News Release

Jul. 31, 2025

[ Asset Securitization Products ] JCR Assigned Preliminary AA+ to Whiskey Finance FinCo LLC

JCR Assigned A Rating to SPIRE SA Series 2025-76

JCR Assigned A+ Rating to Earls Eight Limited Series 894

Tokyo Tatemono Investment Advisors: Assigned Green Finance Framework Evaluation: Green 1(F)

Takamatsu Construction Group: Reviewed Green Bond Evaluation: Green 1

Meiji Holdings: Evaluation of Conformity of Sustainability Finance Framework

TAKAMATSU CONSTRUCTION GROUP: Post-issuance Verification Report on Sustainability Linked Green Bond (Bonds no. 2)

Mitsubishi Estate: Post-issuance Verification Report on Sustainability Linked Bond (Bonds no. 141)

JTB: Post-execution Verification Report on Sustainability Linked Loan

JTB: Second Party Opinion on Sustainability Linked Loan

North Pacific Bank: Second Opinion on Sustainable Deposit Framework

novis, The Joyo Bank: Second Party Opinion on Sustainability Linked Loan

S.H.N, The Joyo Bank: Second Party Opinion on Sustainability Linked Loan

G-Place, The Senshu Ikeda Bank: Second Opinion on Positive Impact Finance

WAC DATA SERVICE, THE SAITAMAKEN SHINKIN BANK: Second Opinion on Positive Impact Finance

Niigatasenko, The Shoko Chukin Bank and THE TAIKO BANK: Second Opinion on Positive Impact Finance

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

Hokuo Ryutu, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

MAKOTO INTERNATIONAL, The Nanto Bank: Second Opinion on Positive Impact Finance

Jul. 30, 2025

JCR Affirmed A+/Stable Long-term Issuer Rating on SANKEI REAL ESTATE

Establishment of Nature Finance Evaluation Methodology and Revision of JCR Green Finance Evaluation Methodology

OTEC: Assigned Green Loan Evaluation: Green 1

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

Kurashiki Boring Kiko, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

MYTOWN, THE SAITAMAKEN SHINKIN BANK: Second Opinion on Positive Impact Finance

Jul. 29, 2025

JCR Placed Rating on PACIFIC INDUSTRIAL under Credit Monitor #A-/Negative

JCR's Rating Review of Electric Power Companies

JCR Affirmed A+/Stable Long-term Issuer Rating on MITSUI-SOKO HD

ANTHEM , The Keiyo Bank: Second Opinion on Positive Impact Finance

Jul. 28, 2025

JCR Upgraded Long-term Issuer Rating on Chuo-Nitttochi Group to A/Stable; Assigned Preliminary A to Shelf

JCR Affirmed BBB+/Stable and J-2 on Daiei Real Estate & Development

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

JCR Affirmed BBB/Stable Long-term Issuer Rating on Minami-Nippon Bank

JCR Affirmed BB+/Stable Long-term Issuer Rating on YAMADA SERVICER SYNTHETIC OFFICE

JCR Affirmed S3 Special Servicer Rating on YAMADA SERVICER SYNTHETIC OFFICE

GLP J-REIT: Post-issuance Verification Report on Sustainability Linked Bond

Jul. 25, 2025

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

JCR Affirmed A-/Stable and J-1 on Central Glass

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

JCR Affirmed AAA/Stable FC Long-term Issuer Rating on Quebec

JCR Assigned A- Rating to Bonds of Kawasaki Kisen

JCR Assigned A- Rating to Bonds of TOKYO ENERGY & SYSTEMS

JCR Assigned AA Rating to Bonds of Marubeni

JCR Assigned A Rating to SPIRE SA Series 2025-386

JCR Assigned AA- to Ascent Finance Limited Series 2025-1024

Nochu JAML REIT Investment Corporation: Assigned Green Loan Framework Evaluation: Green 1(F)

