News Release

May. 12, 2025: JCR Downgraded Long-term Issuer Rating on Shoko Chukin Bank to AA/StableNEW; JCR Affirmed A-/Stable Long-term Issuer Rating on SKYLARK HDNEW; JCR Affirmed A+/Stable (FC/LC) on CTF ServicesNEW; JCR Affirmed AAA/Stable (FC/LC) on the NetherlandsNEW; Results of Review of Structured Finance Products (Excluding Those to Which Credit Ratings Are Assigned) April 2025NEW; Sanu: Assigned Sustainability Loan Framework Evaluation: SU 1(F)NEW; GLP J-REIT: Reviewed Green Finance Framework Evaluation: Green 1(F)NEW; GLP J-REIT: Reviewed Sustainability Finance Framework Evaluation: SU 1(F)NEW; Kasuga Foundation Work: SME Rating: aNEW

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; JCR Assigned AA- Rating to Cypher Limited Series 30087; JCR Assigned AA- Rating to Cypher Limited Series 30088; Treasure One Company, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

May. 07, 2025: JCR Assigned AAA/Stable FC Long-term Issuer Rating to Tokio Marine RSL Re PIC II; JCR Affirmed A+/Stable Long-term Issuer Rating on Okinawa Financial Group and Bank of Okinawa; JCR Affirmed A+/Stable Long-term Issuer Rating on Bank of The Ryukyus; JCR Assigned A Rating to SPIRE SA Series 2025-267; JCR Assigned A+ Rating to SPIRE SA Series 2025-376

May. 02, 2025: [ Asset Securitization Products ] JCR Assigned BBB to General Investments (Cayman) Limited Series 2024-09; Johoku Steel, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

May. 01, 2025: JCR Affirmed AA/Stable and J-1+ on Tokyo Century, NIPPON CAR SOLUTIONS and FLCS and AA-/Stable and J-1+ on IHI Finance Support; [ Asset Securitization Products ] JCR Affirmed AA on Securitization of Loans Receivable 202203

Apr. 30, 2025: [ Asset Securitization Products ] JCR Assigned Preliminary A to Senior Beneficial Interest 7931601 Series 9; Mitsubishi UFJ Trust and Banking: Reviewed Green Finance Framework for Jointly-managed Money Trust: Green 1(F); SBI ARUHI: Reviewed Green Finance Framework Evaluation: Green 1(F); HAKUAIDO PHARMACY, The Juhachi-Shinwa Bank: Second Opinion on Positive Impact Finance; Houkoku Industry, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; Maruesumedical, The Bank of Kyoto: Second Opinion on Positive Impact Finance; Honma Kaitai, The Hokkaido Bank: Second Opinion on Positive Impact Finance