JCR has upgraded the rating on senior debts of the issuer from AA-/Stable to AA/Stable.

Issuer: The Gunma Bank, Ltd. (8334)
Senior debts: AA/Stable

<Rationale>
The Gunma Bank, Ltd. is an upper ranking regional bank, which operates its business primarily in Gunma Prefecture with the fund volume amounting over 5 trillion yen. In addition to its largest market shares in the deposits and loans in Gunma Prefecture, it has been increasing its loan in the neighboring Saitama Prefecture and Tochigi Prefecture. JCR upgraded the rating on the Bank by one notch, because it is likely that the credit costs will remain unchanged with the loan quality being good and that the retained earnings will continue to accumulate with the capital adequacy being satisfactory, although its profitability is not high.