News Release

Nov. 04, 2008

Affirmed BBB+/Stable on senior debts of Yamazen

Affirmed AA- on EMTN of Mitsubishi UFJ Lease & Finance

Affirmed A/Stable on senior debts of Noritake

Oct. 31, 2008

Assigned J-1+ to Teral Kyokuto Bills Receivable ABL08-10

Assigned J-1 to Molten Bills Receivable ABL08-10

Assigned J-1 to Toda Kogyo Bills Receivable ABL08-10

Affirmed AAA/Stable on Tokio Marine Financial Solutions

Downgraded senior debts of Sendai Bank to BBB/Stable

Downgraded sr.debts of Nishimatsu Construction to A-p/Stable

Downgraded rating on Belluna to BBB/Negative from BBB+/Stable

Affirmed J-1 on CP of UC Card

Oct. 30, 2008

Assigned J-1 to Nippon Tungsten Bills Receivable ABL08-10

Assigned J-1 to Aso Shoji Bills Receivable ABL08-10

Removed CM; Downgraded ratings on TIS to A-

Assigned A-/Stable to sr.debts of IT Holdings Corporation

Assigned preliminary A rating to shelf of Ogaki Kyoritsu Bank

JCR Removed CM; Upgraded ratings on Intec Holdings to A-
JCR Removed CM; Upgraded ratings on Intec to A-

Affirmed J-2 on CP of Kokusai Pulp & Paper

Affirmed A-/Stable on senior debts of Shizuoka Shinkin Bank

Oct. 29, 2008

Assigned J-1 to Bills Receivable ABL08-10 (B Corporation in Mie)

Assigned J-1 to Osaka Steel Tube Bills Receivable ABL08-10

Affirmed A+/Stable on senior debts of Obayashi

Affirmed A-/Stable and J-1 on sr.debts and CP of Daiichikosho

Affirmed A+p/Stable on senior debts of Shimizu Corp.

Withdrawn D rating on CP Program of Credia

Affirmed BBB+/Stable on senior debts of Tohoku Bank

Assigned AA to bonds of URA

JCR Downgraded rating on Nikko city holdings to #A+ ;Maintains Credit Monitor
JCR Downgraded rating on Nikko Cordial Securities to #A+ ;Maintains Credit Monitor
JCR Downgraded rating on NikkoCiti Trust and Banking to #A+ ;Maintains Credit Monitor

Affirmed AA+/Stable and J-1+ on sr.debts and CP of NTT Data

Oct. 28, 2008

Assigned J-1 to SEIBUKIZAI Bills Receivable ABL08-10

Affirmed A+/Stable on senior debts of Akita Bank

Affirmed A+/Positive on sr.debts of Yamada Denki

Assigned A+ to sr.debts of Nippon Steel Logistics; Affirmed J-1

JCR Downgraded rating on Nomura Holdings to AA-; Removed rating from CM
JCR Downgraded rating on Nomura Securities to AA-,A+; Removed rating from CM
JCR Removed Credit Monitor; Affirmed AA- on Nomura Trust and Banking
JCR Downgraded rating on Nomura Europe Finance to AA-; Removed rating from CM
JCR Downgraded rating on Nomura Global Funding to AA-; Removed rating from CM
JCR Downgraded rating on Nomura Bank International to AA-; Removed rating from CM

Oct. 27, 2008

Assigned J-1 to Bills Receivable ABL08-10 (A Corporation in Aichi)

Assigned J-1 to Nakagawa Seitaikako Bills Receivable ABL08-10

Assigned J-1+ to MSNW Trust Certificate Series 08100

Affirmed A/Stable and J-1 on Fuyo General Lease

Assigned BBB/Stable and J-2 to sr.debts and CP of DYNAM

Affirmed BBB+/Stable and J-2 on Yasuda Real Estate

Affirmed A-/Stable on senior debts of Fukuyama Transporting

Oct. 24, 2008

Assigned J-1 to Toyoshima Bills Receivable ABL08-10

Affirmed A-/Stable on senior debts of Sumitomo Osaka Cement

Affirms A Ratings on Renault's FC and Samurai Bonds

Affirmed A+/Stable and J-1+ on Hiroshima Bank

Downgraded ES-CON Japan to BB+/Negative, BB and J-3

Oct. 23, 2008

Assigned J-1 to Fuji Shokai Bills Receivable ABL08-10

Affirmed J-1+ on CP of Sompo Japan Insurance

Affirmed AAA/Stable on senior debts of Tokyo Metro

Downgraded rating on Gifu Bank from BBB/Negative to BBB-/Stable

Oct. 22, 2008

Assigned J-1 to healthcare fees ABL08-10 (D Hospital)

