News Release

Jan. 12, 2024: JCR Affirmed AA-/Stable Long-term Issuer Rating on Fukuoka Kogyo Daigaku; Change in CP Maximum Amount of UACJ; Affirmed J-2; JCR Affirmed A+/Stable Long-term Issuer Rating on HEKIKAI SHINKIN BANK; JCR Affirmed AAA/Stable (FC/LC) on France; JCR Assigned AAA Rating to Bonds of Development Bank of Japan; JCR Assigned BBB+ Rating to Bonds of REC; JCR Assigned J-1 to eDirect Trust N3; JCR Withdraws J-1 Rating on CP of DAIKEN

Jan. 11, 2024: JCR Upgraded Long-term Issuer Rating on NTT UD REIT Investment Corporation to AA/Stable; JCR Upgraded Long-term Issuer Rating on Star Asia Investment Corporation to A+/Stable; JCR Affirmed A/Stable and J-1 on Sumitomo Osaka Cement; JCR Affirmed BBB/Stable FC Long-term Issuer Rating on Indomarco Prismatama; Results of Review of Structured Finance Products (Excluding Those to Which Credit Ratings Are Assigned) December 2023; JCR Assigned Green 1(F) to Green Finance Framework of GK NSIP2023; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Hiroshima Bank to TODA KOGYO

Jan. 10, 2024: JCR assigned Green 1 to Long-term Loan of Dai-ichi Life Diversified REIT; JCR assigned Green 1(F) to Green Loan Framework of Dai-ichi Life Diversified REIT

Dec. 29, 2023: JCR Affirmed BBB/Stable Long-term Issuer Rating on FTGroup; JCR Affirmed A/Stable and J-1 on UBE; JCR Assigned Preliminary A+ Rating to Shelf Registration of ES-CON JAPAN; [ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (Ginnankai); JCR Provided a Second Opinion to Positive Impact Finance Provided by THE SHIMIZU BANK to YAGUCHI KANKYO KENZAI; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to NEWREGISTON; JCR Withdraws #J-2/Negative Rating on CP of CMIC HD

Dec. 28, 2023: JCR Upgraded Long-term Issuer Rating on FUJI ELECTRIC to A+/Stable; JCR Affirmed BBB+/Stable Long-term Issuer Rating on BELLUNA; JCR Affirmed A+/Negative Long-term Issuer Rating on AKITA BANK; JCR Affirmed BBB+/Stable Long-term Issuer Rating on DAITO BANK; [ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL 23-12; [ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 23-12 (D Hospital); [ Asset Securitization Products ] JCR Assigned J-1+ to Hokuriku Bank A Corporation Bills & Electronically Recorded Receivables ABL 23-12; JCR Assigned AA- to Securitization of Leases Receivable from SB 202312; JCR Assigned AA- to Securitization of Loans Receivable from SB 202312; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Saitoh Iron Works; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Tohoku Miyoshi Industry; JCR Provided a Second Opinion to Positive Impact Finance Provided by THE SHIMIZU BANK to Toshin

Dec. 27, 2023: Administrative Action Taken Against Major Non-life Insurers for Premium Adjustment—No Immediate Impact on Rating; JCR Upgraded Long-term Issuer Rating on Kiyo Bank to A+/Stable; JCR Affirmed A-/Stable Long-term Issuer Rating on J-OIL MILLS; JCR Affirmed AA/Positive and J-1+ on Tokyo Electron; JCR Affirmed A/Stable and J-1 on Japan Pulp & Paper; JCR Affirmed AAA/Stable (FC/LC) on Japan; JCR Affirmed BBB+/Stable (FC/LC) on India; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to TAITSU; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to SAN-EKI; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Z-LABO; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Bank of Kyoto to Meiwa BM; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Bank of Yokohama to Microbubble Japan

Dec. 26, 2023: JCR Downgraded Long-term Issuer Rating on ARAKAWA CHEMICAL INDUSTRIES to BBB+/Stable; JCR Upgraded Long-term Issuer Rating on AIFUL to A-/Stable; JCR Affirmed A- Long-term Issuer Rating on SEIBU HD; Revised Outlook to Positive; JCR Affirmed AAA/Stable Long-term Issuer Rating on National University Corporation Osaka University; JCR Affirmed AAA/Stable Long-term Issuer Rating on Tokyo Metro; JCR Affirmed BBB/Stable Long-term Issuer Rating on Toyo Logistics; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Kumamoto Bank to KUMAMOTOYAMAHA; JCR Provided a Second Opinion to Positive Impact Finance Provided by HAMAMATSU IWATA SHINKIN BANK to hiramatsu-kenchiku; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Forseasons

Dec. 25, 2023: JCR Affirmed AA-/Stable Long-term Issuer Rating on Nomura HD and Nomura Securities; JCR Affirmed AA-/Stable Long-term Issuer Rating on Nomura Trust and Banking; JCR Affirmed A+/Stable Long-term Issuer Rating on Daiwa Securities Group and Daiwa Securities; JCR Affirmed A-/Stable Long-term Issuer Rating on DAIDO FIRE & MARINE INSURANCE; JCR Affirmed AA/Stable Long-term Issuer Rating on GLP J-REIT; JCR Assigned A- Rating to SPIRE SA Series 2023-405; JCR Assigned Green 1(F) to Green Finance Framework of SALA CORPORATION; JCR Provided a Second Opinion to Positive Impact Finance Provided by 33 Bank to Shiohama Unso; JCR Provided a Second Opinion to Positive Impact Finance Provided by 33 Bank to Tengen Industry; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Cook Foods; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to shouseikai; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to SUMAIS; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to NAGASONO; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Hachijuni Bank to Shin-Etsu Electric Wire