News Release

Dec. 24, 2020

JCR Affirmed A-/Stable Long-term Issuer Rating on Southern TOHOKU Research Institute for Neuroscience

JCR Affirmed A-/Stable (FC) and A- on CPI Property Group

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 20-12 (D Hospital)

[ Asset Securitization Products ] JCR Affirmed BBB+ Rating on JETS International Five Limited Series 176

[ Asset Securitization Products ] JCR Affirmed A Rating on JETS International Five Limited Series 317

Dec. 23, 2020

Earnings Forecast Revisions by SAPPORO HOLDINGS - No Immediate Impact on Rating; JCR Will Watch Future Performance Recovery

JCR Assigned SU 1 to the long term loans by Albero Grande Co., Ltd.

JCR Affirmed BBB-/Stable and J-2 on Mitsubishi Paper Mills

JCR Affirmed A/Stable, A, Preliminary A and J-1 on JA MITSUI LEASING

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Grass Park Beneficial Interest Series 3

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 20-12

JCR Assigned J-1+ Rating to Specified Money Trust Beneficial Interest 2129053

Dec. 22, 2020

JCR Affirmed A-/Stable, A- and Preliminary A- on ARAKAWA CHEMICAL INDUSTRIES

JCR Affirmed A+/Stable (FC) and A+ on Empresa Nacional del Petroleo

JCR Affirmed BBB+/A- (FC/LC) Ratings on Indonesia with Stable Outlook

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 20-12 (F Hospital)

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 20-12

Dec. 21, 2020

JCR Downgraded Rating on UNIZO Holdings from #BBB/Negative to #BBB-/Negative; Maintains Credit Monitor

JCR Affirmed A+ and A- on KONICA MINOLTA; Revised Outlook from Stable to Negative

JCR Affirmed A+ (FC) Rating on Teollisuuden Voima Oyj; Revised Outlook from Stable to Negative

JCR Affirmed A+ (FC) Rating on Pohjolan Voima Oyj; Revised Outlook from Stable to Negative

JCR Affirmed AAA/Stable and AAA on Tokyo Metro

Dec. 18, 2020

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

JCR Assigned A+ Rating to Bonds of Fuyo General Lease

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

JCR Affirmed BBB-/Stable Long-term Issuer Rating on Moya Holdings Asia

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

[ Asset Securitization Products ] JCR Affirmed A- on JETS International Four Limited Series 121

Dec. 17, 2020

JCR Affirmed A (FC) Rating on Hotel Lotte; Revised Outlook from Stable to Negative

JCR Assigned AA Rating to Bonds of Advance Residence Investment Corporation

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

Dec. 16, 2020

JCR Downgraded Rating on ROYAL HOLDINGS from BBB+/Negative to BBB/Negative

JCR Assigned AA Rating to Bonds of GLP J-REIT

JCR Affirmed A-/Stable, A- and J-1 on Konoike Transport

JCR Affirmed AA/Stable and AA on Daiwa House REIT Investment Corporation

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to BANK OF FUKUOKA C Corporation Bills & Electronically Recorded Receivable ABL 20-12

Dec. 15, 2020

JCR reviewed the Synthetic CLO (2019) of Japan Finance Corporation

JCR Assigned BBB+/Stable Long-term Issuer Rating and J-2 on CP to TOSHIBA

JCR Affirmed BBB+ and J-2 on Nojima; Revised Outlook from Stable to Positive

JCR Affirmed BBB Rating on DAITO BANK; Revised Outlook from Stable to Positive

JCR Affirmed AAA/Stable, AAA, and Preliminary AAA on Development Bank of Japan

JCR Assigned AA- Rating to Bonds of JCB

JCR Affirmed J-1+ Rating on CP of Odakyu Electric Railway; Increase in CP Maximum Amount

JCR Assigned BBB+ to Sylph Limited Series 10131

Dec. 14, 2020

JCR Affirmed A+ Rating on Invincible Investment Corporation; Revised Outlook from Stable to Negative

JCR Assigned J-1+ Rating to CP of Daiwa Securities Living Investment Corporation

JCR Assigned AAA Rating to Bonds of African Development Bank

JCR Affirmed A/Stable on Nishi-Nippon Financial Holdings and A/Stable and A- on NISHI-NIPPON CITY BANK

