News Release

Feb. 27, 2026

JCR Affirmed AA on Long-term Issue Rating of Asagao Credit Service LLC

[ Asset Securitization Products ] JCR Affirmed A on Beneficial Interest (202502)

[ Asset Securitization Products ] JCR Assigned A+ to US real estate secured loan securitization 2026-02

JCR Withdraws BBB+ Long-term Issuer Rating on SBI FinTech Solutions

HEIWA REAL ESTATE: Assigned Sustainability Finance Framework Evaluation: SU 1(F)

FCN, The Joyo Bank: Second Party Opinion on Sustainability Linked Loan

EIWAT, The Senshu Ikeda Bank: Second Opinion on Positive Impact Finance

Precious, THE SAITAMAKEN SHINKIN BANK: Second Opinion on Positive Impact Finance

Chinrai Sohonten, THE SAITAMAKEN SHINKIN BANK: Second Opinion on Positive Impact Finance

SHUWA, San ju San Bank: Second Opinion on Positive Impact Finance

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

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

Kagawa Electric Power Company, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

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

Sublimation, The Tama Shinkin Bank: Second Opinion on Positive Impact Finance

Seibo Maria Gakuen, Hachijuni Nagano Bank: Second Opinion on Positive Impact Finance

R studio, Hamamatsu Iwata Shinkin Bank: Second Opinion on Positive Impact Finance

EC-SELVICE, The Hiroshima Bank: Second Opinion on Positive Impact Finance

Minami Holdings, The Hokuriku Bank: Second Opinion on Positive Impact Finance

Feb. 26, 2026

Rakuten Group Resumes Discussion on FinTech Business Reorganization - Will Watch the Group Structure After Restructuring

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

JCR Affirmed A/Stable Long-term Issuer Rating on AEON Mall

JCR Affirmed A/Stable and J-1 on AEON KYUSHU

JCR Affirmed A/Stable and J-1 on AEON Financial Service

JCR Affirmed A/Stable and J-1 on AEON Housing Loan Service

JCR Assigned AA- Rating to Bonds of Fuyo General Lease

JCR Assigned AA- to SPIRE SA Series 2026-90

Feb. 25, 2026

JCR Assigned A-/Stable Long-term Issuer Rating to Suruga Bank

JCR Affirmed AA/Stable Long-term Issuer Rating on Mitsubishi Estate Logistics REIT Investment Corporation

JCR Assigned A+ Rating to Bonds of Tokyu Fudosan HD

JCR Assigned Preliminary AA Rating to Shelf Registration of Tokyo Century

[ Asset Securitization Products ] JCR Assigned Preliminary A+ to US real estate secured loan securitization 2026-03

Fujimak: Assigned Green Loan Framework Evaluation: Green 1(F)

YOKOHAMA MINATOMIRAI RAILWAY: Evaluation of Conformity of Long term Loan and Bonds no. 12 to Green Finance Framework

Feb. 24, 2026

JCR Upgraded Long-term Issuer Rating on Pan Pacific International HD to AA-/Stable

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

JCR Assigned BBB Rating to Subordinated Loan of ZENSHO HD

Sankyo Tateyama: Post-execution Verification Report on Sustainability Linked Loan

Feb. 20, 2026

JCR Affirmed A+/Stable and J-1 on Sumitomo Bakelite

JCR Affirmed A/Stable and J-1 on TOYOBO

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

JCR Assigned A Rating to Bonds of Tokyo Tatemono

JCR Assigned A Rating to Bonds of TEPCO Renewable Power

JCR Assigned AA- Rating to Bonds of TOYODA GOSEI

JCR Assigned AA Rating to Bonds of Mitsubishi HC Capital

JCR Assigned A Rating to Bonds (Tier 1 with loss absorption clause) of Shoko Chukin Bank

[ Asset Securitization Products ] JCR Assigned J-1 to Class B Specified Loan Program (No.100055)

Asagiri, THE SHIMIZU BANK: Second Opinion on Positive Impact Finance

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

Kagawa Eco Recycle, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Feb. 19, 2026

