News Release

May. 30, 2023

Change in CP Maximum Amount of NIPPON STEEL TRADING; Affirmed J-1+

JCR Assigned A- Rating to Bonds of eREX

JCR Assigned AA- Rating to Bonds of Sumitomo Mitsui Trust Bank

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL 23-05

[ Asset Securitization Products ] JCR Assigned J-1 to BANK OF FUKUOKA C Corporation Bills & Electronically Recorded Receivable ABL 23-05

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 23-05 (D Hospital)

Highlights of Special Steel Manufacturers' Financial Results for Fiscal Year Ended March 2023

JCR Provided a Third Party Opinion to the Human Capital Management Impact Finance Framework of Mizuho Bank and Mizuho Research & Technologies

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

JCR Assigned Green 1 to Silent Partnership Investment(Green Equity) in Earth Infrastructure Fund

May. 29, 2023

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

JCR Upgraded Long-term Issuer Rating on Shin-Etsu Chemical to AAAp/Stable

[ Asset Securitization Products ] JCR Assigned A to Senior Beneficial Interest 7931601 Series 4

May. 26, 2023

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

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

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Assigned AAA Rating to Bonds of National University Corporation Tokai National Higher Education and Research System

JCR Assigned A Rating to Bonds of Tokyu Fudosan HD

JCR Assigned AAA Rating to Bonds of TOYOTA MOTOR

JCR Assigned A- Rating to Bonds of HANWA

JCR Assigned A+ Rating to Bonds of HIKARI TSUSHIN

JCR Assigned AA- and A- to Bonds of Mitsubishi UFJ Financial Group

JCR Assigned AA- Rating to Bonds of RICOH LEASING

JCR Assigned AAA to Bonds of Japan Student Services Organization

Highlights of Major Automakers' Financial Results for Fiscal Year Ended March 2023

Highlights of Electric Power Companies' Financial Results for Fiscal Year Ended March 2023

May. 25, 2023

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

JCR Assigned Preliminary A Rating to Shelf Registration of Keihan HD

May. 24, 2023

JCR Affirmed BBB Long-term Issuer Rating on NIPPON CHEMI-CON; Revised Outlook to Negative

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

JCR Affirmed A-/Stable and J-1 on Kyoto Shinkin Bank

JCR Affirmed AA+/Stable Long-term Issuer Rating on NARITA INTERNATIONAL AIRPORT

JCR Assigned AA+ Rating to Bonds of Electric Power Development

JCR Assigned AA to Libra A Limited Series C015

Highlights of Major Information Services Companies' Financial Results for Fiscal Year Ended March 2023

May. 23, 2023

JCR Affirmed A+ Long-term Issuer Rating on Yamagata Bank; Revised Outlook to Negative

JCR Assigned BBB+ Rating to Bonds of BGC Partners

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 23-05

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 23-05

JCR Assigned AA- to Ganymede Limited Series 2023-67

Highlights of Blast Furnace Steelmakers' Financial Results for Fiscal Year Ended March 2023

Highlights of Semiconductor Production Equipment Manufacturers' Financial Results for Fiscal Year Ended March 2023

May. 22, 2023

JCR Affirmed A/Stable and J-1 on Tokyo Tatemono

JCR Assigned A to Sylph Limited Series 10210

JCR Affirmed BBB on Hudson Green Project Finance 2020-1 Beneficial Interest and Trust ABL

Highlights of Oil Distributors' Financial Results for Fiscal Year Ended March 2023

May. 19, 2023

SONY GROUP Considers Re-listing Sony Financial Group - No Impact on Sony Bank's Rating

JCR Affirmed AA/Stable and J-1+ on Kyoei Fire and Marine Insurance

JCR Assigned AA- Rating to Bonds of Suntory HD

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

JCR Assigned A Rating to Bonds of Invincible Investment Corporation

[ Asset Securitization Products ] JCR Affirmed AAA on Grass Park Beneficial Interest Series 1

[ Asset Securitization Products ] JCR Affirmed AAA on Grass Park Beneficial Interest Series 2

[ Asset Securitization Products ] JCR Affirmed AAA on Grass Park Beneficial Interest Series 3

[ Asset Securitization Products ] JCR Affirmed AAA on Grass Park Beneficial Interest Series 4

Highlights of Major Shipping Companies' Financial Results for Fiscal Year Ended March 2023

Highlights of Major Retail Groups' Financial Results for Fiscal Year Ended February 2023

