News Release

Jan. 16, 2008

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

Affirmed A/Stable on senior debts of Wakkanai Shinkin Bank

Affirms AAp rating on National Australia Bank

Withdrawn J-1 rating on CP of Matsumotokiyoshi

Assigned J-1 rating to CP program of Matsumotokiyoshi Holdings

Affirmed AA-/Stable on senior debts of NGK Spark Plug

Affirmed AA-/Stable and AA- on sr.debts and bonds of Tokai Rubber Industries

Jan. 15, 2008

Assigned J-1+ to JUTEC Bills Receivable ABL08-01

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

Upgraded sr.debts of Nippon Yakin Kogyo to BBB/Stable from BBB-/Positive

Upgraded senior debts of TCM to BBB+/Stable from BBB/Stable

Affirms AA Rating on Pohjolan Voima Oy; Outlook Stable

Affirms AA Rating on Teollisuuden Voima Oyj; Outlook Stable

Assigned AA- to bonds of Orix

Assigned J-2 to CP of Pacific Management

JCR Placed rating on SBI Holdings under CM
JCR Placed rating on E*TRADE SECURITTIES under CM
JCR Placed rating on SBI Mortgage under CM

Jan. 11, 2008

Assigned J-1 to healthcare fees receivable ABL08-01 (B Hospital)

Assigned preliminary A+ to shelf of Nissan Financial Services

Assigned AA- to bonds of Odakyu Electric Railway ; Affirmed AA-/Stable

Assigned AAA to bonds of National Life Finance

Assigned AA to bonds of Bank of Tokyo-Mitsubishi UFJ

Affirmed A-/Stable on sr.debts of Chikuho Bank

Assigned preliminary A- to shelf registration of Pocket Card

Jan. 10, 2008

Assigned AAA to bonds of Tokyo Electric Power Company

Assigned AAA to bonds of Chugoku Electric Power Company

Jan. 09, 2008

Assigned J-1 to Nohara Bills Receivable ABL08-01

Affirmed J-2 on CP of Meidensha

Affirmed A-/Stable and BBB+ on sr.debts and sub.bond of Daisan Bank

Affirmed BBB for Pacific Industrial; Revised outlook to Positive

Jan. 08, 2008

Assigned preliminary A- to shelf registration of Don Quijote

Removed rating on Towa Real Estate Development from CM and upgraded to A+

Removed CM and upgraded rating on Katokichi to A+/Stable

Assigned preliminary A- to Samurai bonds of Hyundai Capital

Jan. 07, 2008

Affirmed AA/Stable and AA on sr.debts and bonds of NYK

Assigned #A/Negative to bonds of TIS

Jan. 04, 2008

Withdrawn A/Stable rating on senior debts of Matsumotokiyoshi

Assigned A/Stable to sr.debts of Matsumotokiyoshi Holdings

Assigned preliminary AAA to shelf registration of Tokyo Electric Power Company

Affirmed AAA/Stable on senior debts of Japan Broadcasting Corporation

Dec. 28, 2007

Assigned J-1+ to Teral Kyokuto Bills Receivable ABL07-12

Assigned J-1 to Hayakawa Rubber Bills Receivable ABL07-12(2)

Assigned J-1 to Toda Kogyo Bills Receivable ABL07-12

Assigned J-1 to Aso Shoji Bills Receivable ABL07-12

Assigned J-1 to Molten Bills Receivable ABL07-12

Affirmed BBB+/Stable on sr.debts of Tomato Bank

Withdrawn AA-/Stable and J-1+ on Sumitomo Mitsui Auto Service

Affirmed J-1 on CP of Nissay Leasing

Affirmed BBB/Stable on senior debts of Kanto Tsukuba Bank

Assigned J-1 to CP of MMC Diamond Finance

Assigned BBB+/Stable to senior debts of Covalent Materials Corp.

