News Release

Feb. 21, 2025: JCR Affirmed A/Stable and J-1 on Sumitomo Riko; JCR Affirmed AA-/Stable and J-1+ on Niterra; JCR Affirmed A/Stable Long-term Issuer Rating on Hyakujushi Bank; JCR Assigned A Rating to Bonds of KANEMATSU; JCR Assigned AA- Rating to Bonds of TAISEI; JCR Assigned AA Rating to Bonds of Hankyu Hanshin HD; JCR Assigned Preliminary A- Rating to Shelf Registration of SEIBU HD; JCR Assigned Preliminary A+ Rating to Shelf Registration of TAKARA HD; JCR Removed Credit Monitor; Downgraded eDirect Trust NF1 to A-; JCR Removed Credit Monitor; Downgraded eDirect Trust NF2 to A-; JCR Removed CM; Downgraded Ganymede Limited Series 2023-83 to A-

Feb. 20, 2025: JCR's Rating Review of 3 Major Shipping Companies; JCR Affirmed BBB+/Stable Long-term Issuer Rating on TOSHO; JCR Affirmed A/Stable and J-1 on TOYOBO; JCR Affirmed A+/Stable and J-1 on JA MITSUI LEASING; JCR Affirmed AA-/Stable Long-term Issuer Rating on Kyodo Housing Loan; JCR Assigned AA- Rating to Bonds of JERA; JCR Assigned AA- Rating to Bonds of Hokkaido Electric Power; JCR Assigned AA- Rating to Bonds of NIPPON SANSO HD; JCR Assigned AA- Rating to Bonds of Mitsui Chemicals; JCR Assigned A Rating to Bonds of AEON Financial Service; JCR Assigned AAA Rating to Bonds of Central Nippon Expressway; JCR Assigned AA to Libra A Limited Series C095; [ Asset Securitization Products ] JCR Assigned AAA to obbligato 202502 Senior Beneficial Interest and ABL; EXEO Group, Sumitomo Mitsui Banking: Second Party Opinion on Sustainability Linked Loan; MARINE LINER, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; Chibahigashi Kensetsu(Build) Corporation, The Chiba Bank: Second Opinion on Positive Impact Finance

Feb. 19, 2025: JCR Affirmed BBB+/Stable Long-term Issuer Rating on Sintokogio; JCR Affirmed AA- on Jointly Operated Designated Money Trust LY Over 1Y; [ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 25-02; [ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 25-02; JCR Assigned A to SPIRE SA Series 2025-198; JCR Assigned AA- Rating to Sylph Limited Series 50919; JCR Assigned AA- Rating to Sylph Limited Series 50920; CRE Logistics REIT: Reviewed Green Finance Framework Evaluation: Green 1(F); HIRAIGIKEN KOGYO, The Juhachi-Shinwa Bank: Second Opinion on Positive Impact Finance

Feb. 18, 2025: JCR Removed Credit Monitor; Downgraded Rating on NISSAN MOTOR to A-; Placed Stable Outlook; JCR Removed Credit Monitor; Downgraded Rating on NISSAN FINANCIAL SERVICES to A-; Placed Stable Outlook; JCR Affirmed A- and J-1 on MEIDENSHA; Revised Outlook to Positive; JCR Affirmed A-/Stable Long-term Issuer Rating on Kita-Nippon Bank; JCR Affirmed A+/Stable and J-1 on Sumitomo Bakelite; JCR Affirmed AA-/Stable Long-term Issuer Rating on SOSiLA Logistics REIT; JCR Assigned AA- to Zafferano Limited Series 2025-2; [ Asset Securitization Products ] JCR Affirmed J-1+ on ABCP Programs of Super Trust 1 through 20, LLCs; [ Asset Securitization Products ] JCR Affirmed J-1+ on 3rd Trust Beneficial Interest; [ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (R Hospital)

Feb. 17, 2025: JCR Affirmed A Long-term Issuer Rating on OKAZAKI SHINKIN BANK; Revised Outlook to Stable; JCR Affirmed AA-/Stable Long-term Issuer Rating on DHLCF GK; JCR Affirmed A-/Stable Long-term Issuer Rating on Yasuda Logistics; JCR Affirmed A-/Stable Long-term Issuer Rating on Nippon Paper Industries; C.E.Management Integrated Laboratory, The Hachijuni Bank: Second Opinion on Positive Impact Finance; AlbaLink, The Hokuriku Bank: Second Opinion on Positive Impact Finance

