News Release

Mar. 25, 2025

JCR Affirmed A+/Stable and J-1 on Mortgage Corporation of JapanNEW

JCR Affirmed BBB/Stable FC Long-term Issuer Rating on Indomarco PrismatamaNEW

JCR Affirmed AA-/Stable FC Long-term Issuer Rating on KKR & Co.NEW

JCR Assigned Preliminary AA- Rating to Shelf Registration of TAISEINEW

JCR Upgraded Clean Energy Connect Non-FIT Virtual PPA Low-voltage Solar Power Plant Green Project Bond Trust Trust ABL to BBB+NEW

JCR Assigned AA- to Sylph Limited Series 50933NEW

IWATANI: Reviewed Sustainability Bond Framework Evaluation: SU 1(F),Green 1(T)(F)NEW

The Hachijuni Bank: Reviewed Sustainability Bond Framework Evaluation: SU 1(F)NEW

SBI Shinsei Bank: Evaluation of Conformity of Sustainability Finance FrameworkNEW

MINEBEA MITSUMI, Sumitomo Mitsui Trust Bank: Second Opinion on Positive Impact AssessmentNEW

EBISAWA SEIKI SEISAKUSYO, The Joyo Bank: Second Party Opinion on Sustainability Linked LoanNEW

AKATSUKI EAZIMA, The Joyo Bank: Second Opinion on Positive Impact FinanceNEW

NISHINIPPON KOGYO, The Juhachi-Shinwa Bank: Second Opinion on Positive Impact FinanceNEW

Tenboshi Seiyu, THE SHIZUOKA BANK: Second Opinion on Positive Impact FinanceNEW

IWATAYA FOOD, The Shoko Chukin Bank: Second Opinion on Positive Impact FinanceNEW

ACE SYSTEM, The Nanto Bank: Second Opinion on Positive Impact FinanceNEW

Manyo-Biso, The Nanto Bank: Second Opinion on Positive Impact FinanceNEW

Mar. 24, 2025

JCR Removed Credit Monitor; Upgraded Ratings on Sanyo Special Steel to AA/Stable and J-1+

JCR Affirmed AAA/Stable and J-1+ on NTT DATA GROUP

Affirmed AA+/Stable Long-term Issuer Rating on SECOM

JCR Affirmed AA+/Stable Long-term Issuer Rating on SECOM GENERAL INSURANCE

JCR Affirmed AAA/Stable (FC/LC) on Export Development Canada

JCR Affirmed AA+/Stable Long-term Issuer Rating on Kanagawa Prefectural Housing Supply Corporation

JCR Assigned Preliminary A+ Rating to Subordinated Bonds of DAIWA HOUSE INDUSTRY

Mipox, Mizuho Bank: Second Opinion on Positive Impact Finance

Mar. 21, 2025

SoftBank Group Announces Acquisition of US Semiconductor Design Company—No Immediate Impact on Rating

T&D Life Group Invests in German Closed-Book Business—No Immediate Impact on Rating

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

Mizuho Bank: Second Party Opinion on Sustainable Shipping Impact Finance Framework

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

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

MANAGEMENT TOTAL SYSTEM, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Fumotoppara, THE SHIZUOKA BANK: Second Opinion on Positive Impact Finance

Nakazono, THE BANK OF FUKUOKA: Second Opinion on Positive Impact Finance

ENTOWA, The Juhachi-Shinwa Bank: Second Opinion on Positive Impact Finance

SS Trust, The Hachijuni Bank: Second Opinion on Positive Impact Finance

EIGHT, The Hachijuni Bank: Second Opinion on Positive Impact Finance

Mar. 19, 2025

JCR Upgraded FC Long-term Issuer Ratings on Aflac Incorporated to AA-/Stable; Upgraded FC Long-term Issuer Ratings on American Family Life Assurance Company of Columbus and Aflac Re Bermuda to AA+/Stable; Upgraded Long-term Issuer Ratings on Aflac Life Insurance Japan to AA+/Stable

JCR Affirmed AAA/Stable Long-term Issuer Rating on Kyushu University

JCR Affirmed BBB+/Stable (FC/LC) on Export-Import Bank of India

JCR Affirmed AA/Stable Long-term Issuer Rating on Frontier Real Estate Investment Corporation

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

JCR Assigned A- Rating to Subordinated Bonds of of SBI SECURITIES

JCR Assigned Preliminary BBB+ Rating to Undated Subordinated Bonds of Japan Airlines

JCR Assigned Preliminary A Rating to Shelf Registration of Japan Airlines

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 25-03

[ Asset Securitization Products ] JCR Assigned AAA to Beneficial Interest of unus202503