JCR Upgraded Long-term Issuer Rating on Asahi Mutual Life Insurance to A/Stable

JCR Affirmed AA-/Stable and J-1+ on Fuyo General Lease and Sharp Finance

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

JCR Affirmed A-/Stable Long-term Issuer Rating on Nippon Hotel & Residential Investment Corporation

JCR Assigned A Rating to Bonds of Kobe Steel

JCR Assigned A- Rating to Bonds (Tier 1 with loss absorption clause) of Nomura HD

JCR Assigned A+ Rating to Bonds of Hoshino Resorts REIT

Change in CP Maximum Amount of Sumitomo Metal Mining; Affirmed J-1+

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 26-02

JCR Assigned AA to Oxygen Capital Limited Series 183-4

KISHIKAWA SEISAKUSHO, The Juhachi-Shinwa Bank: Second Opinion on Positive Impact Finance

Feb. 18, 2026

AIR WATER Releases the Investigation Report of the Special Investigating Committee, Revised Financial Forecast, Etc. - Limited Impact on the Rating, but Future Developments to Be Closely Watched

JCR Upgraded Long-term Issuer Rating on MEIDENSHA to A/Stable; Affirmed J-1 on CP

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

JCR Affirmed AA/Stable Long-term Issuer Rating on Japan Metropolitan Fund Investment Corporation

JCR Assigned Preliminary A+ Rating to Shelf Registration of SUGI HD

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

[ Asset Securitization Products ] JCR Assigned BBB- to SPIRE SA Series 2026-240

JCR Withdraws BBB+ Long-term Issuer Rating on PACIFIC INDUSTRIAL

Meiji Holdings, Sumitomo Mitsui Trust Bank: Second Opinion on Positive Impact Finance

Feb. 17, 2026

DyDo GROUP HD Recognized Impairment Loss - Will Watch the Performance Trend of Domestic Beverage Business

TAKARA HD Announces Commencement of A Tender Offer for Shares of TAKARA BIO - Limited Impact on TAKARA HD's Rating

JCR Placed Rating on TAKARA BIO under Credit Monitor #A/Positive

JCR Upgraded Long-term Issuer Rating on Nojima to A/Stable; Affirmed J-1

JCR Affirmed AA-/Stable Long-term Issuer Rating on Sumitomo Warehouse

JCR Affirmed AA/Stable and J-1+ on Sumitomo Electric Industries

JCR Affirmed AA-/Stable Long-term Issuer Rating on DHLCF GK

JCR Assigned AAA Rating to Bonds of NTT TC Leasing

Feb. 16, 2026

KOHNAN SHOJI Commences A Tender Offer for Alleanza HD - No Immediate Impact on the Rating

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

JCR Affirmed BBB/Stable FC Long-term Issuer Rating on Indomarco Prismatama

JCR Affirmed A+/Stable FC Long-term Issuer Rating on Marubeni Equipment Finance (Oceania)

JCR Affirmed AA/Stable Long-term Issuer Rating on KDX Realty Investment Corporation

JCR Assigned AA to SPIRE SA Series 2026-244

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Beneficial Interest 202603 (Contract No. 93-08006)

DaisenUnyu, Aomori Michinoku Bank: Second Opinion on Positive Impact Finance

Feb. 13, 2026

THK Posts Net Loss - No Immediate Impact on the Rating

JCR Affirmed A+/Stable Long-term Issuer Rating on Kyoritsu Women's Educational Institution

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

JCR Affirmed AAA/Stable (FC/LC) on Denmark

JCR Affirmed BBB+/Stable (FC/LC) on Export-Import Bank of India

JCR Affirmed A+/Stable FC Long-term Issuer Rating on Malayan Banking

JCR Affirmed A-/Stable FC Long-term Issuer Rating on Far East Horizon

JCR Assigned AA+ Rating to Bonds of Kansai Electric Power

Change in CP Maximum Amount of Yanmar HD; Affirmed J-1

JCR Assigned A+ to SPIRE SA Series 2026-81

Ichigo: Second Party Opinion on Sustainability Linked Loan Framework

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

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

SANU, The Hokkoku Bank: Second Opinion on Positive Impact Finance