News Release

Sep. 11, 2026

JCR Assigned J-1+ Rating to CP of AIR WATER

JCR Affirmed A- Long-term Issuer Rating on Kanamoto; Revised Outlook to Positive

JCR Affirmed AA/Stable and J-1+ on Mori Trust HD

JCR Affirmed AA/Stable Long-term Issuer Rating on Eurus Energy HD

JCR Affirmed AA+/Stable Long-term Issuer Rating on Recruit HD

JCR Removed Credit Monitor; Affirmed A on Aichi Financial Group and Aichi Bank, and A- on San ju San Financial Group and San ju San Bank; Placed Stable Outlook

JCR Assigned A- Rating to Bonds of ARATA

JCR Assigned AA+ Rating to Bonds of Kansai Electric Power

JCR Assigned AA- Rating to Bonds of JERA

JCR Assigned BBB+ Rating to Bonds of FURUKAWA

JCR Assigned A Rating to Bonds of Yasuda Real Estate

JCR Assigned AA Rating to Bonds of JCB

JCR Assigned #AA-/Negative Rating to Bonds (Tier 2 with loss absorption clause) of Gunma Bank

JCR Assigned A+ Rating to Subordinated Bonds of Tokyo Century

JCR Assigned A Rating to Bonds (Tier 1 with loss absorption clause) of Mitsubishi UFJ Financial Group

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Assigned Preliminary A- Rating to Shelf Registration of Central Glass

JCR Downgraded Long-term Issuer Rating on Hanwha Solutions to A-/Stable; Withdraws A- (FC)

JCR Assigned Preliminary A Rating to Loan of Ishikari Biomass Power GK

Joint Green Bond Issuers (Local Governments): Assigned Green 1 to Joint Local Government Green Bond 8th

ORIX JREIT, Sumitomo Mitsui Trust Bank: Second Opinion on Positive Impact Assessment

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

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

MORI-FLOCKY, The Chugoku Bank: Second Opinion on Positive Impact Finance

Sep. 10, 2026

JCR Downgraded FC Long-term Issuer Rating on Lotte Chemical to A-/Stable

JCR Affirmed BBB-/Stable Long-term Issuer Rating on Jimoto HD, Kirayaka Bank and SENDAI BANK

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

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Chikuho Bank

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

JCR Affirmed A-/Stable (FC) and A/Stable (LC) on Oriental Republic of Uruguay

JCR Assigned AA Rating to Bonds of TOKYU

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

Results of Review of Structured Finance Products (Excluding Those to Which Credit Ratings Are Assigned) August 2026

novis, The Nanto Bank: Second Opinion on Positive Impact Finance

SANKI UNSO, Aomori Michinoku Bank: Second Opinion on Positive Impact Finance

Sep. 09, 2026

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

JCR Assigned AA- Rating to Bonds of JFE HD

JCR Assigned Preliminary A Rating to Loan of Asahi Mutual Life Insurance

JCR Assigned Preliminary A to Bonds of Asahi Life 1st Senior Loan Securitization Company Limited

Sep. 08, 2026

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

JCR Affirmed A-/Stable and J-1 on Yanmar HD

JCR Affirmed BBB+/Stable Long-term Issuer Rating on OKASAN SECURITIES GROUP and OKASAN SECURITIES

JCR Affirmed #A-/Positive on Chiba Kogyo Bank; Continues Credit Monitor

JCR Affirmed BBB+/Stable and J-2 on Tokai Tokyo Financial HD and BBB+/Stable on Tokai Tokyo Securities

JCR Assigned A+ Rating to Subordinated Loan of NIPPON STEEL

Sep. 07, 2026

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

JCR Affirmed A+ and J-1 on Marubeni-Itochu Steel; Revised Outlook to Positive

JCR's Rating Review of Three Major Oil Distributors

JCR Affirmed A+/Stable and J-1 on Idemitsu Credit

OKUMURA CORPORATION: Assigned Social Finance Framework Evaluation: Social 1(F)

Sep. 04, 2026

JCR Assigned A-/Stable Long-term Issuer Rating to Nisshin Private Residential Reit

