News Release

Nov. 06, 2026

JCR Assigned AA-/Stable Long-term Issuer Rating to POSCO INTERNATIONAL JAPAN

JCR Assigned A+/Stable and J-1 to MACNICA HD

JCR Assigned A-/Stable LC Long-term Issuer Rating to Eastern Water Resources Development and Management

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

Joint Green Bond Issuers (Local Governments): Assigned Green 1(Preliminary) to Joint Local Government Green Bond 9th

Joint Green Bond Issuers (Local Governments): Reviewed Green Bond Framework Evaluation: Green 1(F)

Nov. 05, 2026

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

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

JCR Affirmed AA-/Stable Long-term Issuer Rating on Kenedix Private Investment Corporation

ORIX Bank: Reviewed Sustainability Finance Framework Evaluation: SU 1(F)

Mizuho Bank: Second Party Opinion on Sustainability Linked Loan Framework (Review)

Nov. 04, 2026

JCR Affirmed BBB+/Stable and J-2 on DAIHO

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

JCR Affirmed BBB/Stable Long-term Issuer Rating on AIRTECH

Nov. 02, 2026

Mitsubishi Logistics to Acquire HANKYU HANSHIN EXPRESS as a Wholly Owned Subsidiary - Limited Impact on Creditworthiness

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

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

JCR Affirmed A/Stable Long-term Issuer Rating on Ogaki Kyoritsu Bank and Kyoyu Lease; and J-1 on Kyoyu Lease

JCR Affirmed AA/Stable Long-term Issuer Rating on Resona HD, Resona Bank, Saitama Resona Bank, Kansai Mirai Bank and MINATO BANK; and J-1+ on Kansai Mirai Bank

JCR Affirmed AA/Stable and J-1+ on Resona Leasing

[ Asset Securitization Products ] JCR Upgraded Voyager Limited Series 2017-2488 to A

[ Asset Securitization Products ] JCR Affirmed A on Commitment Line of Trust ABCL (7361)

Japan: Climate Transition Bonds (Bond No.6, 5-Year, Issued in November 2026) - Evaluation: Green 1 (T)

THE NISHI-NIPPON CITY BANK: Second Party Opinion on Sustainability Linked Loan Framework

THE KYOTO CHUO SHINKIN BANK: Second Party Opinion on Impact Finance Framework

Oct. 30, 2026

JCR Assigned A/Stable Long-term Issuer Rating to Tekscend Photomask

JCR Placed Rating on YOKOREI under Credit Monitor #A-/Negative

JCR Placed Rating on SHIGA BANK under Credit Monitor #A+/Negative and Rating on Senshu Ikeda Bank under Credit Monitor #A/Positive

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

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

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

JCR Affirmed A-/Stable FC Long-term Issuer Rating on Far East Horizon

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

JCR Affirmed A-/Stable Long-term Issuer Rating on Tokaido REIT

JCR Assigned Preliminary A+ Rating to Shelf Registration of HIKARI TSUSHIN

[ Asset Securitization Products ] JCR Assigned Preliminary A to Senior Beneficial Interest 7931601 Series 12

JCR Withdraws A Long-term Issuer Rating on LOGISTEED

Hulic Real Estate Investment Advisors: Assigned Social Loan Framework Evaluation: Social 1(F)

EXEO Group: Reviewed Green Bond Evaluation: Green 1

Mt.Fuji GX Holdings, Mizuho Bank: Second Opinion on Positive Impact Finance

Mashimo Construction, The Ashikaga Bank: Second Opinion on Positive Impact Finance

Sakaekaihatsu, The Kita-Nippon Bank: Second Opinion on Positive Impact Finance

MEIWA ESTATE, The Keiyo Bank: Second Opinion on Positive Impact Finance

YK trans, San ju San Bank: Second Opinion on Positive Impact Finance

e-package, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

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

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

Seiwa, The Tama Shinkin Bank: Second Opinion on Positive Impact Finance

OKAMURA HOME, The Chiba Bank: Second Opinion on Positive Impact Finance

Oct. 29, 2026

NIDEC Yet to See the Disclaimer of Audit Opinion Resolve - Audit Opinion and Its Impact on Financial Figures, Including Those from Prior Fiscal Years, Will Continue to Be Closely Monitored

