News Release

Jul. 28, 2022

Z Holdings Restructures Financial Business - No Immediate Impact on PayPay Card's Rating

JCR Downgraded Ratings on H.I.S. to BB-/Negative and B+

JCR Affirmed A and J-1 on Nomura Real Estate HD; Revised Outlook to Positive

JCR Affirmed A-/Stable Long-term Issuer Rating on Tsukishima Kikai; Assigned Preliminary A- to Shelf Registration

JCR Affirmed AAA/Stable Long-term Issuer Rating on Central Japan Railway

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

JCR Assigned Preliminary A Rating to Subordinated Bonds of Hulic

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 22-07 (D Hospital)

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL 22-07

JCR Affirmed AA- on Elva Funding PLC Series 2021-7, 2021-9, 2021-11, 2021-14, 2021-19 and 2021-27

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Bank of Kyoto to Nippo

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 33 Bank to hoei-kogyo

Jul. 27, 2022

JCR Upgraded Long-term Issuer Rating on ITOCHU to AA+/Stable; Affirmed J-1+ on CP

JCR Upgraded Rating on EMTN Program of ITOCHU and ITOCHU Treasury Centre Europe to AA+

JCR Affirmed J-1+ Rating on CP of ITOCHU Treasury

JCR Affirmed BBB+ Long-term Issuer Rating on KOHNAN SHOJI; Revised Outlook to Positive

JCR Affirmed A/Stable and J-1 on Tokyo Electric Power Company HD
JCR Affirmed A/Stable on TEPCO Power Grid
JCR Affirmed A/Stable on TEPCO Renewable Power

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

JCR Assigned Green 1 to Long-term Loan Borrowed by Rengo

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

Jul. 26, 2022

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

JCR Assigned A Rating to Bonds of HIKARI TSUSHIN

JCR Assigned Preliminary A+ and Preliminary A- Ratings to Shelf Registration of Sumitomo Mitsui Trust HD

[ Asset Securitization Products ] JCR Affirmed A on ABL 21-06

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Sumitomo Mitsui Trust Bank to RICOH

Jul. 25, 2022

[ Asset Securitization Products ] JCR Assigned A to Securitization of Leases Receivable 202207 ABL and Class C Beneficial Interest

[ Asset Securitization Products ] JCR Assigned A to Securitization of Leases Receivable 202207 ABL and Seller’s Beneficial Interest 1

JCR Provided a Third Party Opinion on Sustainability Linked Loans Conducted by Nanto Bank to YAMAZEN

JCR Assigned SU 1(F) to Sustainability Finance Framework of JAPAN POST HOLDINGS

Jul. 22, 2022

JCR Upgraded Long-term Issuer Rating on MITSUI-SOKO HD to A/Stable

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

JCR Affirmed AA/Stable Long-term Issuer Rating on Tokyo Waterfront Area Rapid Transit

JCR Assigned Preliminary A+ Rating to Shelf Registration of Daiwa Securities Group

[ Asset Securitization Products ] JCR Assigned Preliminary A to Senior Beneficial Interest 7931601 Series 1

JCR Withdraws BBB+/Stable FC Long-term Issuer Rating on Bharat Oman Refineries

Jul. 21, 2022

JCR Placed Rating on Electricite de France under Credit Monitor #AA/Positive (FC)

JCR Upgraded Long-term Issuer Rating on UACJ to BBB+/Stable; Affirmed J-2 on CP

JCR's Rating Review of Electric Power Companies

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

JCR Affirmed AA-/Stable Long-term Issuer Rating on San-in Godo Bank

JCR Assigned AA Rating to Bonds of DAIKIN INDUSTRIES

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 22-07

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 22-07

JCR Affirmed A on CS Mega Solar Green Project Bond Trust 1 Beneficial Interest and Trust ABL

JCR Affirmed A on Canadian Solar Green Project Bond Trust (Yamaguchi) Beneficial Interest and Trust ABL

