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May. 14, 2025

JCR Downgraded Long-term Issuer Rating on NISSAN MOTOR to BBB+/StableNEW

JCR Downgraded Long-term Issuer Rating on NISSAN FINANCIAL SERVICES to BBB+/StableNEW

JCR Affirmed A/Stable and J-1 on KAGOMENEW

JCR Affirmed A/Stable (FC/LC) on Hongkong and Shanghai HotelsNEW

JCR Assigned AAA Rating to Bonds of Central Nippon ExpresswayNEW

JCR Upgraded SPIRE SA Series 2023-113 and SPIRE SA Series 2024-32 to ANEW

May. 13, 2025

JCR Affirmed AA+/Stable Long-term Issuer Rating on National Mutual Insurance Federation of Agricultural Cooperatives

JCR Affirmed AA/Stable and J-1+ on Kyoei Fire and Marine Insurance

JCR Affirmed AA+/Stable Long-term Issuer Rating on NARITA INTERNATIONAL AIRPORT

JCR Affirmed AA+/Stable Long-term Issuer Rating on NEW KANSAI INTERNATIONAL AIRPORT and KANSAI INTERNATIONAL AIRPORT LAND

JCR Assigned Preliminary BBB Rating to Subordinated Bonds of ZENSHO HD

May. 12, 2025

JCR Downgraded Long-term Issuer Rating on Shoko Chukin Bank to AA/Stable

JCR Affirmed A-/Stable Long-term Issuer Rating on SKYLARK HD

JCR Affirmed A+/Stable (FC/LC) on CTF Services

JCR Affirmed AAA/Stable (FC/LC) on the Netherlands

Results of Review of Structured Finance Products (Excluding Those to Which Credit Ratings Are Assigned) April 2025

Sanu: Assigned Sustainability Loan Framework Evaluation: SU 1(F)

GLP J-REIT: Reviewed Green Finance Framework Evaluation: Green 1(F)

GLP J-REIT: Reviewed Sustainability Finance Framework Evaluation: SU 1(F)

Kasuga Foundation Work: SME Rating: a

May. 09, 2025

NTT DATA GROUP Becomes a Wholly-owned Subsidiary of NIPPON TELEGRAPH AND TELEPHONE—No Immediate Impact on Rating

JCR Assigned A/Stable Long-term Issuer Rating to SHIZUOKA CHUO BANK

JCR Removed Credit Monitor; Affirmed A- on Makino Milling Machine; Placed Stable Outlook

JCR Affirmed A and J-1 on Tokyo Tatemono; Revised Outlook to Positive

JCR Affirmed AA-/Stable Long-term Issuer Rating on KURARAY

JCR Affirmed AA-/Stable and J-1+ on Hulic

JCR Affirmed A-/Stable (FC/LC) on Daewoo Engineering & Construction

JCR Assigned Preliminary BBB+ Rating to Subordinated Bonds of Tokyo Tatemono

May. 08, 2025

NIPPON TELEGRAPH AND TELEPHONE Makes NTT DATA GROUP a Wholly-owned Subsidiary—No Immediate Impact on Rating; JCR Will Focus on Investment Effects

Major Shareholder of PayPay Card and PayPay Bank Prepares for Initial Public Offering—JCR Will Focus on Changes in Capital Relationships