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

JCR Affirmed AA Ratings on Corporacion Andina de Fomento with Stable Outlook

Dec. 11, 2020

JCR Provided a third party opinion to Positive Impact Finance provided by Sumitomo Mitsui Trust Bank to Ricoh Leasing

JCR Assigned AAA Rating to Bonds of NTT FINANCE

JCR Assigned Preliminary A- Rating to Shelf Registration of IHI

JCR Affirmed BBB/Positive, BBB, Preliminary BBB, BB+ and J-2 on ZENSHO HOLDINGS

JCR Affirmed AAA/AAA (FC/LC) Ratings on Singapore with Stable Outlook

Dec. 10, 2020

JCR Reviewed Trust Beneficiary Rights 00012747

[ Asset Securitization Products ] JCR Assigned AA- to Ascent Finance Limited Series 2020-1069

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

JCR Upgraded Rating on Canadian Solar Dual Tenor Green Project Bond Trust (Gunma) Beneficial Interest and Trust ABL from A to A+

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

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

Dec. 09, 2020

JCR Assigned SU 1 to the 2nd Bonds Issued by Tokyu Fudosan Holdings

JCR Assigned BBB+ Rating to Subordinated Bonds of Tokyu Fudosan Holdings

JCR Assigned A+ Rating to Bonds of Benesse Holdings

JCR Affirmed BBB+/Stable and BBB+ on BELLUNA

JCR Affirmed BBB+/Positive and BBB+ on KANEMATSU CORPORATION

Dec. 08, 2020

JCR Assigned A Rating to Bonds of Rakuten Card

JCR Assigned A+ Rating to Bonds of Daicel

JCR Affirmed A-/Stable and J-1 on ARUHI

JCR Affirmed AAA/AAA (FC/LC) Ratings on Germany

Dec. 07, 2020

JCR Downgraded Rating on Sumitomo Rubber Industries from AA-/Negative, AA-, Preliminary AA- and J-1+ to A+/Stable, A+, Preliminary A+ and J-1

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

Dec. 04, 2020

JCR Affirmed BBB on Namura Shipbuilding; Revised Outlook from Stable to Negative

JCR Assigned AA- Rating to Bonds of TOKYU

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

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

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

JCR Affirmed AA-/Stable Long-term Issuer Rating on Awa Bank

JCR Affirmed A Ratings on Malayan Banking Berhad with Stable Outlook

[ Asset Securitization Products ] JCR Affirmed BBB- and BB- on 2129801_Trust ABL

Dec. 03, 2020

JCR Affirmed A-/Stable and A- on J-OIL MILLS

JCR Affirmed A (FC) on Lotte Shopping; Revised Outlook from Stable to Negative

Dec. 02, 2020

JCR Assigned BB+ Rating to Bonds of AIFUL

JCR Affirmed A/Stable and J-1 on Nippon Flour Mills

JCR Affirmed AA/Stable, AA and Preliminary AA on NISSHIN SEIFUN GROUP

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

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

JCR Affirmed BBB+/Stable, BBB+, BBB- and J-2 on HANWA

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

Dec. 01, 2020

JCR Assigned #AA-/Positive Rating to Bonds of Hitachi Capital

JCR Affirmed A-/Stable and J-1 on Mitsubishi Electric Credit

Nov. 30, 2020

JCR Placed Rating on TOKYO DOME under Credit Monitor #BBB/Positive and #J-2/Positive

JCR Assigned Green 1 (Final Evaluation) to the 3rd private placement bonds issued by AIRPORT FACILITIES CO., LTD.

JCR Affirmed AA- Rating on Mitsui Fudosan Logistics Park; Revised Outlook from Stable to Positive

JCR Affirmed AA/Stable Long-term Issuer Rating on Mitsui Fudosan Private REIT

JCR Assigned Preliminary AA- Rating to Shelf Registration of Kenedix Office Investment Corporation

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

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

[ Asset Securitization Products ] JCR Assigned J-1+ to Hokuriku Bank A Corporation Bills & Electronically Recorded Receivables ABL 20-11

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Elec. Recorded Rec. ABL 20-11