News Release

Dec. 13, 2021

JCR Affirmed A-/Stable and J-1 on Joshin Denki

JCR Affirmed A+/Stable Long-term Issuer Rating on K'S HD

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

JCR Affirmed A- Rating on ARUHI; Revised Outlook to Positive

JCR Assigned BBB Rating to Subordinated Loan of ARUHI

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

JCR Affirmed BBB+/Stable FC Long-term Issuer Rating on Indofood CBP Sukses Makmur

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to BANK OF FUKUOKA C Corporation Bills & Electronically Recorded Receivable ABL 21-12

JCR Assigned Green 1 (Preliminary Evaluation) to the Green Bonds Issued by Orient Corporation

Dec. 10, 2021

Aichi Bank to Integrate Management with Chukyo Bank - No Immediate Impact on Rating; JCR Will Pay Attention to Progress in Integration, etc.

JCR Placed Rating on Chukyo Bank under Credit Monitor #A-/Positive

JCR Affirmed A+/Negative FC Long-term Issuer Rating on Teollisuuden Voima Oyj

JCR Affirmed A+/Negative FC Long-term Issuer Rating on Pohjolan Voima Oyj

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Assigned AAA Rating to Bonds of National University Corporation, the University of Tokyo

JCR Assigned A+ Rating to Bonds of Nagoya Railroad

JCR Assigned A Rating to Bonds of Rakuten Card

JCR Assigned AA Rating to Bonds of Daiwa House REIT Investment Corporation

[ Asset Securitization Products ] JCR Assigned A, BBB- and BB+ to ABL 21-12

[ Asset Securitization Products ] JCR Assigned Preliminary A to Securitization of Leases Receivable 202201

JCR Provided a Third Party Opinion on Sustainability Linked Loans Conducted by THE IYO BANK and Ehime Shinkin Bank to Imabari．Yume village

JCR Provided Post-issuance Verification Report to Penta-Ocean Construction

JCR Reviewed Bonds no. 5 Issued by Penta-Ocean Construction

Dec. 09, 2021

JCR Assigned AA Rating to Bonds of Sumitomo Mitsui Finance and Leasing

Dec. 08, 2021

JCR Upgraded Rating on CP of TOKAI HD to J-1

JCR Affirmed BBB and J-2 on FURUKAWA; Revised Outlook to Positive

JCR Affirmed A Rating on Kiyo Bank; Revised Outlook to Positive

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

JCR Affirmed AAA/Stable Long-term Issuer Rating on International Bank for Reconstruction and Development

JCR Affirmed BBB+/Stable (FC/LC) on Indian Railway Finance Corporation

JCR Assigned A Rating to Bonds of IWATANI

JCR Assigned A+ Rating to Bonds of Fuyo General Lease

Dec. 07, 2021

JCR Assigned A-/Stable Long-term Issuer Rating to African Export-Import Bank

JCR Affirmed BBB+/Stable and J-2 on DAIHO

JCR Assigned BBB+ Rating to Bonds of ZENSHO HD

JCR Assigned AAA Rating to Bonds of NTT FINANCE

JCR Assigned Preliminary A Rating to Shelf Registration of Tokyu Fudosan HD

Dec. 06, 2021

Tsukishima Kikai Will Begin Discussions with JFE Engineering to Integrate Domestic Water Engineering Business and Consider Transition to Holding Company Structure - JCR Will Watch Progress for Each

JCR Affirmed A/Stable and J-1 on NIPPN

JCR Affirmed AA/Stable Long-term Issuer Rating on NISSHIN SEIFUN GROUP

JCR Affirmed A-/Stable and J-1 on Showa Sangyo

JCR Affirmed A/Negative FC Long-term Issuer Rating on Lotte Shopping

JCR Affirmed AA/Stable and J-1+ on Sumitomo Mitsui Finance and Leasing

[ Asset Securitization Products ] JCR Affirmed BBB- and BB on ABL 20-11 Senior and Junior Mezzanine Loan

Dec. 03, 2021

JCR Assigned AA/Stable Long-term Issuer Rating to Japan Freight Railway

JCR Affirmed AA- Rating on T&D Holdings; Revised Outlook to Positive
JCR Affirmed AA- Rating on DAIDO LIFE INSURANCE; Revised Outlook to Positive
JCR Affirmed AA- Rating on TAIYO LIFE INSURANCE ; Revised Outlook to Positive
JCR Affirmed AA- Rating on T&D FINANCIAL LIFE INSURANCE; Revised Outlook to Positive

