News Release

Dec. 29, 2021

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL 21-12

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

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

Dec. 28, 2021

JCR Upgraded Long-term Issuer Rating on AIFUL to BBB/Stable

JCR Affirmed A-/Stable Long-term Issuer Rating on PACIFIC INDUSTRIAL

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 21-12 (D Hospital)

[ Asset Securitization Products ] JCR Assigned J-1+ to Hokuriku Bank A Corporation Bills & Electronically Recorded Receivables ABL 21-12

JCR Assigned AA- to Securitization of Leases Receivable from SB 202112

JCR Assigned AA- to Securitization of Loans Receivable from SB 202112

Dec. 27, 2021

JCR Upgraded Long-term Issuer Rating on ITOCHU Advance Logistics Investment Corporation to AA-/Stable

JCR Affirmed A- Rating on Maruzen Showa Unyu; Revised Outlook to Positive

JCR Affirmed AA-/Stable and J-1+ on PayPay Card

JCR Reviewed Central Nippon Expressway the 16th U.S. Dollar-denominated Corporate Bonds (Climate Resilience Bonds)

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

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

Dec. 24, 2021

JCR Upgraded Long-term Issuer Rating on Senshu Ikeda Bank to A/Stable

JCR Affirmed A- Rating on SHIMIZU BANK; Revised Outlook to Positive

Increase in CP Maximum Amount of KUREHA; JCR Affirmed J-1

JCR Affirmed BBB-/Negative Long-term Issuer Rating on Toyoko Inn

JCR Affirmed AAA/Stable Long-term Issuer Rating on New Development Bank

[ Asset Securitization Products ] JCR Affirmed AA- on SPIRE SA Series 2020-269

JCR Affirmed A+ on Nomura Trust and Banking Unsecured Trust Bonds No. 37

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

JCR Provided a Third Party Opinion to Positive Impact Finance provided by the Hyakugo Bank to Mitsuibau Material

JCR Provided a Third Party Opinion to the Positive Impact framework of the Hyakugo Bank

JCR Withdraws A-/Stable Long-term Issuer Rating on Sangetsu

Dec. 23, 2021

JCR Affirmed AA/Stable and J-1+ on Sumitomo Electric Industries

JCR Affirmed BBB/Stable Long-term Issuer Rating on Toyo Logistics

JCR Affirmed A/Negative Long-term Issuer Rating on NISSAN MOTOR

JCR Affirmed A+/Stable and J-1 on NIPPON STEEL TRADING

JCR Affirmed A/Negative on NISSAN FINANCIAL SERVICES

[ Asset Securitization Products ] JCR Affirmed A+ on Jupiter Capital Limited Series 2018-11

JCR Assigned J-1+ to Specified Money Trust Beneficial Interest 2129055

JCR Assigned Green 1 to Bonds of Keiyo Gas

JCR Assigned Green 1(F) to Green Finance Framework of One REIT

Dec. 22, 2021

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

JCR Upgraded Long-term Issuer Rating on Kenedix Retail REIT Corporation to AA-/Stable

JCR Affirmed AA/Stable and J-1+ on Keio

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

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

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

JCR Affirmed A+/Stable Long-term Issuer Rating on au Kabucom Securities

JCR Assigned Preliminary AA- Rating to Shelf Registration of SoftBank Corp.

JCR Affirmed A on Landmark Capital S.A. Series 2018-65

JCR Assigned BBB to Amp Green Project Bond Trust (Miyazaki) Trust ABL

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 21-12

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 21-12

JCR Assigned A to Ganymede Limited Series 2021-148

Dec. 21, 2021

JCR Upgraded Long-term Issuer Rating on Monex Group to BBB+/Stable
JCR Upgraded Long-term Issuer Rating on Monex to BBB+/Stable and Affirmed J-2
JCR Upgraded Rating on EMTN Program of Monex Finance to BBB+ and Affirmed J-2

JCR Affirmed A/Stable and J-1 on BOT Lease

JCR Affirmed AAA/Stable Long-term Issuer Rating on Development Bank of Japan

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 21-12 (F Hospital)

Dec. 20, 2021

JCR Affirmed A-/Stable Long-term Issuer Rating on J-OIL MILLS

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

Dec. 17, 2021

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

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

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

JCR Assigned A- Rating to Subordinated Bonds of Dai-ichi Life HD

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

Dec. 16, 2021

JCR Affirmed AA Rating on JAPAN POST INSURANCE; Revised Outlook to Stable

JCR Affirmed AA+/Stable Long-term Issuer Rating on JAPAN POST HD

JCR Affirmed A/Stable and J-1 on Yasuda Real Estate

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

JCR Affirmed AA/Stable Long-term Issuer Rating on Corporacion Andina de Fomento

JCR Assigned AAA Rating to Bonds of African Development Bank

[ Asset Securitization Products ] JCR Assigned AAA to Hayabusa 3

[ Asset Securitization Products ] JCR Assigned AAA to Hayabusa 4

Dec. 15, 2021

NIPPON CHEMI-CON's Recording of Extraordinary Loss - Negative Impact on Rating; Future Performance and Financial Directions Need to be Carefully Examined

JCR Upgraded Long-term Issuer Rating on DAITO BANK to BBB+/Stable

Increase in CP Maximum Amount of Rakuten Group; Affirmed J-1

JCR Assigned A+ Rating to Bonds (Tier 2 with loss absorption clause) of Sumitomo Mitsui Trust HD

JCR Assigned Preliminary AA- to Securitization of Leases Receivable from SB 202112

JCR Assigned Preliminary AA- to Securitization of Loans Receivable from SB 202112

Dec. 14, 2021

JCR Affirmed AA and J-1+ on Tokyo Electron; Revised Outlook to Positive

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Southern TOHOKU Social Welfare Foundation

JCR Assigned BBB Rating to Bonds of SBI FinTech Solutions

JCR Upgraded Oxygen Capital Limited Series 86, Series 87, Series 112 and Series 118 to AA

JCR Upgraded Oxygen Capital Limited Series 136,Series 138, Series 141, Series 142, Series 144, Series 146, Series 150 and Series 171 to AA

[ Asset Securitization Products ] JCR Upgraded Rating on Oxygen Capital Limited Series 151 to AA

JCR Upgraded Ratings on Neon Capital Limited Series 707 and 714 to AA

Dec. 13, 2021

JCR's Rating Review of Volume-sales Consumer Electronics Retailers

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

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

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