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Oct. 31, 2025: Mizuho Bank: Second Party Opinion on Mizuho Avoid Emissions Impact Finance Framework; Mifunekyoei, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; Loop, Aomori Michinoku Bank: Second Opinion on Positive Impact Finance; shibuyashoji, The Juhachi-Shinwa Bank: Second Opinion on Positive Impact Finance; SHINMIRAI, The Hokkoku Bank: Second Opinion on Positive Impact Finance

Oct. 30, 2025: DAIWA HOUSE INDUSTRY Announces Tender Offer to Make SUMITOMO DENSETSU a Wholly Owned Subsidiary—Confirming Performance and Financial Direction to Reflect in Rating; Sumitomo Electric Industries Announces Tender Offer for Sumitomo Riko—No Immediate Impact on Rating; JCR Placed Rating on Sumitomo Riko under Credit Monitor #A/Positive and #J-1/Positive; NEC Acquires Software Company for Telecom/Broadband Operators - No Immediate Impact on Rating; Central Japan Railway Announces Approximately 4 Trillion Yen Increase in Total Construction Cost for Chuo Shinkansen—No Immediate Impact on Rating, but Construction Process Needs to be Monitored; JCR Affirmed A/Stable Long-term Issuer Rating on Daiwa Hotel Private Investment Corporation; JCR Assigned A+ Rating to Bonds of HIKARI TSUSHIN; JA MITSUI LEASING: Reviewed Green Finance Framework Evaluation: Green 1(F), Second Party Opinion on Sustainability Linked Finance Framework; Hulic: Post-issuance Verification Report on Sustainability Linked Bond (Bonds no. 10); YAMATE-SIGN, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Oct. 29, 2025: JCR Assigned A/Stable (FC/LC) to Gulf Development; JCR Upgraded Long-term Issuer Rating on IHI to A/Positive; Affirmed J-1 on CP; JCR Affirmed A Long-term Issuer Rating on Kawasaki Heavy Industries; Revised Outlook to Positive; JCR Affirmed A/Stable FC Long-term Issuer Rating on CPF (Thailand); JCR Affirmed A/Stable and J-1 on NEC Capital Solutions; JCR Affirmed AA/Stable Long-term Issuer Rating on Mitsui Fudosan Private REIT; Fuyo General Lease: Post-issuance Verification Report on Sustainability Linked Bond

Oct. 28, 2025: TAIHEIYO CEMENT Acquires U.S. Vulcan's Ready-Mixed Concrete Business Assets, etc. - Limited Impact on Rating; JCR Assigned J-1 Short-term Issuer Rating to Aozora Bank; JCR Affirmed A/Stable Long-term Issuer Rating on Open Up Group; JCR Affirmed BBB/Stable and J-2 on Taiyo Oil; JCR Affirmed AA+/Stable Long-term Issuer Rating on JAPAN POST HD; JCR Affirmed AA/Stable Long-term Issuer Rating on JAPAN POST INSURANCE; JCR Affirmed A/Stable Long-term Issuer Rating on Aichi Financial Group and Aichi Bank; JCR Assigned Preliminary A Rating to Shelf Registration of SoftBank Group; JCR Assigned A to SPIRE SA Series 2025-508

Oct. 27, 2025: JCR Assigned AA- to SPIRE SA Series 2025-415; JCR Assigned AA- to SPIRE SA Series 2025-93; [ Asset Securitization Products ] JCR Assigned Preliminary AAA to Senior Beneficial Interest/ABL of Senior Beneficial Interest 202511 (Contract No. 93-08004); Nippon Chuo Koutsu, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Oct. 24, 2025: Fuyo General Lease Revised Earnings Forecasts Downward Due to Losses from Renewable Energy Projects—Limited Impact on Rating; JCR Affirmed BBB+/Stable Long-term Issuer Rating on IDOM; JCR Affirmed BBB/Stable Long-term Issuer Rating on AIRTECH JAPAN; JCR Affirmed BBB/Stable and J-2 on Mitsubishi Paper Mills; JCR Assigned BBB+ Rating to Bonds of Ichigo; JCR Assigned AA Rating to Bonds of Marubeni; JCR Assigned AA Rating to Bonds of Tokyo Century; JCR Assigned Preliminary AA- Rating to Shelf Registration of Mitsui Chemicals

Oct. 23, 2025: JCR Upgraded Long-term Issuer Rating on TSUBAKIMOTO CHAIN to A+/Stable; Affirmed J-1 on CP; JCR Affirmed AA/Stable Long-term Issuer Rating on ASAHI KASEI; JCR Affirmed A/Stable and J-1 on GUNZE; JCR Affirmed A+/Stable FC Long-term Issuer Rating on GAW Capital Partners; JCR Affirmed A- on JRE Mega Solar Project Bond Trust 1 Class A Beneficial Interest and Class A Trust ABL; JCR Affirmed A on JRE Mega Solar Project Bond Trust 1 Class B Beneficial Interest and Class B Trust ABL; JCR Affirmed BBB+ on JRE Mega Solar Project Bond Trust 1 Class C Beneficial Interest; JCR Affirmed A on JRE Mega Solar Project Bond Trust 2 Beneficial Interest

