News Release

Mar. 13, 2023

[ Asset Securitization Products ] JCR Downgraded JETS International Five Limited Series 48 to A-

Mar. 10, 2023

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Southern TOHOKU Social Welfare Foundation

JCR Affirmed A-/Positive Long-term Issuer Rating on Ehime Bank

JCR Affirmed A/Stable Long-term Issuer Rating on Musashino Bank

JCR Affirmed A-/Stable (FC/LC) on Philippines

JCR Assigned AA- to Ascent Finance Limited Series 2023-1013

[ Asset Securitization Products ] JCR Downgraded Nomura Trust Bank No. 72 Unsecured Trust Bonds to A-

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Shizuoka Bank to IHI

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by MUFG Bank to Mitsubishi Steel

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to UCHINO SEISAKUSHO

JCR Reviewed Sustainability Finance Framework of ORIX Bank

JCR Assigned Green 1 to Long Term Loan Borrowed by Akasaka Diesels

Mar. 09, 2023

ASAHI KASEI Revised Earnings Forecast for FY2022 - Limited Impact on Rating

ANAHD Acquires NYK Subsidiary NCA - Limited Impact on Ratings of Both NYK and ANAHD

JCR Affirmed AA/Stable Long-term Issuer Rating on Daiwa Office Investment Corporation

JCR Assigned AA+ Rating to Bonds of Electric Power Development

JCR Assigned A+ Rating to Bonds of HASEKO

JCR Assigned BBB+ Rating to Bonds of SBI FinTech Solutions

JCR Assigned Green 1 to Bonds of Kyushu Leasing Service

JCR Assigned Green 1(F) to Green Bond Framework of OSG

Mar. 08, 2023

JCR Downgraded Long-term Issuer Rating on Nippon Paper Industries to A-/Stable

JCR Affirmed A+/Stable Long-term Issuer Rating on HASEKO

JCR Affirmed A+/Positive and J-1 on MINEBEA MITSUMI

JCR Assigned A- Rating to Bonds of Central Glass

JCR Assigned AAA Rating to Bonds of NTT TC Leasing

JCR Assigned AA Rating to Bonds of Japan Metropolitan Fund Investment Corporation

JCR Provided a Third Party Opinion to Transition Linked Loan Framework of TAIHEIYO CEMENT

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Mizuho Bank to Chuo-Nittochi Private REIT

Mar. 07, 2023

JCR Upgraded Long-term Issuer Rating on Asahi Mutual Life Insurance to A-/Stable

JCR Affirmed A/Stable Long-term Issuer Rating on Aozora Bank

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Fukui Bank

JCR Assigned A+ Rating to Bonds of Mitsubishi Chemical Group

[ Asset Securitization Products ] JCR Reviewed Beneficial Interest 202007 (Contract No. 210252), Beneficial Interest 202107 (Contract No. 210272), Beneficial Interest 202111 (Contract No. 210281), Beneficial Interest 202201 (Contract No. 210290) and Beneficial Interest 202208 (Contract No. 210299)

Mar. 06, 2023

JCR Affirmed AA/Stable Long-term Issuer Rating on Japan Freight Railway

JCR Assigned Preliminary AAA Rating to Shelf Registration of NTT FINANCE

Mar. 03, 2023

JCR Assigned AA-/Stable FC Long-term Issuer Rating to ESR Group

JCR Affirmed A+/Stable FC Long-term Issuer Rating on Aflac Incorporated
JCR Affirmed AA/Stable FC Long-term Issuer Rating on American Family Life Assurance Company of Columbus
JCR Affirmed AA/Stable Long-term Issuer Rating on Aflac Life Insurance Japan
JCR Affirmed AA/Stable FC Long-term Issuer Rating on Aflac Re Bermuda

JCR Affirmed AA+/Stable Long-term Issuer Rating on Kanagawa Prefectural Housing Supply Corporation

JCR Assigned BBB+ Rating to Bonds of Daiei Real Estate & Development

JCR Assigned A- Rating to Bonds of KPP GROUP HD

JCR Assigned A Rating to Bonds of Sumitomo Osaka Cement

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Assigned A Rating to Bonds of TOYOBO

JCR Assigned AA- Rating to Bonds of NIPPON STEEL

JCR Assigned Green 1 to Bonds of Daiei Real Estate & Development

JCR Assigned Green 1 to Long Term Loan Borrowed by Looop

JCR Assigned SU 1(F) to Sustainabile Finance Framework by Sumitomo Mitsui Finance and Leasing