JCR Affirmed A/Stable Long-term Issuer Rating on KATO SANGYO

JCR Affirmed A-/Stable Long-term Issuer Rating on KOHNAN SHOJI

JCR Affirmed A (FC/LC) on Hongkong and Shanghai Hotels, Revised Outlook to Positive; Affirmed A on Bonds of Peninsula Tokyo Finance Services

JCR Assigned A Rating to Subordinated Bonds of Sumitomo Forestry

JCR Assigned AA+ Rating to Bonds of Electric Power Development

JCR Assigned A Rating to Bonds of GS Yuasa

JCR Assigned A Rating to Bonds of SoftBank Group

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Assigned AA- Rating to Bonds of TOYODA GOSEI

JCR Assigned A Rating to Bonds of JAPAN NUCLEAR FUEL

JCR Assigned A Rating to Bonds of HANWA

JCR Assigned AA- Rating to Bonds of Hokkaido Electric Power

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

Sep. 03, 2026

JCR Upgraded FC/LC Long-term Issuer Rating on Export-Import Bank of India to A-/Stable

JCR Upgraded FC/LC Long-term Issuer Rating on Indian Railway Finance Corporation to A-/Stable

JCR Upgraded FC/LC Long-term Issuer Rating on REC to A-/Stable

JCR Upgraded FC/LC Long-term Issuer Rating on Housing and Urban Development Corporation to A-/Stable

JCR Affirmed A-/Stable FC Long-term Issuer Rating on Vena Global Group and Vena Energy Capital

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

JCR Assigned A+ Rating to Bonds of HIKARI TSUSHIN

GS Yuasa Corporation: Assigned Green Finance Framework Evaluation: Green 1(F)

Sunny Staff, The Joyo Bank: Second Party Opinion on Sustainability Linked Loan

Sep. 02, 2026

JCR Upgraded FC/LC Long-term Issuer Rating on India to A-/Stable

JCR Affirmed AA-/Stable Long-term Issuer Rating on Hulic Private Reit

JCR Assigned AA- Rating to Subordinated Loan of National Mutual Insurance Federation of Agricultural Cooperatives

JCR Assigned Preliminary A Rating to Shelf Registration of Kawasaki Heavy Industries

JCR Assigned AA- to Bonds of Zenkyoren 5th Subordinated Loan Securitization Company Limited

[ Asset Securitization Products ] JCR Affirmed J-3 on Next Funding ABL Program (Narasaki Stax)

JCR Affirmed A (fp) Fund Portfolio Rating on Renewable Trust

Sep. 01, 2026

JCR Affirmed A-/Stable Long-term Issuer Rating on HEIWA REAL ESTATE

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

JCR Affirmed A+/Stable and J-1 on LINTEC

JCR Assigned Preliminary AA- Rating to Shelf Registration of SAIBU GAS HD

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

JCR Assigned AA+ to Corsair Finance Jersey Limited Series 289

Sumitomo Mitsui Trust Bank: Evaluation of Conformity of Future Trust Framework

Aug. 31, 2026

JCR Affirmed A- Rating on Bonds of Muninova HD

JCR Affirmed BBB/Stable Long-term Issuer Rating on Minami-Nippon Bank

JCR Assigned Preliminary A+ Rating to Subordinated Bonds of Tokyo Century

JCR Assigned A+ Rating to Subordinated Loan of Suntory HD

JCR Assigned A Rating to Subordinated Loan of Sumitomo Forestry

[ Asset Securitization Products ] JCR Assigned BBB to IDOM202608

JCR Affirmed A+ on Beneficial Interest and ABL of Securitization of Loans Receivable

OKUMURA: Post-execution Verification Report on Sustainability Linked Loan

NIPPON THOMPSON: Post-issuance Verification Report on Sustainability Linked Bond

Mizuho Leasing: Post-issuance Verification Report on Sustainability Linked Bond

SAN-ESU ENGINEERING , Aomori Michinoku Bank: Second Opinion on Positive Impact Finance

KAWASHO HOUSE, The Kumamoto Bank: Second Opinion on Positive Impact Finance

MIZUNO KENSETSU, THE SHIMIZU BANK: Second Opinion on Positive Impact Finance