JCR has affirmed the J-2 rating on the CP program with maximum amount being decreased to 4 billion yen from 5 billion yen of the issuer.

Issuer: Asax Co., Ltd. (8772)
CP: J-2
Maximum: Y4 billion
Backup Line: 0%

<Rationale>
Asax is an independent real estate mortgage loan company, conducting its business primarily in Tokyo and three neighboring prefectures. With most of the clients being self-employed individuals and small- and medium-sized businesses, the Company's primary products are medium and long term, namely 3- to 5-year loans. The rating for the Company reflects good asset quality on the back of the conservative attitudes towards credit, stability in the earnings power and the financial balance. Its business performance is evaluated as good in comparison with others in the same industry. On the other hand, JCR considers that issue for the Company will be further stabilization of its fundraising base and maintenance and expansion of the business through such stabilization.