News Release

Mar. 29, 2022

JCR Affirmed AA-/Stable Long-term Issuer Rating on Maruichi Steel Tube

JCR Affirmed BBB+ and J-2 on MARUDAI FOOD; Revised Outlook to Negative

JCR Affirmed BBB/Stable Long-term Issuer Rating on YOROZU

JCR Affirmed AA/Stable Long-term Issuer Rating on Central American Bank for Economic Integration

JCR Affirmed AA-/Stable Long-term Issuer Rating on Invesco Office J-REIT

JCR Assigned BBB to BRS Mega Solar Project Bond Trust 1 Beneficial Interest and Trust ABL

[ Asset Securitization Products ] JCR Assigned A Rating to BEP Senior Beneficial Interest/ABL 202203

[ Asset Securitization Products ] JCR Affirmed BBB+ on JETS International Five Limited Series 176

[ Asset Securitization Products ] JCR Affirmed A on JETS International Five Limited Series 317

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by 33 Bank to Howa

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

Mar. 28, 2022

Yokohama Rubber to Acquire Trelleborg Wheel Systems Holding AB - Synergy Creation and Financial Improvement Will Be Closely Watched

JCR Assigned Preliminary A Rating to Shelf Registration of POCKET CARD

JCR Assigned AA- to Ascent Finance Limited Series 2022-1009

JCR Conducted Evaluation of Conformity of the Bonds and Repo the Transactions Issued by Shinsei Bank to the Sustainability Finance Framework

JCR Provided a Third Party Opinion on Sustainability Linked Loans Conducted by THE SAN-IN GODO BANK to Earth support

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Mizuho Bank to Oki Electric Industry

JCR Assigned Green 1(T)(F) to Transition Bonds Framework of IHI

Mar. 25, 2022

JCR Placed Rating on DAIHO under Credit Monitor #BBB+/Negative and #J-2/Negative

JCR Affirmed BBB/Stable Long-term Issuer Rating on Akanekai

JCR Affirmed BBB-/Stable Long-term Issuer Rating on Akatsukikai

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

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

[ Asset Securitization Products ] JCR Affirmed J-1 on Dispensing Fees Receivable ABL Program (Nanba Pharmacy)

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

JCR Provided a Third Party Opinion on Sustainability Linked Bonds Framework of Shiga Prefecture

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

Mar. 24, 2022

TOSHIBA Group’s Strategic Reorganization Plan Rejected at Extraordinary General Meeting of Shareholders - Concerned about Prolonged Management Turmoil

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

JCR Assigned AA Rating to Bonds of Egypt

[ Asset Securitization Products ] JCR Assigned Preliminary BBB- and Preliminary BB+ to ABL 22-03 Senior and Junior Mezzanine Loan

Mar. 23, 2022

JCR Upgraded FC Long-term Issuer Rating on America Movil to A+/Stable

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

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 22-03

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 22-03

JCR Assigned AA to Oxygen Capital Limited Series 174

Mar. 22, 2022

JCR Assigned Preliminary AA Rating to Bonds of Egypt

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

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

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

[ Asset Securitization Products ] JCR Affirmed BBB and BBB- on 2165004_Trust ABL & Beneficial Interest

JCR Assigned A to Sylph Limited Series 10174

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

Mar. 18, 2022

JCR Downgraded Rating on Russian Federation to #CCC/Negative; Maintains Credit Monitor

JCR Upgraded Long-term Issuer Rating on SCREEN HD to A-/Positive

JCR's Rating Review of General Construction Companies

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

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

JCR Affirmed AA-p/Stable Long-term Issuer Rating on SHIMIZU

JCR Affirmed AAA/Stable Long-term Issuer Rating on Kyushu University

JCR Affirmed A-/Stable Long-term Issuer Rating on Shibusawa Warehouse

JCR Affirmed AA+/Stable Long-term Issuer Rating on Shoko Chukin Bank

[ Asset Securitization Products ] JCR Assigned Preliminary A to Securitization of Leases Receivable 202204