JCR Assigned A-/Stable and J-1 to ALCONIX

JCR Assigned AA-/Stable Long-term Issuer Rating to NIPPON LIFE PRIVATE REIT

JCR Affirmed A/Stable Long-term Issuer Rating on Open Up Group

JCR Affirmed A+/Stable Long-term Issuer Rating on Keisei Electric Railway

JCR Affirmed AA/Stable and J-1+ on NIPPON STEEL TRADING

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

JCR Assigned Preliminary AA Rating to Shelf Registration of Mitsubishi Heavy Industries

Fuyo General Lease: Post-issuance Verification Report on Sustainability Linked Bond

Nakayama, Aomori Michinoku Bank: Second Opinion on Positive Impact Finance

Oct. 28, 2026

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

JCR Upgraded Long-term Issuer Rating on Kawasaki Heavy Industries to A+/Stable

JCR Affirmed AA-/Stable and J-1+ on Sumitomo Mitsui Auto Service

JCR Affirmed AA/Stable Long-term Issuer Rating on Mitsui Fudosan Private REIT

JCR Assigned AA to Oxygen Capital Limited Series 183-10

JCR Affirmed A- on JPY-denominated Green Loans to AKANE 01 G.K.

Jiban-chosa Jimusho, The Tama Shinkin Bank: Second Opinion on Positive Impact Finance

Oct. 27, 2026

JCR Affirmed AA/Stable Long-term Issuer Rating on ASAHI KASEI

JCR Affirmed A/Stable Long-term Issuer Rating on JAPAN NUCLEAR FUEL

Japan: Climate Transition Bonds (Bond No.6, 5-Year & 10-Year, To be Issued in FY2026) — Preliminary Evaluation: Green 1 (T)

Alpha Kikaku, The Ashikaga Bank: Second Opinion on Positive Impact Finance

Oct. 26, 2026

JCR Assigned A-/Stable Long-term Issuer Rating to MITSUBISHI MOTORS

JCR Affirmed AA Long-term Issuer Rating on SONY GROUP; Revised Outlook to Positive

JCR Affirmed A/Stable (FC/LC) on Champion Real Estate Investment Trust

JCR Assigned A Rating to Loan of Asahi Mutual Life Insurance

JCR Assigned A to Bonds of Asahi Life 1st Senior Loan Securitization Company Limited

Oct. 23, 2026

JCR Affirmed A+/Stable and J-1 on JX Advanced Metals

JCR Affirmed A+/Stable and J-1 on Toyo Tire

JCR Affirmed A+/Stable Long-term Issuer Rating on SHIMIZU PRIVATE REIT

JCR Affirmed A+/Stable Long-term Issuer Rating on Canadian Solar Infrastructure Fund

JCR Affirmed A/Stable Long-term Issuer Rating on Enex Infrastructure Investment Corporation

JCR Affirmed A-/Stable Long-term Issuer Rating on Tokyo Infrastructure Energy Investment Corporation

JCR Assigned AA Rating to Bonds of Seven & i HD

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

JCR Assigned AAA Rating to Bonds of NTT TC Leasing

JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Shoko Chukin Bank

JCR Assigned AA- Rating to Bonds of Hirogin HD

JCR Assigned AA- Rating to Bonds of Mizuho Leasing

JCR Assigned AA Rating to Bonds of Sumitomo Mitsui Finance and Leasing

[ Asset Securitization Products ] JCR Assigned Preliminary A+ to Beneficial Interest 202611

Oct. 22, 2026

JCR Solicits Public Comments on Revisions to "Rating Methodology for Multilateral Development Banks"

JCR's Rating Review of Air Transportation Companies

JCR Affirmed BBB+/Stable Long-term Issuer Rating on WARABEYA NICHIYO HD

JCR Affirmed A-/Stable Long-term Issuer Rating on San ju San Financial Group and San ju San Bank

JCR Assigned AA Rating to Bonds of JERA

JCR Assigned AA- Rating to Bonds of SAIBU GAS HD

JCR Assigned AA- Rating to Bonds of SMTB Leasing

[ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (Kyokuhoukai Medical Association, Asahikawa Sanai Hospital)

[ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (Seiwakai Medical Corporation, Ishii Hospital)

Oct. 21, 2026

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

JCR Assigned AAA Rating to Bonds of JASSO