News Release

Dec. 28, 2022: JCR Provided a Third Party Opinion to Positive Impact Finance Provided by THE SHIMIZU BANK to DaieiKogyo; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by THE SHIMIZU BANK to SS-Tecna; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Ashikaga Bank to KIKUCHI GEAR; JCR Provided a Third Party Opinion on Sustainability Linked Loans Conducted by North Pacific Bank to HEIWA REAL ESTATE; JCR Assigned Green 1(F) to Green Finance Framework of Keiyo Gas

Dec. 27, 2022: JCR Affirmed A- Long-term Issuer Rating on ARAKAWA CHEMICAL INDUSTRIES; Revised Outlook to Negative; JCR Downgraded Long-term Issuer Rating on Jimoto HD to BBB-/Stable
JCR Affirmed BBB-/Stable Long-term Issuer Rating on Kirayaka Bank
JCR Downgraded Long-term Issuer Rating on SENDAI BANK to BBB-/Stable; JCR Affirmed A/Stable and J-1 on UBE; JCR Affirmed A-/Stable Long-term Issuer Rating on J-OIL MILLS; JCR Affirmed AA-/Stable Long-term Issuer Rating on DISCO

Dec. 26, 2022: JCR Affirmed AA/Stable and J-1+ on Keio; JCR Affirmed AA-/Stable and J-1+ on TOKYU; JCR Affirmed BBB/Stable Long-term Issuer Rating on Toyo Logistics; JCR Affirmed BBB+/Stable FC Long-term Issuer Rating on Indofood CBP Sukses Makmur; JCR Affirmed A+/Stable Long-term Issuer Rating on HEKIKAI SHINKIN BANK; JCR Affirmed AA-/Stable Long-term Issuer Rating on Kenedix Retail REIT; [ Asset Securitization Products ] JCR Affirmed BB+ on Beneficial Interest 20-07; JCR Provided a Third Party Opinion on Sustainability Linked Loans Conducted by The Norinchukin Bank to Kyuden Mirai Energy Company; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Hachijuni Bank to Denko; JCR Reviewed Bonds no. 5 Issued by Penta-Ocean Construction

Dec. 23, 2022: JCR Placed Rating on Nojima under Credit Monitor #A-/Negative and #J-1/Negative; JCR Upgraded Long-term Issuer Rating on ARUHI to A/Stable; Affirmed J-1 on CP; JCR Affirmed AA+/Stable Long-term Issuer Rating on INPEX; JCR Affirmed AA/Stable Long-term Issuer Rating on NIDEC; JCR Affirmed A/Stable Long-term Issuer Rating on Senshu Ikeda Bank; JCR Affirmed A-/Stable Long-term Issuer Rating on Seto Shinkin Bank; JCR Affirmed A (fp) Fund Portfolio Rating on Renewable Trust; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Mu Holdings; JCR Assigned Green 1(F) to Green Finance Framework of SRE Holdings

Dec. 22, 2022: NIPPON STEEL Plans to Make NIPPON STEEL TRADING a Consolidated Subsidiary - Limited Impact on Rating; JCR Placed Rating on NIPPON STEEL TRADING under Credit Monitor #A+/Positive and #J-1/Positive; JCR Assigned AA/Stable Long-term Issuer Rating to Nomura Real Estate Private REIT; JCR Upgraded Rating on COSMO ENERGY HD to A-/Stable and J-1; JCR Upgraded Long-term Issuer Rating on JA MITSUI LEASING to A+/Stable; Affirmed J-1 on CP; JCR Upgraded FC Long-term Issuer Rating on Malayan Banking to A+/Stable; JCR Affirmed AA/Positive and J-1+ on Tokyo Electron; [ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 22-12; JCR Affirmed AA- on Ascent Finance Limited Series 2022-1064; JCR Assigned Green 1(F) to Green Finance Framework of XYMAXREIT Investment; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Nishi-Noppon City Bank to M-Style Japan

Dec. 21, 2022: JCR Upgraded Long-term Issuer Rating on HIKARI TSUSHIN to A+/Stable; Affirmed J-1 on CP; JCR Affirmed AA/Stable and J-1+ on Sekisui House; JCR Affirmed A-/Stable Long-term Issuer Rating on Tokyo Star Bank; JCR Affirmed AA- on SPIRE SA Series 2020-217; [ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 22-12; JCR Provided a Third Party Opinion to Positive Impact Finance provided by Mizuho Bank to Fuyo General Lease; JCR Provided a Third Party Opinion to Positive Impact Assessment provided by Sumitomo Mitsui Trust Bank to Mitsui Fudosan; JCR Provided a Third Party Opinion on Sustainability Linked Finance Framework of SUMITOMO CHEMICAL; JCR Provided a Third Party Opinion on Sustainability Linked Loan Conducted by The Norinchukin Bank to SUMITOMO CHEMICAL; JCR Provided a Third Party Opinion on Sustainability Linked Loan Conducted by Sumitomo Mitsui Trust Bank to SUMITOMO CHEMICAL