Dec. 27, 2007

Assigned J-1 to Bills Receivable ABL07-12 (Kimura)

Assigned J-1 to Nippon Tungsten Bills Receivable ABL07-12

Assigned J-1 to SEIBUKIZAI Bills Receivable ABL07-12

Assigned J-1 to Ochisangyo Bills Receivable ABL07-12-(1)(2)(3)

Assigned J-1 to MoonStar Bills Receivable ABL07-12

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

Affirmed AA-/Stable and J-1+ on sr.debts and CP of Asahi Breweries

Affirmed J-1+ on CP of Toyota Motor

JCR Affirmed AA- on EMTN of ORIX
JCR Affirmed AA- on EMTN of ORIX AUSTRALIA (SECURITIES)
JCR Affirmed AA- on EMTN of ORIX USA

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

Upgraded senior debts of Quoq to A-/Stable from BBB+/Stable

Assigned preliminary A+ to shelf registration of Hiroshima Bank

Upgraded rating on Mitsui Sugar to BBB+/Stable

Affirmed A+/Stable on Orix Life Insurance

Affirmed A+p/Stable on sr.debts of Showa Shell Sekiyu

Removed CM & upgraded Central Finance to J-1; Assigns A-/Stable to senior debts

Dec. 26, 2007

Assigned J-1 to Osaka Steel Tube Bills Receivable ABL07-12

Upgraded senior debts of Ube Industries to BBB+/Stable

JCR Affirmed A on EMTN of Marubeni
JCR Affirmed A on EMTN of Marubeni Europe
JCR Affirmed A on EMTN of Marubeni Finance Holland

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

Dec. 25, 2007

Assigned J-1+ to MSNW Trust Certificate Series 07120

Assigned J-1 to Bills Receivable ABL07-12 (B Corporation in Mie)

Assigned J-1 to Bills Receivable ABL07-12 (A Corporation in Aichi)

Assigned J-1 to Nakagawa Seitaikako Bills Receivable ABL07-12

Upgraded Isuzu Motors to A-/Stable and J-1

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

Affirmed A-/Stable and J-1 for Parco

Affirmed A on Konica Minolta; Revised outlook to Positive

Assigned A-/Stable to senior debts of J-OIL MILLS

Downgraded Bear Stearns' to AA-/Neagative

Affirmed A/Stable and J-1 on Takashimaya

Downgraded Goodwill Group to #BB and placed CM with Negative

Removed CM and upgraded Shinki to BBB-/Negative and J-2

Dec. 21, 2007

Assigned J-1 to Toyoshima Bills Receivable Certificates/ABL07-12

Assigned J-1 to healthcare fees ABL07-12 (Asahikawa Sanai HP)

Assigned J-1+ to Chudai Jitugyo Bills Receivable ABL07-12

Assigned J-1 to Fuji Shokai Bills Receivable ABL07-12

Withdrawn A+/Stable rating on senior debts of Disco Corporation

Affirmed BBB-/Stable on senior debts of Starzen

Dec. 20, 2007

Assigned J-1 to Nishiken Bills Receivable ABL ABL07-12

Affirmed A+/Stable and J-1 on Itochu

JCR Affirmed A+ on EMTN of ITOCHU
JCR Affirmed A+ on EMTN of ITOCHU International
JCR Affirmed A+ on EMTN of ITOCHU Finance (Europe)

Dec. 19, 2007

Assigned J-1 to healthcare fees receivable ABL07-12 (C Hospital)

Upgraded sr.debts of NEC Tokin to BBB+/Stable from BBB/Stable

Assigned AA to EMTN of Mitsubishi UFJ Securities

Dec. 18, 2007

Assigned J-1 to healthcare fees ABL07-12 (E Hospital)

Affirmed A/Stable and A- on sr.debts and sub.bond of Miyazaki Bank

Withdrawn preliminary A+ rating on shelf registration of Mitsubishi Rayon

Dec. 17, 2007

Assigned J-1 to Kurashiki Medical Center Trust Certificates 07-12

Assigned J-1 to healthcare fees ABL07-12 (D Hospital)