Mar. 02, 2023

JCR Upgraded Long-term Issuer Rating on DAIBIRU to A+/Stable; Affirmed J-1 on CP

JCR Affirmed A-/Stable Long-term Issuer Rating on KANEMATSU

JCR Affirmed A+/Stable Long-term Issuer Rating on SUNDRUG

JCR Affirmed AA-/Stable Long-term Issuer Rating on Nissan Chemical

JCR Affirmed A+/Stable and J-1 on Pan Pacific International HD

JCR Affirmed A-/Stable and J-1 on MITSUBISHI MATERIALS

JCR Affirmed A+/Stable Long-term Issuer Rating on UCS

JCR Assigned AA- Rating to Bonds of Asahi Group HD

JCR Assigned A Rating to Subordinated Bonds of Suntory HD

JCR Assigned A+ Rating to Bonds of JA MITSUI LEASING

Mar. 01, 2023

JCR Affirmed AA/Stable Long-term Issuer Rating on Kanagawa University

JCR Affirmed AA/Stable Long-term Issuer Rating on Sompo Warranty

JCR Affirmed BB+/Stable Long-term Issuer Rating on Namura Shipbuilding

JCR Affirmed A+/Stable and J-1 on JGC HD

JCR Affirmed A+/Stable Long-term Issuer Rating on Yokogawa Electric

JCR Assigned A- Rating to Bonds of GMO internet group

JCR Assigned A+ Rating to Bonds of NSK

JCR Assigned A+ Rating to Bonds (Tier 2 with loss absorption clause) of Sumitomo Mitsui Financial Group

JCR Assigned AA- Rating to Bonds of Comforia Residential REIT

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to unus202303 Beneficial Interest for Receivables

JCR Assigned Green 1 (T)(F) and Provided a Third Party Opinion on suitability for the Sustainability-Linked Loan Principles to Transition Loans and Transition Linked Loan Framework of Japan Airlines

Feb. 28, 2023

JCR Upgraded Long-term Issuer Rating on FUJI to A/Stable

JCR Affirmed A/Stable Long-term Issuer Rating on AEON Mall

JCR Upgraded Long-term Issuer Rating on AEON KYUSHU to A/Stable; Affirmed J-1 on CP

JCR Affirmed A/Stable and J-1 on AEON Financial Service

JCR Upgraded Long-term Issuer Rating on AEON Product Finance to A/Stable; Affirmed J-1 on CP

JCR Upgraded Long-term Issuer Rating on AEON Housing Loan Service to A/Stable; Affirmed J-1 on CP

JCR Upgraded Foreign Currency Long-term Issuer Rating on AEON Thana Sinsap (Thailand) to A/Stable

JCR Affirmed A/Stable Long-term Issuer Rating on United Super Markets Holdings

JCR Affirmed BBB-/Stable Long-term Issuer Rating on HOWA BANK

JCR Affirmed AA/Stable Long-term Issuer Rating on DREAM Private REIT

JCR Assigned A+ Rating to Bonds of Orient Corporation

JCR Assigned A+ Rating to Bonds of Fuyo General Lease

JCR Assigned AA- Rating to Bonds (with no financial covenants) of Mitsubishi UFJ Financial Group

JCR Assigned Preliminary AA- Rating to Shelf Registration of NGK SPARK PLUG

[ Asset Securitization Products ] JCR Assigned AAA to obbligato 202302 Senior Beneficial Interest

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Joyo Bank to Saza Coffee Holdings

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Mizuho Bank to Ichigo

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to OBAYASHI Chemical

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Kansai Saisigen Network

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Toyoda Denken

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by THE SHIMIZU BANK to TWO-ONE PROMOTION

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by THE SHIMIZU BANK to AKIYAMA MACHINERY

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by THE SHIMIZU BANK to AONO

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by THE SHIMIZU BANK to Tsurumi Paper

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by THE SHIMIZU BANK to Toshin Shiko

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Chiba Bank to Chibayaku Groceries

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Senshu Ikeda Bank to Kahei

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Sumitomo Mitsui Trust Bank to IHI

JCR Provided a Third Party Opinion to the conformity of Kawasaki City ESG Finance Model Project with Positive Impact Finance Principle Provided by The Bank of Yokohama to KYOWA SYOKAI

JCR Provided a Third Party Opinion to the conformity of Kawasaki City ESG Finance Model Project with Positive Impact Finance Principle Provided by Kawasaki Shinkin Bank to Okamura Kenkoh

JCR Provided a Third Party Opinion on Sustainability Linked Loan Conducted by MUFG Bank to Mitsuboshi Belting

JCR Provided a Third Party Opinion on Sustainability Linked Loans Conducted by THE HOKURIKU BANK to HEIWA REAL ESTATE