Fukuda Real Estate, The Nanto Bank: Second Opinion on Positive Impact Finance

Oishi, The Nanto Bank: Second Opinion on Positive Impact Finance

Jul. 24, 2025

JCR Affirmed BBB+ Long-term Issuer Rating on ISHIHARA SANGYO; Revised Outlook to Positive

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

JCR Assigned AA- Rating to Bonds of Credit Saison

JCR Affirmed AA- on Commitment Line of PASMO

Jul. 23, 2025

JCR Affirmed Ap/Stable Long-term Issuer Rating on artience

JCR Affirmed BBB+/Stable FC Long-term Issuer Rating on Acciona and BBB+ on Bonds of Acciona Financiacion Filiales

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

JCR Affirmed A/Stable Long-term Issuer Rating on LIFE CORPORATION

JCR Assigned A- Rating to Bonds of Rakuten Group

JCR Assigned AA to Libra A Limited Series C116

Jul. 22, 2025

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

JCR Affirmed AAA/Stable FC Long-term Issuer Rating on Tokio Marine Funding Solutions PIC

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 25-07

Jul. 18, 2025

JCR Upgraded Rating on MITSUI E&S to BBB+/Stable; Affirmed J-2

JCR Affirmed A-/Stable FC Long-term Issuer Rating on True Corporation

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

JCR Affirmed A+/Stable Long-term Issuer Rating on Healthcare & Medical Investment Corporation

JCR Assigned A+ Rating to Bonds of ES-CON JAPAN

JCR Assigned AA Rating to Bonds of Suntory HD

JCR Assigned A Rating to Bonds of SENKO Group HD

JCR Assigned BBB Rating to Subordinated Bonds of NIPRO

JCR Assigned A- Rating to Bonds of VALOR HD

JCR Assigned A+ Rating to Bonds of Pan Pacific International HD

JCR Assigned A Rating to Bonds (Tier 1 with loss absorption clause) of Mizuho Financial Group

JCR Assigned A+ Rating to Bonds of One REIT

JCR Assigned Preliminary AA- Rating to Shelf Registration of Concordia Financial Group

JCR Assigned A+ Rating to Jointly Operated Designated Money Trust N1 (2 years)

Jul. 17, 2025

JCR Assigned BBB/Stable and J-2 to Hirose Tusyo

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

JCR Affirmed AA+/Stable Long-term Issuer Rating on DAIKIN INDUSTRIES

Nagano Prefecture: Second Party Opinion on Sustainability Linked Loan Framework

The Hachijuni Bank: Second Party Opinion on Sustainability Linked Loan Framework

Mikado Kagaku Sangyo, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Jul. 16, 2025

JCR Assigned AA-/Stable Long-term Issuer Rating to CRE

JCR Upgraded Long-term Issuer Rating on Takara Leben Real Estate Investment Corporation to A+/Stable

JCR Affirmed AA-/Stable and J-1+ on Takeda Pharmaceutical

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

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

Jul. 15, 2025

JCR Assigned A+/Stable Long-term Issuer Rating to Africa Finance Corporation

JCR Affirmed A- and J-1 on NIPPON STEEL KOWA REAL ESTATE; Revised Outlook to Positive; Change in CP Maximum Amount

JCR's Rating Review of Money Market Brokers

JCR Affirmed A/Stable and J-1 on Central Tanshi

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

JCR Affirmed A/Stable and J-1 on Ueda Yagi Tanshi

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

JCR Assigned AA Rating to Bonds of Keio

JCR Assigned AAA Rating to Bonds of TOYOTA FINANCE

JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Mitsubishi UFJ Financial Group

Japan: Assigned Climate Transition Bond Evaluation: Green 1(T)

Canadian Solar Infrastructure Fund: Reviewed Green Finance Framework Evaluation: Green 1(F)

Eiwa Sangyou, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Jul. 14, 2025

JCR Affirmed A+ Long-term Issuer Rating on CRE Logistics REIT; Revised Outlook to Positive