News Release

Dec. 20, 2024: JCR Upgraded Long-term Issuer Rating on Tokyo Electron to AA+/Stable; Affirmed J-1+ on CP; JCR Affirmed A-/Stable Long-term Issuer Rating on Southern TOHOKU Research Institute for Neuroscience; JCR Affirmed AA/Stable Long-term Issuer Rating on NIDEC; JCR Affirmed A-/Stable and J-1 on TOA; JCR Affirmed A+/Stable Long-term Issuer Rating on Renesas Electronics; [ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 24-12; JCR Assigned AA- to Ganymede Limited Series 2024-127; JCR Assigned AA- to SPIRE SA Series 2024-380; JCR Assigned AA- to SPIRE SA Series 2024-381; JCR's view on changes to the Green Bond Framework of Ishikawa Prefecture; Mitsui Fudosan, Sumitomo Mitsui Trust Bank: Second Opinion on Positive Impact Assessment; Ozawa nouen, Hamamatsu Iwata Shinkin Bank: Second Opinion on Positive Impact Finance; Matsumoto Corporation, The Hiroshima Bank: Second Opinion on Positive Impact Finance; MIRAKURIFOS, THE SHIZUOKA BANK: Second Opinion on Positive Impact Finance; Ikeda Metal, The Nanto Bank: Second Opinion on Positive Impact Finance

Dec. 19, 2024: JCR Affirmed A/Stable Long-term Issuer Rating on KAGA ELECTRONICS; JCR Affirmed A-/Stable Long-term Issuer Rating on J-OIL MILLS; JCR Affirmed A+/Stable Long-term Issuer Rating on NIFCO; JCR Affirmed AA+ Rating on EMTN Program of ITOCHU; JCR Affirmed A-/Stable Long-term Issuer Rating on marimo Regional Revitalization REIT; JCR Affirmed BBB+ on TRIBAY Low Voltage Solar Power Green Project Bond Trust Trust ABL; Japan: Reviewed Climate Transition Bond Evaluation: Green 1(T); Canadian Solar : Reviewed Green Bond Evaluation: Green 1; Gojyo Transport, The Nanto Bank: Second Opinion on Positive Impact Finance; VALOR HOLDINGS, The Norinchukin Bank: Second Opinion on Positive Impact Finance

Dec. 18, 2024: PayPay Bank's Major Shareholder Changes—No Immediate Impact on Rating; JCR Upgraded Long-term Issuer Rating on ASICS to AA-/Stable; JCR Upgraded FC Long-term Issuer Rating on Hyundai Capital Services to AA-/Stable; JCR Upgraded Rating on Hyundai Card from A+/Positive to AA-/Stable; JCR Affirmed AA- FC Long-term Issuer Rating on ESR Group; Revised Outlook to Negative; JCR Affirmed A+ Long-term Issuer Rating on Chuo-Nittochi Private REIT; Revised Outlook to Positive; JCR Affirmed BBB+/Stable Long-term Issuer Rating on BELLUNA; JCR Affirmed AAA/Stable (FC/LC) on Japan; JCR Withdraws B+ Long-term Issuer Rating on Toho Zinc; ALFALINK PROJECT (GLP Japan): Assigned Sustainability Finance Framework Evaluation: SU 1(F)

Dec. 17, 2024: JCR Affirmed A+/Stable Long-term Issuer Rating on OSAKA STEEL; JCR Affirmed A+/Stable Long-term Issuer Rating on Nishi-Nippon Financial HD and NISHI-NIPPON CITY BANK; JCR Affirmed A/Stable Long-term Issuer Rating on KYUSHU LEASING SERVICE; JCR Affirmed AA/Stable Long-term Issuer Rating on Nippon Open Ended Real Estate Investment Corporation; Morinaga: Reviewed Sustainability Finance Framework Evaluation: SU 1(F)

Dec. 16, 2024: JCR Affirmed AAA/Stable Long-term Issuer Rating on Tokyo Metro; JCR Affirmed A-/Stable Long-term Issuer Rating on GMO internet group, GMO Financial HD and GMO CLICK Securities; JCR Affirmed AA/Stable Long-term Issuer Rating on Daiwa House REIT Investment Corporation; West Japan Railway: Post-execution Verification Report on Sustainability Linked Loan

Dec. 13, 2024: JCR Affirmed A+ Long-term Issuer Rating on AKITA BANK; Revised Outlook to Stable; JCR Affirmed A+/Stable Long-term Issuer Rating on North Pacific Bank; JCR Assigned Preliminary AA- Rating to Bonds (Tier 2 with loss absorption clause) of Mitsubishi UFJ Financial Group; JCR Assigned AA Rating to Bonds of GLP J-REIT; JCR Assigned Preliminary AA- to Securitization of Leases Receivable from SB 202412; JCR Assigned Preliminary AA- to Securitization of Loans Receivable from SB 202412; Fukuoka REIT Corporation: Second Party Opinion on Sustainability Linked Loan (Review); GLP J-REIT: Post-issuance Verification Report on Sustainability Linked Bond; ICHIIBUSSAN, The Hokuriku Bank: Second Opinion on Positive Impact Finance

Dec. 12, 2024: JCR Affirmed AAA/Stable Long-term Issuer Rating on Development Bank of Japan; JCR Affirmed AA/Stable Long-term Issuer Rating on GLP J-REIT; JCR Assigned BBB+ Rating to Bonds of ARAKAWA CHEMICAL INDUSTRIES; TOA: Second Party Opinion on Sustainability Linked Bond Framework; NAKAZEN, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Dec. 11, 2024: Nippon Life Insurance Makes US life Insurer a Wholly- owned Subsidiary—Large-Scale investment, but Limited Impact on Rating; JCR Affirmed A/Stable and J-1 on KROSAKI HARIMA; JCR Affirmed A/Stable Long-term Issuer Rating on Hokuetsu Corporation; JCR Assigned AA- Rating to Cypher Limited Series 10051; Shiga Prefecture: Post-issuance Verification Report on Sustainability Linked Bond

Dec. 10, 2024: JCR Assigned AA-/Stable Long-term Issuer Rating to JR East Private Reit; Tachibana, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; NSIP2024: Assigned Green Finance Framework Evaluation: Green 1(F); Nomura Real Estate Group: Reviewed Sustainability Finance Framework Evaluation: SU 1(F)