Assigned J-1 to healthcare fees receivable ABL08-10 (C Hospital)

Assigned J-1 to healthcare fees ABL08-10 (Asahikawa Sanai HP)

Affirmed BBB-/Stable on Japan Airlines Corporation

Affirmed BBB+/Stable on senior debts of TOA

Affirmed BBB-/Stable on senior debts of Gyokushoukai

Affirmed BBB+/Stable and J-2 on senior debts and CP of Hanwa

Affirmed A-/Stable and J-1 on All Nippon Airways

Affirmed BBB-/Stable on Japan Airlines International

Oct. 21, 2008

Assigned preliminary A to BK001 secured loan

Withdrawn A/Stable rating on sr.debts of Toyama Chemical

Revises Rating Outlook of IBK to Stable

Affirmed BBB- on Tekken; Revised outlook to Stable

Affirmed J-2 on CP of Tsubakimoto Kogyo

Revises Rating Outlook of KDB to Stable

Revises Rating Outlook of Daejeon Metropolitan City to Stable

Revises Rating Outlook of Korea Electric Power to Stable

Placed the ratings on NBH under Credit Monitor

Revises rating outlook of Kookmin Bank to Stable

Oct. 20, 2008

Assigned J-1 to healthcare fees ABL08-10 (F Hospital)

Assigned J-1 to Kurashiki Medical Center Trust Certificates 08-10

Affirmed AA-/Stable and J-1+ on Sumitomo Chemical

Revises Rating Outlook of Korea to Stable

JCR Affirmed AA- on EMTN of Sumitomo Chemical
JCR Affirmed AA- on EMTN of Sumitomo Chemical (U.K.)
JCR Affirmed AA- on EMTN of Sumitomo Chemical Capital America

Oct. 17, 2008

JCR Affirmed A+ on Daiwa Securities Group; Revised outlook to Stable
JCR Affirmed A+ on Daiwa Securities; Revised outlook to Stable

Oct. 16, 2008

Assigned J-1 to healthcare fees ABL08-10 (E Hospital)

Assigned J-1 to dispensing fees ABL08-10 (sun-kur Corporation)

Assigned J-1+ to Takeda Gen. Hospital Trust Certificates 08-10

Assigned J-1 to healthcare fees receivable ABL08-10 (Shuyukai)

Affirmed A+/Stable on sr.debts of Kyoei Fire & Marine Insurance

Affirmed BBB+/Stable and J-2 on sr.debts and CP of Ube Industries

Affirmed J-1 on CP of SMBC Finance Service

Affirmed A/Stable on senior debts of Denki Kagaku Kogyo

Affirmed BBB+/Stable and J-2 on sr.debts and CP of Shinsho

Affirmed AA-/Stable on senior debts of Toyota Tsusho

Oct. 15, 2008

Assigned J-1 to healthcare fees receivable ABL08-10 (A Hospital)

Oct. 14, 2008

Assigned J-1 to healthcare fees receivable ABL08-10 (B Hospital)

Assigned J-1 to healthcare fees receivable ABL08-10 (Kyowakai)

Affirmed A+/Stable and J-1 on sr.debts and CP of Ito En

Affirmed A/Stable and J-1 on sr.debts and CP of Nichirei

Assigned preliminary BBB+ to shelf of Nippon Sheet Glass

Affirmed BBB+/Stable and J-2 on sr.debts and CP of Toho Zinc

Affirmed AA-/Stable, AA- and J-1+ rating on Ricoh Leasing

Affirmed AA-/Stable and J-1+ on Tokyo Electron

Downgraded rating on Best Denki to BB+/Stable from BBB-/Negative

Affirmed BBB-/Stable on Marubeni Construction Material Lease

Assigned AA-/Stable to sr.debts of Sony Bank

Oct. 10, 2008

Placed rating on Series 4 Synthetic CDO under CM Negative

Affirmed BBB/Stable and BBB on sr.debts and bonds of Nihon Chouzai

Affirmed AA- on EMTN of Sumitomo Mitsui Finance and Leasing