JCR has affirmed the A-/Stable rating on senior debts of the issuer.

Issuer: Ariake Japan Co., Ltd. (2815)
senior debts: A-/Stable

<Rationale>
Ariake Japan Co., Ltd. is Japan's largest manufacturer of natural seasonings (natural seasonings derived from animal meat). The Company has high margin products and earns profits on the back of its high product development ability and production technology. In our view, its earnings will remain stable over the short term, because of its successful sales and marketing measures and improved conditions of its market, which already hit bottom. The Company has ample liquidity on hand and actually its cash and cash equivalents exceed its borrowings. Thus its financial structure is satisfactory. Although the Company's financial performance in its European operations, which it started recently, is less than anticipated largely due to a slumping economy, JCR considers that its overall financial results including cash flow will not be seriously affected by such slumping overseas operations. JCR will watch whether the Company can make its European operations fully profitable, taking advantage of its accumulated know-how in Japan and abroad.