May. 18, 2023

JCR Upgraded Long-term Issuer Rating on Hiroshimashi Credit Cooperative to A+/Stable

JCR Assigned AA- Rating to Bonds of KKR Group Finance Co. XI LLC

JCR Assigned Preliminary A+ Rating to Shelf Registration of SCSK

[ Asset Securitization Products ] JCR Placed Securitization of Leases Receivable 202108, 202201A, 202201 and 202207 under Credit Monitor #A/Negative

[ Asset Securitization Products ] JCR Placed Rating on Securitization of Leases Receivable 202110 under Credit Monitor #A/Negative

[ Asset Securitization Products ] JCR Placed Rating on Securitization of Leases Receivable 202201 under Credit Monitor #A/Negative

[ Asset Securitization Products ] JCR Placed Rating on Securitization of Leases Receivable 202204 under Credit Monitor #A/Negative

[ Asset Securitization Products ] JCR Placed Rating on Securitization of Leases Receivable 202207 under Credit Monitor #A/Negative

JCR Placed Ganymede Limited Series 2021-148 under Credit Monitor #A/Negative

May. 17, 2023

JCR Affirmed AA- on Bonds of Zenkyoren 1st/2nd Subordinated Loan Securitization Company Limited

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to BANK OF FUKUOKA C Corporation Bills & Electronically Recorded Receivable ABL 23-05

May. 16, 2023

Resonac HD Announced Earnings Forecast for FY2023—No Immediate Impact on Ratings; JCR Will Monitor Progress of Future Performance Recovery

JCR Placed Rating on Rakuten Group under Credit Monitor #A/Negative

JCR Placed Rating on Rakuten Group's FinTech Subsidiaries under Credit Monitor #A/Negative

JCR Assigned A Rating to Bonds of Starts Proceed Investment Corporation

[ Asset Securitization Products ] JCR Affirmed AAA, BBB and A on MMJ Mortgage Trust II Senior Beneficial Interest and ABL

May. 15, 2023

SBI Holdings Will Delist SBI Shinsei Bank through Tender Offer - JCR Will More Strongly Reflect SBI Group's Creditworthiness in SBI Shinsei Bank's Rating

Increase in CP Maximum Amount of Mitsui Chemicals; Affirmed J-1

JCR Affirmed AA+/Stable Long-term Issuer Rating on National Mutual Insurance Federation of Agricultural Cooperatives

JCR Assigned AA- to Azusa Limited Series 500

JCR Upgraded Sylph Limited Series 10179 to A

Highlights of Three Japan Railway Companies' Financial Results for Fiscal Year Ended March 2023

May. 12, 2023

JCR Placed Rating on Sharp under Credit Monitor #BB+/Negative

JCR Affirmed AA-/Stable and J-1+ on Hulic; Change in CP Maximum Amount

JCR Affirmed AA+/Stable Long-term Issuer Rating on Nippon Building Fund

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Assigned Preliminary AA- Rating to Shelf Registration of Odakyu Electric Railway

JCR Assigned Preliminary A- to CSIQ Guaranteed JPY-denominated Green Structured Bond Beneficial Interest and Trust ABL

May. 11, 2023

JCR Assigned A- Rating to Bonds of GMO internet group

[ Asset Securitization Products ] JCR Affirmed A on BEP Senior Beneficial Interest/ABL 202203

May. 09, 2023

JCR Affirmed AA+/Stable on NEW KANSAI INTERNATIONAL AIRPORT and KANSAI INTERNATIONAL AIRPORT LAND

May. 08, 2023

JCR Affirmed BBB-/Stable Long-term Issuer Rating on Sankyo Tateyama

JCR Affirmed A+/Stable Long-term Issuer Rating on Okinawa Financial Group and Bank of Okinawa

JCR Affirmed A+/Stable Long-term Issuer Rating on Bank of The Ryukyus

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

JCR Affirmed BBB- on Giga Solar Green Project Bond Trust (Fukushima) Beneficial Interest and Trust ABL

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

May. 01, 2023

Astellas Pharma to Acquire a U.S. Company for Approx. USD 5.9 Billion - Finances Will Deteriorate, but Immediate Rating Revision Is Not Necessary

JCR Assigned A/Negative Long-term Issuer Rating to Rakuten Securities

JCR Assigned BBB Rating to Subordinated Loan of SoftBank Group

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Ashikaga Bank to Cosmofoods