News Release

Oct. 22, 2025

JCR Affirmed A-/Stable and J-1 on KPP GROUP HDNEW

JCR Affirmed J-2 Rating on CP of TOKYO ELECTRON DEVICENEW

JCR Affirmed BBB+/Stable Long-term Issuer Rating on WARABEYA NICHIYO HDNEW

JCR Affirmed A+/Stable Long-term Issuer Rating on SHIMIZU PRIVATE REITNEW

JCR Assigned AAA Rating to Bonds of Japan Student Services OrganizationNEW

[ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (Seiwakai Medical Corporation, Ishii Hospital)NEW

Oct. 21, 2025

SoftBank Group to Issue Hybrid Securities - Equity Content at "Medium" or "50" (Against 100 of a Stock)

JCR Affirmed A- and J-1 on ZENSHO HD; Revised Outlook to Positive

JCR Affirmed A-/Stable Long-term Issuer Rating on SEIKA

JCR Affirmed A+/Stable Long-term Issuer Rating on METAWATER

JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 25-10

Japan: Assigned Climate Transition Bond Evaluation: Green 1(T)

Oct. 20, 2025

JCR Upgraded Long-term Issuer Rating on JX Advanced Metals to A+/Stable; Affirmed J-1 on CP

Oct. 17, 2025

JCR Assigned A/Stable FC Long-term Issuer Rating to Bank of Ayudhya

JCR Affirmed AA-/Stable Long-term Issuer Rating on Kimitsu Cooperative Thermal Power Company

JCR Affirmed AA/Stable Long-term Issuer Rating on Sanyo Special Steel; Withdraws J-1+ Rating on CP

JCR Affirmed A/Stable Long-term Issuer Rating on Hiroshima Shinkin Bank

JCR Affirmed A+/Stable FC Long-term Issuer Rating on Bank of East Asia

JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Mitsubishi UFJ Financial Group

JCR Assigned AA- Rating to Bonds of JFE HD

JCR Assigned A Rating to Bonds of Nankai Electric Railway

JCR Assigned A Rating to Bonds of Nisshin OilliO Group

JCR Assigned A+ Rating to Bonds of HIKARI TSUSHIN

JCR Assigned BBB Rating to Undated Subordinated Bonds of Rakuten Group

JCR Assigned AA Rating to Bonds of Mitsubishi HC Capital

JCR Assigned AAA Rating to Bonds of Metropolitan Expressway

JCR Assigned A- to SPIRE SA Series 2025-74

Hoshino Resorts REIT: Second Party Opinion on Sustainability Linked Finance Framework

IZUMI CARS・TRANSPORT, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Oct. 16, 2025

JCR Affirmed BBB+/Stable and J-2 on DAIHO

JCR Affirmed A/Stable and J-1 on Tokyo Electric Power Company HD and A/Stable on TEPCO Power Grid, TEPCO Renewable Power and TEPCO Energy Partner

JCR Affirmed A/Stable and J-1 on Nankai Electric Railway

JCR Affirmed AAA/Stable (FC/LC) on Germany

JCR Affirmed A+/Stable Long-term Issuer Rating on Ichigo Office REIT Investment Corporation

JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Mizuho Financial Group

Ishikawa Prefecture: Assigned Sustainability Bond Framework Evaluation: SU 1(F)

Oct. 15, 2025

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

JCR Affirmed A/Stable Long-term Issuer Rating on JAPAN NUCLEAR FUEL

JCR Affirmed AA+/Stable and J-1+ on Mitsubishi Estate

JCR Affirmed A-/Stable Long-term Issuer Rating on Procrea HD and Aomori Michinoku Bank

JCR Affirmed AA-/Stable Long-term Issuer Rating on MUFG Private REIT

JCR Assigned AA- Rating to Bonds of RICOH LEASING

Hiranoya, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

VALOR HOLDINGS, The Norinchukin Bank: Second Opinion on Positive Impact Finance

Oct. 14, 2025

JA MITSUI LEASING's U.S. Subsidiary Holds Substantial Factoring Receivables Related to Bankrupt Company - No Impact on Rating, but JCR Will Watch Future Developments

JCR Affirmed A+/Stable and J-1 on SUMITOMO CHEMICAL

JCR Affirmed A-/Stable Long-term Issuer Rating on Mazda Motor

JCR Affirmed A-/Stable and J-1 on Mazda Credit

JCR Assigned Preliminary A- Rating to Shelf Registration of HEIWA REAL ESTATE

JCR Affirmed A+ on Notes of Man GPM US Residential Debt Fund

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

Nasushiobara City: Assigned Green Finance Framework Evaluation: Green 1(F), Nature 1(F)

