JCR has assigned a preliminary BBB+ and a J-2 rating to the shelf registratin and CP program of the issuer, respectively.

Issuer: Accordia Golf Co., Ltd. (2131)
Shelf Registration: preliminary BBB+
Maximum: Y40 billion
Valid: two years effective from July 3, 2010
CP: J-2
Maximum: Y5 billion
Backup Line: 0%

<Rationale>
Accordia Golf Co., Ltd. endeavors to attract more visitors by its price-cutting efforts despite an adverse business environment. Its existing golf courses can generate more cash flow because of its measures including low-cost operations. The Company is successful in raising its ability to compete with rival golf courses by its renovation investment in golf courses and the number of courses has increased. As a result, its earnings will continue to mount. It is likely that the Company will improve its financial structure continuously, given its increased ability to generate more cash flow recently and prudent selection of golf courses which the Company is going to acquire by the application of rigorous investment standards, although its interest bearing liabilities are expected to continue to increase as a result of its acquisition of more golf courses.