JCR Affirmed J-1 Rating on CP of T&D Lease

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

JCR Assigned AA Rating to Bonds of ASAHI KASEI

JCR Assigned AA Rating to Bonds of Kansai Electric Power

JCR Assigned A Rating to Subordinated Bonds of Suntory HD

JCR Assigned AA- Rating to Bonds of TAISEI

JCR Assigned Green 1 to 40th Series Unsecured Straight Bond Issued by TAISEI

JCR Assigned A+ Rating to Bonds of Takashimaya

JCR Assigned A+ Rating to Subordinated Bonds of Chugoku Electric Power

JCR Assigned A- Rating to Bonds of Mitsui DM Sugar HD

JCR Assigned AA- Rating to Bonds of TOKYU

JCR Assigned A- Rating to Bonds of JACCS

JCR Assigned AA+ Rating to Bonds of NEW KANSAI INTERNATIONAL AIRPORT

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

Dec. 02, 2021

JCR Upgraded Long-term Issuer Rating on FUKUYAMA TRANSPORTING to A+/Stable

JCR Upgraded Long-term Issuer Rating on SEINO HD to AA-/Stable

JCR Assigned A+ Rating to Bonds of EXEO Group

JCR Assigned Green 1 to the Green Bonds Issued by EXEO Group

JCR Assigned AA- Rating to Bonds of Hankyu Hanshin HD

JCR Assigned AA Rating to Bonds of Chubu Electric Power

JCR Assigned AA- Rating to Bonds of Tokyo Century

JCR Assigned A- Rating to Bonds of Samty Residential Investment Corporation

[ Asset Securitization Products ] JCR Affirmed AA on JETS International Five Limited Series 177

[ Asset Securitization Products ] JCR Affirmed A- on JETS International Five Limited Series 178

JCR Affirmed AA- on SPIRE SA Series 2020-217

Dec. 01, 2021

Mitsui O.S.K. Lines Will Make 2 Group Companies Wholly Owned Subsidiaries - Limited Impact on Rating

JCR Placed Rating on DAIBIRU under Credit Monitor #A/Negative

JCR Assigned AAA/Stable Long-term Issuer Rating to National University Corporation Tokai National Higher Education and Research System

JCR Upgraded Rating on HANWA to A-/Stable and J-1; Increase in CP Maximum Amount

JCR Downgraded Long-term Issuer Rating on Namura Shipbuilding to BB+/Stable

JCR Affirmed A+/Stable Long-term Issuer Rating on Shinkin Guarantee Fund

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

JCR Affirmed BBB+/Stable FC Long-term Issuer Rating on Leonteq Securities

JCR Assigned A Rating to Bonds of TOYOBO

JCR Assigned AA Rating to Bonds of Japan Metropolitan Fund Investment Corporation

[ Asset Securitization Products ] JCR Assigned Preliminary AAA Rating to Hayabusa 3

[ Asset Securitization Products ] JCR Assigned Preliminary AAA Rating to Hayabusa 4

Nov. 30, 2021

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

JCR Affirmed BB+/Stable Long-term Issuer Rating on IKAI

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

JCR Affirmed A-/Stable Long-term Issuer Rating on TAKASAGO INTERNATIONAL

JCR Affirmed AAA/Stable Long-term Issuer Rating on National University Corporation, the University of Tokyo

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

JCR Affirmed BBB/Stable Long-term Issuer Rating on Mitsubishi Steel Mfg.

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

[ Asset Securitization Products ] JCR Affirmed J-1+ on Monthly Clear Receivables 20 ABCP Programs (Super Trust 1 through 20, LLCs)

[ Asset Securitization Products ] JCR Assigned J-1+ to Hokuriku Bank A Corporation Bills & Electronically Recorded Receivables ABL 21-11

[ Asset Securitization Products ] JCR Assigned Preliminary A to Securitization of Leases Receivable 202201A

[ Asset Securitization Products ] JCR Assigned AAA, A and A- to Beneficial Interest 202111 (Contract No. 210281)

JCR Assigned Green 1 to Trust Beneficiary Rights 202111 (Contract No. 210281)

JCR Assigned Green 1 (Preliminary Evaluation) to Bonds of Keiyo Gas

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

JCR Provided a Third Party Opinion on Sustainability Linked Loans Conducted by Sumitomo Mitsui Trust Bank to RICOH LEASING

JCR Provided a Third Party Opinion on Sustainability Linked Loans Conducted by JA Mitsui Leasing to GPSS Holdings