News Release

Jun. 08, 2007: Assigned J-1 to Nohara Bills Receivable ABL07-06; Assigned AA to bonds of Nippon Yusen; Assigned BBB to bonds of Softbank; Assigned A- to bonds of Keisei Electric Railway; Assigned A+ to bonds of Mitsubishi Rayon

Jun. 06, 2007: Assigned A- to bonds of Sumitomo Osaka Cement; Downgraded Goodwill to #BBB-/Negative with CM continued; Assigned A-/Stable and A+/Stable to PTT Public Company; Upgraded sr.debts of Ehime Bank to A-/Stable

Jun. 05, 2007: Assigned A-/Stable and J-1 to sr.debts and CP of Idemitsu Kosan; Assigned BBB to bonds of Showa Denko; Affirmed J-1+ on CP of HOYA; Affirmed A+/Stable on sr.debts of Bank of Nagoya; Assigned BBB/Stable to sr.debts of Jowa Holdings; Assigned preliminary BBB to shelf registration of Softbank; Affirmed J-1 on CP of Taiyo Nippon Sanso; Assigned A to bonds of Taiyo Nippon Sanso

Jun. 01, 2007: Assigned A- to bonds of Nagoya Railroad; Removed CM and Upgraded Nissan Diesel Motor to A/Stable and J-1; Affirmed BBB/Stable on sr.debts of Southern Tohoku Research Institute for Neuroscience; Assigned A to bonds of Marubeni

May. 31, 2007: Assigned J-1 to Aso Shoji Bills Receivable ABL07-05; Assigned J-1+ to Teral Kyokuto Bills Receivable ABL07-05; Assigned J-1 to Toda Kogyo Bills Receivable ABL07-05; Assigned J-1 to Molten Bills Receivable ABL07-05; Affirmed A+/Stable on sr.debts of Mitsubishi Rayon; Removed CM and affirmed A/Stable on sr.debts of Tokyo Leasing; Affirmed BBB/Stable on sr.debts of Nishikawa Rubber; Affirmed BBB+/Stable on sr.debts of Kitz

May. 30, 2007: Assigned J-1 to Hayakawa Rubber Bills Receivable ABL07-05 (2); Assigned J-1 to MoonStar Bills Receivable ABL07-05; Assigned AA to bonds of Urban Renaissance Agency

May. 29, 2007: Assigned J-1+ to Chudai Jitugyo Bills Receivable ABL07-05; Assigned J-1 to Bills Receivable ABL07-05 (B Corporation in Mie); Assigned J-1 to Osaka Steel Tube Bills Receivable ABL07-05; Affirmed BBB/Stable on senior debts of Vital-Net; Affirmed A on sr.debts of SUMCO and Revised outlook to Positive; Assigned BBB to bonds of Nankai Electric Railway; Assigned A to bonds of Denki Kagaku Kogyo; Upgraded sr.debts of Mitsubishi Estate to AA+p/Stable; Upgraded senior debts of Mitsui Fudosan to AA-p/Stable; Affirmed A-/Stable on senior debts of Hokuto; Assigned A rating to bonds of Acom

May. 28, 2007: Assigned J-1 to SEIBUKIZAI Bills Receivable ABL07-05; Assigned J-1 to healthcare fees ABL07-05 (D Hospital)

May. 25, 2007: Assigned J-1+ to MSNW Trust Certificate Series 07050; Assigned J-1 to Toyoshima Bills Receivable Certificates/ABL07-05; Affirmed A-/Stable on senior debts of Nipro

May. 24, 2007: Assigned J-1 to Bills Receivable ABL07-05 (A Corporation in Aichi); Assigned J-1 to Fuji Shokai Bills Receivable ABL07-05; Assigned AA- to bonds of Mitsubishi UFJ Lease & Finance; Affirmed BBB for Sankyo-Tateyama Holdings and Revised outlook to Negative; Assigned preliminary A- to self registration of Keihan Electric Railway

May. 23, 2007: Assigned J-1 to healthcare fees ABL07-05 (Asahikawa Sanai HP); Assigned J-1 to healthcare fees receivable ABL07-05 (C Hospital); Affirmed A-/Stable on sr.debts of Hiroshima Shinkin Bank; Assigned AAA to bonds of Development Bank of Japan

May. 22, 2007: Assigned BBB to bonds to Ube Industries; Upgraded Joint Corporation to BBB and Revised outlook to Stable; Assigned preliminary BBB- to shelf registration of Shinki; Affirmed AA- and A+ on bonds and sub.bonds of Hokkoku Bank; Affirmed A/Stable on sr.debts of Matsumotokiyoshi; Assigned AAA to bonds of Tokyo Electric Power Company; Assigned BBB+ to bonds of Tokyo Tatemono; Assigned AAA to bonds of Development Bank of Japan

May. 18, 2007: Assigned J-1 to healthcare fees receivable ABL07-05 (A Hospital); Assigned J-1 to healthcare fees ABL07-05 (Heiwa & Konbu Onsen); Assigned J-1 to healthcare fees ABL07-05 (E Hospital); Removed CM and upgraded Hankyu Realty to A-/Stable; Removed CM and Downgraded Hanshin Electric Railway to A-; Removed CM and upgraded Hankyu Hanshin Holdings to A-/Stable and J-1; Assigned preliminary A to shelf registration of Yokohama Rubber; Assigned AA- to bonds of Orix; Assigned A+ to bonds of Nippon Paper Group; Affirmed BBB for Nankai Railway and Revised Outlook to Positive; Affirmed AA+/Stable on Toa Reinsurance; Placed rating on Nosan under Credit Monitor with Positive; Withdrawn J-2 rating on CP program of Aiful

May. 17, 2007: Assigned AAA to bonds of Tokyo Electric Power Company; Assigned AAA to bonds of Tokyo Electric Power Company; Assigned AAA to bonds of Japan Bank for International Cooperation

May. 16, 2007: Assigned A to bonds of Hokuetsu Paper Mills; Upgraded sr.debts of Sundrug to A and Revised outlook to Stable

May. 15, 2007: Assigned J-1 to healthcare fees receivable ABL07-05 (B Hospital); Assigned J-1 to healthcare fees receivable ABL07-05(Tokachinomori); Assigned J-1+ to Takeda Gen. Hospital Trust Certificates 07-05; Upgraded sr.debts of Kanto Denka Kogyo to BBB/Stable; Assigned BBB- to bonds of Kohnan Shoji; Affirmed BBB/Stable on sr.debts of Japan Asia Investment; Affirmed BBB-/Stable on sr.debts of Nichiwa Sangyo; Affirmed BBB+/Stable on sr.debts of Chubu Shiryo; Affirmed BBB+/Stable on sr.debts of Nosan Corporation; Assigned A+ to bonds of Sumitomo Metal Industries; Assigned preliminary AA- to shelf of Odakyu Electric Railway

May. 14, 2007: Assigned J-1+ to JUTEC Bills Receivable ABL07-05; Assigned AA- to Series 4 Synthetic CDO; Assigned J-1 to Healthcare Fees Receivable ABL07-05 (Ishii HP); Affirmed A-/Stable on sr.debts of Bank of The Ryukyus

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