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

Issuer: Ezaki Glico Co., Ltd. (2206)
Senior debts: A/Stable

<Rationale>
Ezaki Glico Co., Ltd. is a large confectionery manufacturer and has a strong operating base. It seems that its operating income for FY 2009 ended March 31, 2010 has improved sharply and has reached as much as its record high income recorded for FY 2000 ended March 31, 2001. This is primarily owing to the rapid improvement in the earnings power of the confectioneries, for which the support of the business was an issue for the Company. Its management style placing emphasis on profit led to the good performance early. It is expected that the good performance will continue in FY 2010 ending March 31, 2011. Although JCR considers it necessary to watch whether or not the domestic confectionery industry can maintain and improve margins, given fierce competition, JCR values that the Company has increased the stability in the operating performance of the group companies as a whole, in consideration of good business performance of major businesses other than the confectioneries. JCR considers that the Company needs to strengthen the overseas activities further in order to enhance the earnings base more. JCR will watch whether or not it can sustain its growth hereafter. Its financial structure is good, and JCR considers that it can maintain the good condition for the foreseeable future.