Oct. 10, 2025

JCR's Rating Review of Air Transportation Companies

JCR Assigned A+ Rating to Bonds of NICHIREI

JCR Assigned A+ Rating to Bonds of JACCS

JCR Assigned A Rating to Bonds (Tier 1 with loss absorption clause) of Shoko Chukin Bank

JCR Assigned AAA Rating to Bonds of TOYOTA FINANCE

JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Sumitomo Mitsui Financial Group

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

JCR Assigned AAA Rating to Bonds of Hanshin Expressway

JCR Assigned Preliminary A+ Rating to Shelf Registration of HOKKAIDO GAS

JCR Assigned Preliminary AA- Rating to Shelf Registration of Hirogin HD

[ Asset Securitization Products ] JCR Affirmed AAA and A on Trust Contract No. 220243

Oct. 09, 2025

JCR Assigned A-/Stable FC Long-term Issuer Rating to Rizal Commercial Banking Corporation

JCR Affirmed AA- and J-1+ on JERA; Revised Outlook to Positive

JCR's Rating Review of Blast Furnace Steel Manufacturers

JCR Affirmed AAA/Stable Long-term Issuer Rating on Tokyo Metro

JCR Assigned A Rating to Bonds of Topre

JCR Assigned Preliminary AA- Rating to Bonds (Tier 2 with loss absorption clause) of Mitsubishi UFJ Financial Group

Oct. 08, 2025

JCR Solicits Public Comments on Revisions to Rating Methodology by Sector "Guaranty Company"

JCR Assigned AA-/Stable Long-term Issuer Rating to SMBC Private REIT Investment Corporation

JCR Affirmed A/Stable and J-1 on AICHI STEEL

JCR Affirmed A/Stable Long-term Issuer Rating on Hokuetsu Corporation

JCR Affirmed AA/Stable Long-term Issuer Rating on United Urban Investment Corporation

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Assigned AA Rating to Bonds of Mitsui Fudosan

JCR Assigned Preliminary A+ Rating to Shelf Registration of ISUZU MOTORS

JCR Assigned Preliminary AA Rating to Shelf Registration of Tokyo Waterfront Area Rapid Transit

JCR Assigned A+ to Rosetta Co., Limited Series 45/2025

Oct. 07, 2025

JCR Upgraded Long-term Issuer Rating on VALOR HD to A/Stable; Affirmed J-1 on CP

JCR Affirmed AA/Stable Long-term Issuer Rating on SONY GROUP

JCR Affirmed A+/Stable Long-term Issuer Rating on KYOTO CHUO SHINKIN BANK

JCR Affirmed AA+p/Stable on Ability to Pay Insurance Claims of Japan Earthquake Reinsurance

Oct. 06, 2025

JCR Affirmed AA-/Stable (FC/LC) on Frasers Property

JCR Assigned A to SPIRE SA Series 2025-275

JCR Withdraws A+ Long-term Issuer Rating on Tonami HD

Oct. 03, 2025

JCR Upgraded Long-term Issuer Rating on Kenedix to AA/Stable

JCR Affirmed A+ Long-term Issuer Rating on FUKUYAMA TRANSPORTING; Revised Outlook to Negative

JCR Affirmed A-/Stable Long-term Issuer Rating on San ju San Financial Group and San ju San Bank

JCR Affirmed AAA/Stable Long-term Issuer Rating on Japan Bank for International Cooperation

JCR Affirmed AAA/Stable Long-term Issuer Rating on Arab Bank for Economic Development in Africa

JCR Affirmed A+/Stable Long-term Issuer Rating on Tokyo Tatemono Private REIT

JCR Assigned AA Rating to Bonds of ORIENTAL LAND

JCR Assigned AA Rating to Bonds of Kyushu Electric Power

JCR Assigned A+ Rating to Bonds of TOKAI CARBON

JCR Assigned A Rating to Bonds of TEPCO Power Grid

JCR Assigned AAA Rating to Bonds of NTT TC Leasing

JCR Assigned #A/Negative Rating to Bonds (Tier 1 with loss absorption clause) of Gunma Bank

JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Yokohama Financial Group

[ Asset Securitization Products ] JCR Affirmed AAA and AA- on REIT2024-001 Beneficial Interest