Feb. 14, 2025: JCR Upgraded Long-term Issuer Rating on Daiwa Securities Living Investment Corporation to AA/Stable; Affirmed J-1+ on CP; JCR Affirmed A+/Stable Long-term Issuer Rating on Kyoritsu Women's Educational Institution; JCR Affirmed AA-/Stable Long-term Issuer Rating on Awa Bank; JCR Affirmed A-/Stable Long-term Issuer Rating on SAIKYO BANK; JCR Assigned AA Rating to Bonds of Nomura Real Estate Master Fund; JCR Assigned AA- to SPIRE SA Series 2025-136; kobayashilease, The Yamanashi Chuo Bank: Second Opinion on Positive Impact Finance

Feb. 13, 2025: TOKAI CARBON Recorded Net Loss for FY2024—No Immediate Impact on Rating, and JCR Will Pay Attention to Progress of Structural Reforms and Pace of Earnings Recovery; JCR Affirmed AA+/Stable Long-term Issuer Rating on FAST RETAILING; JCR Affirmed AA/Stable Long-term Issuer Rating on Nomura Real Estate Private REIT; JCR Affirmed AA/Stable Long-term Issuer Rating on Nomura Real Estate Master Fund; JCR Assigned Preliminary A- Rating to Subordinated Bonds of of SBI SECURITIES; [ Asset Securitization Products ] JCR Assigned Preliminary A to Beneficial Interest (202502); Mizuho Bank: Second Party Opinion on Impact Finance by supporting Visualization of GHG emissions

Feb. 12, 2025: JCR Assigned A+/Stable Long-term Issuer Rating to Ocean Network Express; JCR Affirmed A/Stable Long-term Issuer Rating on Senshu Ikeda Bank; The Shibusawa Warehouse: Second Party Opinion on Sustainability Linked Finance Framework; SMEs, The Chiba Kogyo Bank: Second Party Opinion on Sustainability Linked Loan Framework

Feb. 10, 2025: Mitsubishi Chemical Group Will Sell Mitsubishi Tanabe Pharma - Limited Impact on the Rating; Nippon Sheet Glass Revises Full-year Earnings Forecast for FY2025 - No Immediate Impact on the Rating, Future Profit and Financial Recovery to Be Closely Watched; JCR Assigned BBB+/Stable Long-term Issuer Rating to GENDA; JCR Affirmed AAA/Stable Long-term Issuer Rating on Japan Finance Corporation; JCR Assigned AA- Rating to SPIRE SA Series 2025-167

Feb. 07, 2025: Meiji Yasuda Life Acquires Midsize U.S. Life Insurer—No Impact on Rating; Revisions of Rating Methodologies by Sector "Leasing" and "General Construction"; JCR Solicits Public Comments on Revisions to Rating Methodology by Sector "Securities"; JCR Solicits Public Comments on Revisions to Rating Methodology for a Holding Company; JCR Affirmed A+/Stable and J-1 on Sumitomo Rubber Industries; JCR Affirmed BBB+/Stable Long-term Issuer Rating on RETAIL PARTNERS; JCR Affirmed A+/Stable Long-term Issuer Rating on OITA BANK; JCR Affirmed A+/Stable FC Long-term Issuer Rating on Malayan Banking; JCR Assigned AA Rating to Bonds of Sekisui House; JCR Assigned A- Rating to Bonds of Chuo-Nittochi Group; JCR Assigned AA Rating to Bonds of Tohoku Electric Power; JCR Assigned Preliminary A- Rating to Subordinated Bonds of Tokyu Fudosan HD; JCR Assigned AA- Rating to Bonds of Sumitomo Mitsui Auto Service; [ Asset Securitization Products ] JCR Assigned Preliminary A to US real estate secured loan securitization 2025; JCR Assigned AA to SPIRE SA Series 2025-08; Joint Green Bond issuers (Local Governments): Assigned Green 1(Preliminary) to Joint Local Government Green Bond 4th; IKESHOU, The Juhachi-Shinwa Bank: Second Opinion on Positive Impact Finance

Feb. 06, 2025: JCR Affirmed A- Long-term Issuer Rating on Nojima; Revised Outlook to Positive; JCR Affirmed BBB+/Stable Long-term Issuer Rating on IDOM; JCR Affirmed AA/Stable Long-term Issuer Rating on ORIX; JCR Affirmed AAA/Stable (FC/LC) on Singapore; JCR Assigned AAA Rating to Bonds of Metropolitan Expressway; JCR Assigned AAA Rating to Bonds of Hanshin Expressway; JCR Assigned AA- to Sumitomo Mitsui Trust Bank Trust ABL/Trust Bond/Beneficial Interest Programs; Affirmed AA- on Sumitomo Mitsui Trust Bank Trust ABL Program; Results of Review of Structured Finance Products (Excluding Those to Which Credit Ratings Are Assigned) January 2025

Release Information: News Release; Issuer Reports; Reports relating to Issuer; JCR News