News Release

Dec. 26, 2025

Shimadzu Announces Acquisition of Tescan - No Immediate Impact on Rating

JCR Assigned A-/Stable (FC/LC) to Tidlor Holdings

JCR Upgraded Rating on Chuo-Nittochi Private REIT from A+/Positive to AA-/Stable

JCR Affirmed AAA/Stable Long-term Issuer Rating on National University Corporation, the University of Osaka

JCR Affirmed A/Stable and J-1 on Yasuda Real Estate

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

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

JCR Affirmed A+/Stable Long-term Issuer Rating on Juroku Financial Group and Juroku Bank

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

[ Asset Securitization Products ] JCR Affirmed J-1+ on Internet Communication Fee Receivable Securitization ABL Program (Japan Securitization Corporation)

[ Asset Securitization Products ] JCR Affirmed J-1+ on Telecommunication Fee Receivable Securitization ABL Program (Japan Securitization Corporation)

[ Asset Securitization Products ] JCR Assigned A to Facility 25-12 ABL

[ Asset Securitization Products ] JCR Assigned J-1+ to Hokuriku Bank A Corporation Bills & Electronically Recorded Receivables ABL 25-12

JCR Withdraws J-1+ Rating on CP of NTT DATA GROUP

JCR Withdraws A+ Long-term Issuer Rating on FUJI ELECTRIC

OONO ASSOCIATES: Assigned Green Loan Framework Evaluation: Green 1(F)

Shiga Prefecture: Post-issuance Verification Report on Sustainability Linked Bond

Sumitomo Forestry, Sumitomo Mitsui Trust Bank: Second Opinion on Positive Impact Assessment (Review)

SJ Recycle, The Nanto Bank: Second Opinion on Positive Impact Finance

FUJI POLYMER, The Nanto Bank: Second Opinion on Positive Impact Finance

Yumoto Interior Design, THE SAITAMAKEN SHINKIN BANK: Second Opinion on Positive Impact Finance

Shinsei Kogyosho, The Senshu Ikeda Bank: Second Opinion on Positive Impact Finance

Dec. 25, 2025

SAPPORO HD Injects External Capital into Real Estate Business - No Impact on Rating

JCR Assigned A-/Stable Long-term Issuer Rating to Kasumigaseki Hotel REIT Investment Corporation

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

JCR Affirmed AA+/Stable and J-1+ on Tokyo Electron

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

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

Dec. 24, 2025

JCR Assigned A/Stable (FC/LC) to Electricity Generating

JCR Assigned A-/Stable (FC/LC) to JSW Steel

JCR Upgraded Long-term Issuer Rating on Toyo Logistics to BBB+/Stable

JCR Upgraded Long-term Issuer Rating on Daiwa Securities Group and Daiwa Securities to AA-/Stable

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

JCR Affirmed AA-/Stable on Nomura HD, Nomura Securities and Nomura Bank International; Affirmed AA- Rating on EMTN Program of Nomura Europe Finance and Nomura Global Finance

JCR Affirmed AA-/Stable and J-1+ on Nomura Trust and Banking

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

[ Asset Securitization Products ] JCR Assigned BBB+ to Voyager Limited Series 2017-2491

Estlinks, THE SHIMIZU BANK: Second Opinion on Positive Impact Finance

Sanyo Engineering & Construction, The Tama Shinkin Bank: Second Opinion on Positive Impact Finance

Dec. 23, 2025

JCR Affirmed A/Stable Long-term Issuer Rating on KAGA ELECTRONICS

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

JCR Affirmed A/Stable and J-1 on Japan Pulp & Paper

JCR Affirmed A on SGET Tochigi Mega Solar Power Station Project Beneficial Interest

JCR Affirmed A on SGET Usa Mega Solar Power Station Project Beneficial Interest

[ Asset Securitization Products ] JCR Affirmed BBB on Auto Loan Receivables Securitization 202406

JCR Assigned AA- to HARP Issuer PLC Series 212

Dec. 22, 2025

MUFG Invests in a Leading Non-Banking Financial Company in India—No Impact on Rating

Shriram Finance to Undertake Preferential Issue of Equity Shares, To Become MUFG’s Equity-Method Affiliate—Future Management Structure and Synergies in Focus

