News Release

Feb. 20, 2025

JCR Assigned AA- Rating to Bonds of Hokkaido Electric Power

JCR Assigned AA- Rating to Bonds of NIPPON SANSO HD

JCR Assigned AA- Rating to Bonds of Mitsui Chemicals

JCR Assigned A Rating to Bonds of AEON Financial Service

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Assigned AA to Libra A Limited Series C095

[ Asset Securitization Products ] JCR Assigned AAA to obbligato 202502 Senior Beneficial Interest and ABL

EXEO Group, Sumitomo Mitsui Banking: Second Party Opinion on Sustainability Linked Loan

MARINE LINER, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Chibahigashi Kensetsu(Build) Corporation, The Chiba Bank: Second Opinion on Positive Impact Finance

Feb. 19, 2025

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

JCR Affirmed AA- on Jointly Operated Designated Money Trust LY Over 1Y

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 25-02

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 25-02

JCR Assigned A to SPIRE SA Series 2025-198

JCR Assigned AA- Rating to Sylph Limited Series 50919

JCR Assigned AA- Rating to Sylph Limited Series 50920

CRE Logistics REIT: Reviewed Green Finance Framework Evaluation: Green 1(F)

HIRAIGIKEN KOGYO, The Juhachi-Shinwa Bank: Second Opinion on Positive Impact Finance

Feb. 18, 2025

JCR Removed Credit Monitor; Downgraded Rating on NISSAN MOTOR to A-; Placed Stable Outlook

JCR Removed Credit Monitor; Downgraded Rating on NISSAN FINANCIAL SERVICES to A-; Placed Stable Outlook

JCR Affirmed A- and J-1 on MEIDENSHA; Revised Outlook to Positive

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

JCR Affirmed A+/Stable and J-1 on Sumitomo Bakelite

JCR Affirmed AA-/Stable Long-term Issuer Rating on SOSiLA Logistics REIT

JCR Assigned AA- to Zafferano Limited Series 2025-2

[ Asset Securitization Products ] JCR Affirmed J-1+ on ABCP Programs of Super Trust 1 through 20, LLCs

[ Asset Securitization Products ] JCR Affirmed J-1+ on 3rd Trust Beneficial Interest

[ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (R Hospital)

Feb. 17, 2025

JCR Affirmed A Long-term Issuer Rating on OKAZAKI SHINKIN BANK; Revised Outlook to Stable

JCR Affirmed AA-/Stable Long-term Issuer Rating on DHLCF GK

JCR Affirmed A-/Stable Long-term Issuer Rating on Yasuda Logistics

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

C.E.Management Integrated Laboratory, The Hachijuni Bank: Second Opinion on Positive Impact Finance

AlbaLink, The Hokuriku Bank: Second Opinion on Positive Impact Finance

Feb. 14, 2025

JCR Upgraded Long-term Issuer Rating on Daiwa Securities Living Investment Corporation to AA/Stable; Affirmed J-1+ on CP

JCR Affirmed A+/Stable Long-term Issuer Rating on Kyoritsu Women's Educational Institution

JCR Affirmed AA-/Stable Long-term Issuer Rating on Awa Bank

JCR Affirmed A-/Stable Long-term Issuer Rating on SAIKYO BANK

JCR Assigned AA Rating to Bonds of Nomura Real Estate Master Fund

JCR Assigned AA- to SPIRE SA Series 2025-136

kobayashilease, The Yamanashi Chuo Bank: Second Opinion on Positive Impact Finance

Feb. 13, 2025

TOKAI CARBON Recorded Net Loss for FY2024—No Immediate Impact on Rating, and JCR Will Pay Attention to Progress of Structural Reforms and Pace of Earnings Recovery

JCR Affirmed AA+/Stable Long-term Issuer Rating on FAST RETAILING

JCR Affirmed AA/Stable Long-term Issuer Rating on Nomura Real Estate Private REIT

JCR Affirmed AA/Stable Long-term Issuer Rating on Nomura Real Estate Master Fund

JCR Assigned Preliminary A- Rating to Subordinated Bonds of of SBI SECURITIES

[ Asset Securitization Products ] JCR Assigned Preliminary A to Beneficial Interest (202502)

Mizuho Bank: Second Party Opinion on Impact Finance by supporting Visualization of GHG emissions

Feb. 12, 2025

JCR Assigned A+/Stable Long-term Issuer Rating to Ocean Network Express

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

Shibusawa Logistics: Second Party Opinion on Sustainability Linked Finance Framework

SMEs, The Chiba Kogyo Bank: Second Party Opinion on Sustainability Linked Loan Framework