JCR Affirmed BBB+ on Canadian Solar Dual Tenor Green Project Bond Trust (Ibaraki/Hiroshima) Beneficial Interest and Trust ABL

Jul. 20, 2022

Impact of Introduction of Economic Value-Based Solvency Regulation on Insurance Companies

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

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

JCR Upgraded Sylph Limited Series 10144 and 10150 to A-

JCR Upgraded Cypher Limited Series 10029 to A-

JCR Withdraws A+/Stable Long-term Issuer Rating on MAEDA

Jul. 19, 2022

Decrease in Maximum Amount of EMTN Program of Nomura Europe Finance and Increase in Maximum Amount of EMTN Program of Nomura Global Finance; Affirmed AA-

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

JCR Assigned AA to Libra A Limited Series C005

Jul. 15, 2022

JCR Assigned A-/Stable Long-term Issuer Rating to Hanwha Q CELLS Japan

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

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

JCR Assigned A+ to Bonds (Tier 2 loss absorption) of MUFG

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

JCR Provided a Third Party Opinion to the Positive Impact Framework of The Yamanashi Chuo Bank

JCR Reviewed Meiji HDGs' 10th Bonds (Sustainablity Bonds) Alignment to Sustainability Finance Framework

Jul. 14, 2022

JCR Upgraded Long-term Issuer Rating on SBI SECURITIES to A/Stable

JCR Upgraded Long-term Issuer Rating on SBI FinTech Solutions to BBB+/Stable

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

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

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

JCR Affirmed A-/Stable and J-1 on NIPPON STEEL KOWA REAL ESTATE

JCR Assigned A Rating to Bonds of TEPCO Power Grid

JCR Affirmed A+ on Notes of Man GPM US Residential Debt Fund

Jul. 13, 2022

JCR Solicits Public Comments on Rating Methodology for Group Companies of Corporate Group

JCR Affirmed AA-/Stable and J-1+ on Suntory HD

JCR Affirmed AA-/Stable and J-1+ on Suntory Beverage & Food

JCR Affirmed Ap/Stable Long-term Issuer Rating on TOYO INK SC HD

JCR Assigned AAA Rating to Bonds of Tokyo Metro

[ Asset Securitization Products ] JCR Affirmed BBB on ABL 21-04

Jul. 12, 2022

JCR Upgraded Long-term Issuer Rating on Daiei Real Estate & Development to BBB+/Stable; Affirmed J-2 on CP

JCR Downgraded Rating on UNIZO HD to #B+/Negative; Maintains Credit Monitor

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

JCR Assigned Preliminary A+ Rating to Shelf Registration of NICHIREI

Jul. 11, 2022

French Government Showed Intension to Nationalize EDF - Positive Factor for Rating If Nationalization Is Realized

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

JCR Affirmed BBB+ Long-term Issuer Rating on GEO HD; Revised Outlook to Positive

JCR Affirmed A+/Stable and J-1 on LINTEC

JCR Provided a Third Party Opinion to the Positive Impact Framework of The Shoko Chukin Bank

JCR provided a third party opinion on Green Finance/Social Finance/Sustainability Finance Framework by SHOKO CHUKIN BANK

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

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

Jul. 08, 2022

JCR Affirmed A- and J-1 on Mitsui Mining and Smelting; Revised Outlook to Positive

JCR Affirmed AA Long-term Issuer Rating on DAIKIN INDUSTRIES; Revised Outlook to Positive

JCR Affirmed BB+ and J-3 on Nippon Sheet Glass; Revised Outlook to Stable

JCR Affirmed A/Stable and J-1 on DIC

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

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

JCR Withdraws FC Long-term Issuer Rating, Rating on Bonds/MTN program of Credito Real

JCR Assigned AA Rating to Bonds of Chubu Electric Power

JCR Assigned AA Rating to Bonds of Kansai Electric Power

JCR Assigned AA Rating to Bonds of Mitsui Fudosan

JCR Assigned A Rating to Bonds of Kawasaki Heavy Industries