Financial Partners Group Announces Notice Regarding Its Response to Upcoming Tax System Reforms—JCR Will Watch Demand Trend for Real Estate Fractional Ownership Investment Products

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

JCR Affirmed A- and J-1 on Joshin Denki; Revised Outlook to Negative

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

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

JCR Assigned AA- to Bonds of Cypher Limited Series 30132

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 25-12

Dec. 19, 2025

JCR Removed Credit Monitor; Upgraded Rating on Sumitomo Riko to AA; Placed Stable Outlook

JCR Affirmed A-/Stable and J-1 on TOA

JCR Affirmed A-/Stable Long-term Issuer Rating on Southern TOHOKU Research Institute for Neuroscience

JCR Affirmed AA-/Stable and J-1+ on Nissan Chemical

JCR Affirmed AA/Stable Long-term Issuer Rating on Advance Residence Investment Corporation

JCR Affirmed AA-/Stable Long-term Issuer Rating on Japan Excellent

JCR Affirmed A-/Stable Long-term Issuer Rating on marimo Regional Revitalization REIT

so-rin, The Joyo Bank: Second Party Opinion on Sustainability Linked Loan

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

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

KSY Energy Partners, THE KAGOSHIMA BANK: Second Opinion on Positive Impact Finance

HOKKAIDO PORACON, The Hokkaido Bank: Second Opinion on Positive Impact Finance

Dec. 18, 2025

Asahi Group HD Acquires Diageo plc’s Businesses in East Africa—No Immediate Rating Action; JCR Will Watch Future Financial Management Policies

JCR Affirmed A+/Stable Long-term Issuer Rating on North Pacific Bank

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Beneficial Interest 202601 (Contract No. 93-82013)

JCR Assigned A(fp) Fund Portfolio Rating to SAIMUHOSHOU GOUDOUKINSHIN <202512>

Dec. 17, 2025

JCR Assigned A-/Stable Long-term Issuer Rating to Astomos Energy

JCR Affirmed BBB Long-term Issuer Rating on Namura Shipbuilding; Revised Outlook to Positive

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

JCR Affirmed AA+ Rating on EMTN Program of ITOCHU

JCR Affirmed A+/Stable Long-term Issuer Rating on K'S HD

JCR Affirmed A-/Stable Long-term Issuer Rating on J-OIL MILLS

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

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

JCR Assigned AA- Rating to SPIRE SA Series 2025-663

West Japan Railway: Post-execution Verification Report on Sustainability Linked Loan

Dec. 16, 2025

JCR Removed Credit Monitor; Upgraded Ratings on SCSK to AA; Placed Stable Outlook

JCR Affirmed A-/Stable Long-term Issuer Rating on GMO internet group, GMO Financial HD and GMO CLICK Securities

NTT TC Leasing: Assigned Sustainability Finance Framework Evaluation: SU 1(F)

Dec. 15, 2025

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

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

JCR Affirmed AA/Stable Long-term Issuer Rating on Japan Prime Realty Investment Corporation

JCR Assigned AA- Rating to SPIRE SA Series 2025-536

Dec. 12, 2025

JCR Affirmed AAA (FC/LC) on France; Revised Outlook to Negative

JCR Affirmed AA (FC) on Electricite de France; Revised Outlook to Negative

JCR Affirmed AA/Stable (FC/LC) on Mapletree Investments

JCR Affirmed A/Stable FC Long-term Issuer Rating on Lotte Shopping

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

JCR Assigned Preliminary A+ Rating to Shelf Registration of Sumitomo Rubber Industries

[ Asset Securitization Products ] JCR Assigned AA+ to Beneficial Interest 202512

Joint Green Bond Issuers (Local Governments): Assigned Green 1 to Joint Local Government Green Bond 6th

HEIWA SEIFUN, San ju San Bank: Second Opinion on Positive Impact Finance

Dec. 11, 2025

JCR Upgraded FC/LC Long-term Issuer Rating on Slovenia to AA/Stable

JCR Affirmed A-/Stable and J-1 on ASAHI SHINKIN BANK

JCR Affirmed A-/Stable Long-term Issuer Rating on DAIDO FIRE & MARINE INSURANCE