News Release

Oct. 16, 2026

JCR Affirmed A/Stable and J-1 on GUNZE

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

JCR Affirmed AA+/Stable (FC/LC) on Hong Kong

JCR Assigned A- Rating to Bonds of ICHINEN HD

JCR Assigned A- Rating to Bonds of Rakuten Group

JCR Assigned AAA Rating to Bonds of NTT FINANCE

JCR Assigned A Rating to Bonds of Bank of East Asia

Oct. 15, 2026

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

JCR Affirmed A/Stable Long-term Issuer Rating on NISHIMATSUYA CHAIN

Oct. 14, 2026

JCR Affirmed A-/Stable Long-term Issuer Rating on TAIKO BANK

JCR Assigned AA- Rating to Bonds of Odakyu Electric Railway

Oct. 13, 2026

JCR Upgraded Long-term Issuer Rating on ZENSHO HD to A/Stable; Affirmed J-1 on CP

JCR Upgraded FC Long-term Issuer Rating on Korea Investment & Securities to A/Stable

JCR Affirmed BB- Long-term Issuer Rating on Sharp; Revised Outlook to Positive

JCR's Rating Review of Blast Furnace Steel Manufacturers

JCR Affirmed AA/Stable Long-term Issuer Rating on Sanyo Special Steel

JCR Affirmed AA-/Stable Long-term Issuer Rating on East Japan Joint Power

JCR Assigned Preliminary AA Rating to Shelf Registration of Kyushu Electric Power

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

Oct. 09, 2026

Dai-ichi Life Diversified REIT and DL Life Partner REIT Entered Into a Merger Agreement - Limited Impact on Their Ratings as of Now

JCR Affirmed A+/Stable and J-1 on SUMITOMO CHEMICAL

JCR Affirmed BBB/Stable and J-2 on Taiyo Oil

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

JCR Affirmed A/Stable FC Long-term Issuer Rating on CPF (Thailand)

JCR Assigned AA+ Rating to Bonds of Kansai Electric Power

JCR Assigned A Rating to Bonds of TEPCO Renewable Power

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Assigned AA- Rating to Bonds of Nippon Yusen

JCR Assigned AA- Rating to Bonds of Pan Pacific International HD

JCR Assigned AAA Rating to Bonds of TOYOTA FINANCE

JCR Assigned AA Rating to Bonds of Mizuho Bank

JCR Assigned AAA Rating to Bonds of Metropolitan Expressway

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

JCR Assigned AAA Rating to Bonds of Hanshin Expressway

JCR Assigned Preliminary A+ Rating to Shelf Registration of SUMITOMO HEAVY INDUSTRIES

Sumitomo Mitsui Trust Bank: Second Opinion on Positive Impact Finance Framework (Review)

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

Oct. 08, 2026

JCR Assigned A- Rating to Bonds of OKUMURA

JCR Assigned A+ Rating to Bonds of Mitsui O.S.K. Lines

JCR Assigned A+ Rating to Bonds of JACCS

JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Yokohama Financial Group

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Assigned AA- Rating to Bonds of Global One Real Estate Investment Corporation

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

Oct. 07, 2026

JCR Assigned BBB/Stable FC Long-Term Issuer Rating to Philippine Airlines

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

JCR Affirmed AAA/Stable Long-term Issuer Rating on Tokyo Metro

JCR Affirmed AA+p/Stable on Ability to Pay Insurance Claims of Japan Earthquake Reinsurance

JCR Affirmed AAA/Stable Long-term Issuer Rating on African Development Bank; Assigned AAA to Bonds

JCR Affirmed A+/Stable Long-term Issuer Rating on Ichigo Office REIT Investment Corporation

JCR Assigned AA- Rating to Bonds of SoftBank

JCR Assigned Preliminary A Rating to Shelf Registration of KYUSHU LEASING SERVICE

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Investor Beneficial Interest and ABL of Astra I 2026

RE-INNOVATIONS, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Oct. 06, 2026

JCR Affirmed BB+ and J-3 on Nippon Sheet Glass; Revised Outlook to Positive

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

JCR Affirmed A/Stable and J-1 on NEC Capital Solutions

Oct. 05, 2026

Aomori Michinoku Bank, AKITA BANK and Bank of Iwate to Start Deliberations Toward a Business Integration