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

JCR Assigned SU 1(F) to Sustainability Loan Framework of Fish Farm Mirai LLC

JCR Assigned Green 1 to the Long Term Loan Borrowed by ADD

JCR Reviewed the 18th Bonds Issued by JA Mitsui Leasing

Mar. 17, 2022

Changes in Parent Companies, etc. of Asset Management Company of Japan Metropolitan Fund and Industrial & Infrastructure Fund - No Immediate Impact on Ratings of Both Investment Corporations

JCR Affirmed AA-/Stable Long-term Issuer Rating on HAMAMATSU PHOTONICS

JCR Affirmed A/Stable Long-term Issuer Rating on SBI Sumishin Net Bank

Increase in CP Maximum Amount of Sanyo Special Steel; Affirmed J-1

Increase in CP Maximum Amount of JERA; Affirmed J-1+

[ Asset Securitization Products ] JCR Assigned AAA and A- to Investment Purpose Condominium Loans Trust (220220)

JCR Assigned SU 1 to the Long-term Loans Borrowed by AEON REIT Investment

Mar. 16, 2022

Impact of Russia's Invasion of Ukraine on Credit Ratings of Japanese Companies - Direct Impact Currently Limited, but JCR Will Watch for Spillover Risks Through Various Channels

Increases in Total Assets and Debt of HANWA - No Immediate Impact on Rating

Mar. 15, 2022

JCR Assigned A-/Stable Long-term Issuer Rating to Seiwa Building

JCR Assigned AA-/Stable Long-term Issuer Rating to Gravity AH

JCR Assigned SU 1(F) to Sustainability Finance Framework of Gravity AH Godo Kaisha

JCR Affirmed A-/Stable Long-term Issuer Rating on Tosei Reit Investment Corporation

[ Asset Securitization Products ] JCR Assigned AA- to Securitization of Loans Receivable 202203

JCR Assigned Preliminary AA- to Securitization of Leases Receivable from SB 202203

JCR Assigned Preliminary AA- to Securitization of Loans Receivable from SB 202203

Mar. 14, 2022

JCR Affirmed A/Stable Long-term Issuer Rating on AIN HD

JCR Affirmed A/Stable (FC) and A+/Stable (LC) on Poland

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to BANK OF FUKUOKA C Corporation Bills & Electronically Recorded Receivable ABL 22-03

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

Mar. 11, 2022

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

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Assigned AA Rating to Bonds of Japan Freight Railway

JCR Assigned Preliminary A- Rating to Shelf Registration of JACCS

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by 33 Bank to Ichishi Seikou Denki

Mar. 10, 2022

JCR Affirmed A/Stable Long-term Issuer Rating on Enex Infrastructure Investment Corporation

JCR Affirmed A+/Negative Long-term Issuer Rating on J. FRONT RETAILING; Assigned Preliminary A+ to Shelf Registration

JCR Assigned Preliminary AA- Rating to Shelf Registration of TOKYU

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by 33 Bank to Daiwatech

JCR Assigned Social 1(F) to Social Finance Framework of Japan Entertainment

Mar. 09, 2022

JCR Upgraded Long-term Issuer Rating on Kenedix Office Investment Corporation to AA/Stable

JCR Affirmed BBB+ Long-term Issuer Rating on Asahi Mutual Life Insurance; Revised Outlook to Positive

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

JCR Affirmed AA/Stable Long-term Issuer Rating on Japan Metropolitan Fund Investment Corporation

JCR Assigned BB+ Rating to Subordinated Loan of UACJ

JCR Provided a Third Party Opinion to Positive Impact Finance provided by 33 Bank to Kitamuragumi

Mar. 08, 2022

JCR Affirmed AA Long-term Issuer Rating on Nippon Prologis REIT; Revised Outlook to Positive

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

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

JCR Affirmed AA-/Stable and J-1+ on Daiwa Securities Living Investment Corporation

[ Asset Securitization Products ] JCR Affirmed BBB+ and BBB- on Specified Bonds 19-12

[ Asset Securitization Products ] JCR Affirmed AA- on Ascent Finance Limited Series 2020-1069

[ Asset Securitization Products ] JCR Affirmed AA- on Ascent Finance Limited Series 2021-1001