Oct. 22, 2025: JCR Affirmed A-/Stable and J-1 on KPP GROUP HD; JCR Affirmed J-2 Rating on CP of TOKYO ELECTRON DEVICE; JCR Affirmed BBB+/Stable Long-term Issuer Rating on WARABEYA NICHIYO HD; JCR Affirmed A+/Stable Long-term Issuer Rating on SHIMIZU PRIVATE REIT; JCR Assigned AAA Rating to Bonds of Japan Student Services Organization; [ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (Seiwakai Medical Corporation, Ishii Hospital)

Oct. 21, 2025: SoftBank Group to Issue Hybrid Securities - Equity Content at "Medium" or "50" (Against 100 of a Stock); JCR Affirmed A- and J-1 on ZENSHO HD; Revised Outlook to Positive; JCR Affirmed A-/Stable Long-term Issuer Rating on SEIKA; JCR Affirmed A+/Stable Long-term Issuer Rating on METAWATER; JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 25-10; Japan: Assigned Climate Transition Bond Evaluation: Green 1(T)

Oct. 20, 2025: JCR Upgraded Long-term Issuer Rating on JX Advanced Metals to A+/Stable; Affirmed J-1 on CP

Oct. 17, 2025: JCR Assigned A/Stable FC Long-term Issuer Rating to Bank of Ayudhya; JCR Affirmed AA-/Stable Long-term Issuer Rating on Kimitsu Cooperative Thermal Power Company; JCR Affirmed AA/Stable Long-term Issuer Rating on Sanyo Special Steel; Withdraws J-1+ Rating on CP; JCR Affirmed A/Stable Long-term Issuer Rating on Hiroshima Shinkin Bank; JCR Affirmed A+/Stable FC Long-term Issuer Rating on Bank of East Asia; JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Mitsubishi UFJ Financial Group; JCR Assigned AA- Rating to Bonds of JFE HD; JCR Assigned A Rating to Bonds of Nankai Electric Railway; JCR Assigned A Rating to Bonds of Nisshin OilliO Group; JCR Assigned A+ Rating to Bonds of HIKARI TSUSHIN; JCR Assigned BBB Rating to Undated Subordinated Bonds of Rakuten Group; JCR Assigned AA Rating to Bonds of Mitsubishi HC Capital; JCR Assigned AAA Rating to Bonds of Metropolitan Expressway; JCR Assigned A- to SPIRE SA Series 2025-74; Hoshino Resorts REIT: Second Party Opinion on Sustainability Linked Finance Framework; IZUMI CARS・TRANSPORT, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Oct. 16, 2025: JCR Affirmed BBB+/Stable and J-2 on DAIHO; JCR Affirmed A/Stable and J-1 on Tokyo Electric Power Company HD and A/Stable on TEPCO Power Grid, TEPCO Renewable Power and TEPCO Energy Partner; JCR Affirmed A/Stable and J-1 on Nankai Electric Railway; JCR Affirmed AAA/Stable (FC/LC) on Germany; JCR Affirmed A+/Stable Long-term Issuer Rating on Ichigo Office REIT Investment Corporation; JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Mizuho Financial Group; Ishikawa Prefecture: Assigned Sustainability Bond Framework Evaluation: SU 1(F)

Oct. 15, 2025: JCR Affirmed A/Stable Long-term Issuer Rating on TSUKISHIMA HD; JCR Affirmed A/Stable Long-term Issuer Rating on JAPAN NUCLEAR FUEL; JCR Affirmed AA+/Stable and J-1+ on Mitsubishi Estate; JCR Affirmed A-/Stable Long-term Issuer Rating on Procrea HD and Aomori Michinoku Bank; JCR Affirmed AA-/Stable Long-term Issuer Rating on MUFG Private REIT; JCR Assigned AA- Rating to Bonds of RICOH LEASING; Hiranoya, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; VALOR HOLDINGS, The Norinchukin Bank: Second Opinion on Positive Impact Finance

Oct. 14, 2025: JA MITSUI LEASING's U.S. Subsidiary Holds Substantial Factoring Receivables Related to Bankrupt Company - No Impact on Rating, but JCR Will Watch Future Developments; JCR Affirmed A+/Stable and J-1 on SUMITOMO CHEMICAL; JCR Affirmed A-/Stable Long-term Issuer Rating on Mazda Motor; JCR Affirmed A-/Stable and J-1 on Mazda Credit; JCR Assigned Preliminary A- Rating to Shelf Registration of HEIWA REAL ESTATE

Release Information: News Release; Issuer Reports; Reports relating to Issuer; JCR News