JCR Affirmed A-/Stable Long-term Issuer Rating on Procrea HD and Aomori Michinoku Bank

JCR Affirmed AA+ Long-term Issuer Rating on Astellas Pharma; Revised Outlook to Stable

JCR Withdraws A+ Long-term Issuer Rating on SUNDRUG

Oct. 02, 2026

JCR Downgraded Rating on NIDEC to #A+/Negative; Continues Credit Monitor

Business Integration of TSUKISHIMA HD and Mitsubishi Kakoki - Future Developments Will Be Closely Watched to Be Reflected in the Rating

JCR Upgraded Long-term Issuer Rating on JERA to AA/Stable; Affirmed J-1+ on CP

JCR Removed Credit Monitor; Downgraded Ratings on SMTB Leasing to AA-; Placed Stable Outlook; Affirmed J-1+

JCR Affirmed A-/Stable Long-term Issuer Rating on ASAHI BROADCASTING GROUP HD

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

JCR Affirmed J-2 Rating on CP of TOKYO ELECTRON DEVICE

JCR Affirmed BBB/Stable and J-2 on Mitsubishi Paper Mills

JCR Affirmed AA/Stable Long-term Issuer Rating on Sumitomo Mitsui Trust Group and Sumitomo Mitsui Trust Bank

JCR Affirmed AA/Stable Long-term Issuer Rating on Activia Properties

JCR Assigned A+ Rating to Subordinated Bonds of Suntory HD

JCR Assigned AA Rating to Bonds of Sumitomo Mitsui Trust Bank

JCR Assigned AA Rating to Bonds of Daiwa House REIT Investment Corporation

Shibusawa Logistics: Post-execution Verification Report on Sustainability Linked Loan/Bond

Oct. 01, 2026

JCR Assigned AA/Stable Long-term Issuer Rating to KYUDEN HD

JCR Affirmed A-/Stable and J-1 on KPP GROUP HD

JCR Affirmed A+/Stable and J-1 on Nippon Electric Glass; Assigned Preliminary A+ to Shelf Registration

JCR Affirmed A Rating on Bonds of LOGISTEED HD

JCR Affirmed AAA/Stable (FC/LC) on Germany

JCR Assigned A Rating to Bonds of AEON Financial Service

Sep. 30, 2026

JCR Upgraded Long-term Issuer Rating on Makino Milling Machine to A/Stable

JCR Removed Credit Monitor; Affirmed AA- on NIPPON STEEL ENGINEERING; Placed Stable Outlook

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

JCR Affirmed AA/Negative FC Long-term Issuer Rating on Electricite de France

JCR Affirmed AAA/Stable Long-term Issuer Rating on Japan Bank for International Cooperation

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

JCR Assigned A+ Rating to Subordinated Loan of Fukokushinrai Life Insurance

[ Asset Securitization Products ] JCR Assigned AAA to Trust ABL 202609 (Contract No. 94-82002)

JCR Withdraws A- Long-term Issuer Rating on Wakkanai Shinkin Bank

Kawasaki Heavy Industries: Post-execution Verification Report on Sustainability Linked Loan

Chuo-Nittochi Group: Post-issuance Verification Report on Sustainability Linked Bond

Kawasaki Kisen: Second Party Opinion on Transition Linked Loan Framework (Review)

Development Bank of Japan: Second Party Opinion on Transition Bonds Framework (Review)

ALPICO HOLDINGS, Hachijuni Nagano Bank: Second Party Opinion on Sustainability Linked Loan

Kawasaki Heavy Industries, Sumitomo Mitsui Trust Bank: Second Opinion on Positive Impact Assessment

Santoku Fudosan and SEA-LIFE AGRI, The Chiba Bank: Second Opinion on Positive Impact Assessment

APEST, The Chiba Bank: Second Opinion on Positive Impact Assessment

Shuto Pless Kogyo, The Ashikaga Bank: Second Opinion on Positive Impact Finance

Fukuda Real Estate, The Bank of Kyoto: Second Opinion on Positive Impact Finance