

Mizota Sekkeijimusho, THE BANK OF FUKUOKA: Second Opinion on Positive Impact Finance

Jan. 21, 2026

Merger between DREAM Private REIT and DREAM Hospitality REIT was Announced-Limited Impact on Rating on DREAM Private REIT

JCR Placed Rating on DREAM Hospitality REIT under Credit Monitor #A/Positive

JCR Affirmed AA/Stable and J-1+ on Sekisui House

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

JCR Affirmed AAA/Stable Long-term Issuer Rating on African Development Bank; Assigned AAA to Bonds

SoftBank: Reviewed Sustainability Bond Framework Evaluation: SU 1(F)

Jan. 20, 2026

JCR Assigned A-/Stable Long-term Issuer Rating to Premium Group

JCR Upgraded Long-term Issuer Rating on Chuo Warehouse to A-/Stable

JCR Affirmed A Long-term Issuer Rating on FIRST BANK OF TOYAMA; Revised Outlook to Positive

JCR Affirmed A+/Stable and J-1 on HIKARI TSUSHIN

JCR Affirmed A/Stable Long-term Issuer Rating on Maruzen Showa Unyu

JCR Assigned AA+ Rating to Bonds of Kansai Electric Power

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 26-01

Hamagin Finance, The Bank of Yokohama: Second Opinion on Positive Impact Finance

Jan. 19, 2026

JCR Affirmed AA/Stable Long-term Issuer Rating on ORIENTAL LAND

JCR Affirmed AA-/Stable and J-1+ on Mitsui Chemicals

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

JCR Assigned A+ Rating to Subordinated Loan of Marubeni

JCR Assigned BBB+ to Jointly Operated Designated Money Trust MF1

Japan: Reviewed Climate Transition Bond Framework Evaluation: Green 1(T)(F)

Japan: Assigned Climate Transition Bond Preliminary Evaluation: Green 1(T)

Jan. 16, 2026

JCR Assigned AA-/Stable (FC/LC) to Mapletree Industrial Trust

JCR Upgraded Rating on AISAN INDUSTRY from A-/Positive to A/Stable

JCR Downgraded Long-term Issuer Rating on ROHM to A+/Stable

JCR Removed Credit Monitor; Upgraded Rating on SBI Sumishin Net Bank to AA+; Placed Stable

JCR Affirmed AA-/Stable Long-term Issuer Rating on Fukuoka Kogyo Daigaku

JCR Affirmed AA+/Stable Long-term Issuer Rating on DOCOMO Finance

JCR Assigned A+ Rating to Bonds of ISUZU MOTORS

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Assigned AAA Rating to Bonds of NTT FINANCE

JCR Assigned AA- Rating to Bonds of Credit Saison

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

Jan. 15, 2026

JCR Affirmed A+/Negative Long-term Issuer Rating on LIXIL

JCR Affirmed A-/Stable Long-term Issuer Rating on Nippon Paper Industries

JCR Affirmed A/Stable and J-1 on SUMCO

JCR Affirmed AA/Stable Long-term Issuer Rating on Toyo University

JCR Assigned AA Rating to Bonds of Sumitomo Mitsui Trust Bank

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

JCR Assigned AAA Rating to Bonds of Japan Student Services Organization

Results of Review of Structured Finance Products (Exclud-ing Those to Which Credit Ratings Are Assigned) December 2025

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

Jan. 14, 2026

JCR Affirmed A+/Stable and J-1 on ISUZU MOTORS

JCR Assigned AA+ Rating to Bonds of Kansai Electric Power

JCR Assigned AA Rating to Bonds of Sumitomo Mitsui Finance and Leasing

[ Asset Securitization Products ] JCR Affirmed J-1+ on 2nd Trust Beneficial Interest (Class A)

[ Asset Securitization Products ] JCR Assigned J-2 to 2nd Trust Beneficial Interest (Mezzanine)

SAYS, The Chiba Bank: Second Opinion on Positive Impact Finance

Jan. 13, 2026

JCR Assigned A-/Stable Long-term Issuer Rating to Meiko Electronics

JCR Affirmed A+/Stable and J-1 on DOWA HD

JCR Affirmed AAA/Stable Long-term Issuer Rating on Japan Student Services Organization

Jan. 09, 2026

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

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

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Withdraws A Long-term Issuer Rating on FUJI

JOYO CONSTRUCTION ENGINEERING., The Joyo Bank: Second Opinion on Positive Impact Finance

Jan. 08, 2026

JCR Assigned BBB+/Stable (FC/LC) to Yixin Group

JCR Assigned A-/Stable (FC/LC) to Chailease Holding and Chailease Finance

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

Jan. 07, 2026

SANKEI REAL ESTATE Announces Commencement of TOB Led by Tosei and GIC Group-JCR to Monitor Outcome and Rating Impact

KONICA MINOLTA: Second Party Opinion on Sustainability Linked Bond Framework

Jan. 06, 2026

JCR Upgraded Long-term Issuer Rating on CABEI to AA+/Stable

JCR Downgraded SPARX Biomass Green Project Bond Trust (Toki) Beneficial Interest and Trust ABL to #BBB-/Negative; Placed Rating under Credit Monitor

JCR Upgraded Nomura Trust Bank Trust Bonds no. 203 to AA-

JCR Upgraded Mirach Limited Series 1904-03, 2003-M02 and 2004-M01 to AA-

[ Asset Securitization Products ] JCR Upgraded Mirach Limited Series 1907-M02 to AA-

JCR Upgraded MASCOT II Limited Series 1501-01J to AA-