Feb. 10, 2025

Mitsubishi Chemical Group Will Sell Mitsubishi Tanabe Pharma - Limited Impact on the Rating

Nippon Sheet Glass Revises Full-year Earnings Forecast for FY2025 - No Immediate Impact on the Rating, Future Profit and Financial Recovery to Be Closely Watched

JCR Assigned BBB+/Stable Long-term Issuer Rating to GENDA

JCR Affirmed AAA/Stable Long-term Issuer Rating on Japan Finance Corporation

JCR Assigned AA- Rating to SPIRE SA Series 2025-167

Feb. 07, 2025

Meiji Yasuda Life Acquires Midsize U.S. Life Insurer—No Impact on Rating

Revisions of Rating Methodologies by Sector "Leasing" and "General Construction"

JCR Solicits Public Comments on Revisions to Rating Methodology by Sector "Securities"

JCR Solicits Public Comments on Revisions to Rating Methodology for a Holding Company

JCR Affirmed A+/Stable and J-1 on Sumitomo Rubber Industries

JCR Affirmed BBB+/Stable Long-term Issuer Rating on RETAIL PARTNERS

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

JCR Affirmed A+/Stable FC Long-term Issuer Rating on Malayan Banking

JCR Assigned AA Rating to Bonds of Sekisui House

JCR Assigned A- Rating to Bonds of Chuo-Nittochi Group

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Assigned Preliminary A- Rating to Subordinated Bonds of Tokyu Fudosan HD

JCR Assigned AA- Rating to Bonds of Sumitomo Mitsui Auto Service

[ Asset Securitization Products ] JCR Assigned Preliminary A to US real estate secured loan securitization 2025

JCR Assigned AA to SPIRE SA Series 2025-08

Joint Green Bond issuers (Local Governments): Assigned Green 1(Preliminary) to Joint Local Government Green Bond 4th

IKESHOU, The Juhachi-Shinwa Bank: Second Opinion on Positive Impact Finance

Feb. 06, 2025

JCR Affirmed A- Long-term Issuer Rating on Nojima; Revised Outlook to Positive

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

JCR Affirmed AA/Stable Long-term Issuer Rating on ORIX

JCR Affirmed AAA/Stable (FC/LC) on Singapore

JCR Assigned AAA Rating to Bonds of Metropolitan Expressway

JCR Assigned AAA Rating to Bonds of Hanshin Expressway

JCR Assigned AA- to Sumitomo Mitsui Trust Bank Trust ABL/Trust Bond/Beneficial Interest Programs; Affirmed AA- on Sumitomo Mitsui Trust Bank Trust ABL Program

Results of Review of Structured Finance Products (Excluding Those to Which Credit Ratings Are Assigned) January 2025

MITSUI−SOKO HOLDINGS: Assigned Green Finance Framework Evaluation: Green 1(F)

Tokyu Fudosan Holdings: Reviewed Sustainability Finance Framework Evaluation: SU 1(F)

Feb. 05, 2025

JCR Upgraded Long-term Issuer Rating on Portuguese Republic to A+/Stable (FC/LC)

JCR Assigned BBB+ Rating to Subordinated Loan of ZENKOKU HOSHO

Feb. 04, 2025

JCR Affirmed BBB Long-term Issuer Rating on YOROZU; Revised Outlook to Negative

JCR Affirmed AA/Stable Long-term Issuer Rating on Fukoku Mutual Life Insurance and Fukokushinrai Life Insurance

JCR Affirmed AA+/Stable Long-term Issuer Rating on Japan Real Estate Investment Corporation

JCR Affirmed A+/Stable Long-term Issuer Rating on Star Asia Investment Corporation

JCR Assigned AAA Rating to Bonds of NTT TC Leasing

Feb. 03, 2025

JCR Placed Rating on Sanyo Special Steel under Credit Monitor #A+/Positive and #J-1/ Positive

JCR Assigned A+/Stable Long-term Issuer Rating to KYOTO CHUO SHINKIN BANK

Revisions of Rating Methodology by Sector "Machinery"

JCR Affirmed BBB+/Stable Long-term Issuer Rating on NIPPON THOMPSON

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

Japan Finance Corporation: Assigned Social Bond Preliminary Evaluation: Social 1

Jan. 31, 2025

JCR Assigned A/Stable Long-term Issuer Rating to NIPPON STEEL KOWA REAL ESTATE Private REIT

JCR Affirmed A+ Long-term Issuer Rating on TAKARA BIO; Revised Outlook to Negative