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

Mar. 18, 2025

JCR Upgraded Ratings on MINEBEA MITSUMI to AA-/Stable and J-1+

JCR Upgraded Long-term Issuer Rating on SCREEN HD to A+/Stable

JCR Affirmed AA/Stable Long-term Issuer Rating on DAIWA HOUSE INDUSTRY

JCR Affirmed AA-/Stable Long-term Issuer Rating on Hirogin HD and Hiroshima Bank

JCR Assigned AAA Rating to Bonds of Arab Bank for Economic Development in Africa

DAIEISANGYO: Assigned Green Loan Framework Evaluation: Green 1(F)

SRE Holdings: Reviewed Green Loan Framework Evaluation: Green 1(F)

Yanokuchi motor & manufacture, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Mar. 17, 2025

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

JCR Affirmed A+/Stable Long-term Issuer Rating on YOKOHAMA MINATOMIRAI RAILWAY

JCR Affirmed BBB/Stable Long-term Issuer Rating on BANK OF KOCHI

JCR Assigned AA- Rating to Cypher Limited Series 30083

Canadian Solar Infrastructure Fund: Reviewed Green Finance Framework Evaluation: Green 1(F)

YOKOHAMA MINATOMIRAI RAILWAY: Evaluation of Conformity of Long term Loan, Bonds no. 10 and no.11 to Green Finance Framework

Mar. 14, 2025

JCR's Rating Review of General Construction Companies

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

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

JCR Affirmed AA-p/Stable Long-term Issuer Rating on SHIMIZU

JCR Affirmed A/Stable Long-term Issuer Rating on Yodogawa Christian Hospital

JCR Affirmed BBB+/Stable FC Long-term Issuer Rating on Indofood CBP Sukses Makmur

JCR Affirmed A/Stable (FC) and A+/Stable (LC) on Thailand

JCR Affirmed AA/Stable Long-term Issuer Rating on Daiwa Office Investment Corporation

JCR Assigned BBB+ Rating to Bonds of Restar

Joint Green Bond issuers (Local Governments): Assigned Green Bond Evaluation: Green 1

JCOM: Second Party Opinion on Sustainability Linked Loan Framework

Ichiniisan, The Bank of Yokohama: Second Opinion on Positive Impact Finance

MUSTARCS, San ju San Bank: Second Opinion on Positive Impact Finance

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

Hokkaido Tatemono, The Hokkaido Bank: Second Opinion on Positive Impact Finance

Mar. 13, 2025

JCR Assigned A+/Stable (FC/LC) to BPPA (EXAU) Master HD
JCR Assigned A+/Stable (FC/LC) to Australia Core Property

Kawasaki City: Second Party Opinion on Kawasaki Port CNP Green/Transition Finance Framework

Mar. 12, 2025

JCR Upgraded Long-term Issuer Rating on Namura Shipbuilding to BBB/Stable

JCR Affirmed J-3 Short-term Issuer Rating on INV Inc.

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Beneficial Interest of unus202503

Sasebo Harbor Transport, The Juhachi-Shinwa Bank: Second Opinion on Positive Impact Finance

Mar. 11, 2025

JCR Affirmed AA/Stable Long-term Issuer Rating on Kanagawa University

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

JCR Affirmed AAA/Stable Long-term Issuer Rating on National Institution for Academic Degrees and Quality Enhancement of Higher Education

JCR Assigned A- Rating to Bonds of GMO Financial HD

Japan Finance Corporation: Assigned Social Bond Evaluation: Social 1

Mar. 10, 2025

JCR Affirmed A-/Stable Long-term Issuer Rating on Osaka Shoko Shinkin Bank; Assigned J-1 to Short-term Issuer Rating

JCR Upgraded Long-term Issuer Rating on Kintetsu Group HD to A-/Stable

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

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

Mar. 07, 2025

SBI Shinsei Bank Reached Agreement with the Government on Repayment Scheme for Public Funds—No Impact on Rating

Seven & i HD Transfers SST Business Group including Ito-Yokado—No Immediate Impact on Rating

JCR Affirmed A- on Asahi Mutual Life Insurance; Outlook Positive

JCR Affirmed A/Stable Long-term Issuer Rating on Mitsui DM Sugar HD

JCR Affirmed AA+/Stable and J-1+ on Master Trust Bank of Japan

JCR Affirmed AA+/Stable and J-1+ on Custody Bank of Japan

JCR Affirmed AAA/Stable Long-term Issuer Rating on Asian Development Bank

JCR Affirmed A/Stable (FC/LC) on Italy