News Release

Dec. 09, 2025: Administrative Action Against Sumitomo Corporation-Sponsored Asset Management Company—JCR Will Watch Progress on Governance EnhancementNEW; JCR Affirmed A/Stable and J-1 on NIPPNNEW; JCR Affirmed AA/Stable Long-term Issuer Rating on NISSHIN SEIFUN GROUPNEW; JCR Affirmed A-/Stable and J-1 on Showa SangyoNEW; JCR Affirmed AA/Stable Long-term Issuer Rating on Daiwa House REIT Investment CorporationNEW; JCR Assigned Preliminary AA- Rating to Shelf Registration of SoftBankNEW

Dec. 08, 2025: [ Asset Securitization Products ] JCR Affirmed AAA Rating on ABL 22-09

Dec. 05, 2025: JCR Affirmed AA/Stable Long-term Issuer Rating on T&D HD, DAIDO LIFE INSURANCE, TAIYO LIFE INSURANCE and T&D FINANCIAL LIFE INSURANCE; JCR Affirmed J-1+ Rating on CP of T&D Lease; JCR Affirmed AA/Stable Long-term Issuer Rating on Broadia Private REIT; JCR Assigned A Rating to Bonds of Open Up Group; JCR Assigned AA- Rating to Bonds of Odakyu Electric Railway; JCR Assigned A Rating to Bonds of COSMO ENERGY HD; JCR Assigned A- Rating to Subordinated Bonds of Tokyu Fudosan HD; JCR Assigned AA- Rating to Bonds of Fuyo General Lease; JCR Assigned AA Rating to Bonds of Resona HD; JCR Assigned AA+ Rating to Bonds of Kanagawa Prefectural Housing Supply Corporation; JCR Assigned AA Rating to Bonds of Angola; JCR Assigned A Rating to SPIRE SA Series 2025-599

Dec. 04, 2025: JCR Affirmed A-/Stable Long-term Issuer Rating on JTB; JCR Affirmed BBB+/Stable Long-term Issuer Rating on YAHAGI CONSTRUCTION; JCR Affirmed AA-/Stable Long-term Issuer Rating on JR East Private Reit; JCR Assigned A- Rating to Bonds of ICHINEN HD; JCR Assigned AA- Rating to Bonds of Mizuho Leasing; JCR Assigned Preliminary BBB+ Rating to Jointly Operated Designated Money Trust MF1; JCR Assigned A to SPIRE SA Series 2025-534

Dec. 03, 2025: JCR Affirmed BBB+/Stable (FC/LC) on Housing and Urban Development Corporation; JCR Assigned BBB+ Rating to Bonds of Kanagawa Chuo Kotsu

Dec. 02, 2025: JCR Affirmed A+ Long-term Issuer Rating on Mitsui & Co., Private REIT; Revised Outlook to Positive; JCR Affirmed AAA/Stable Long-term Issuer Rating on National University Corporation Tokai National Higher Education and Research System; JCR Affirmed J-1+ on Jointly Operated Designated Money Trust LY; JCR Affirmed AA- on Jointly Operated Designated Money Trust LY Over 1Y

Dec. 01, 2025: Asahi Mutual Life Acquires a Vietnamese Life Insurance Company—Limited Impact on Rating; Revisions of Rating Methodologies by Sector "Retail" and "Railroad"; Revisions of Rating Methodology by Sector "Guaranty Company"; JCR Affirmed A/Stable Long-term Issuer Rating on SEIBU HD; JCR Affirmed AAA/Stable Long-term Issuer Rating on National University Corporation, the University of Tokyo; JCR Affirmed A+/Stable Long-term Issuer Rating on MIRAIT ONE; JCR Affirmed A-/Stable Long-term Issuer Rating on TAIKO BANK; JCR Affirmed AA-/Stable Long-term Issuer Rating on NIPPON REIT Investment Corporation

Nov. 28, 2025: JCR Assigned A/Stable Long-term Issuer Rating to One Private REIT; JCR Upgraded Long-term Issuer Rating on SKY Perfect JSAT HD to A+/Stable; JCR Affirmed A-/Stable Long-term Issuer Rating on TAKAMATSU CONSTRUCTION GROUP; JCR Affirmed BBB+/Stable Long-term Issuer Rating on Restar; JCR Affirmed A-/Negative FC Long-term Issuer Rating on FORVIA; JCR Assigned AA Rating to Bonds of Kyushu Electric Power; JCR Assigned A- Rating to Bonds of KYOEI STEEL; JCR Assigned AA Rating to Bonds of TOKYU; JCR Assigned AA- Rating to Bonds of Nippon Yusen; JCR Assigned A Rating to Bonds of Hokuetsu Corporation; JCR Assigned AA- Rating to Bonds of Hirogin HD; [ Asset Securitization Products ] JCR Assigned J-1+ to Hokuriku Bank A Corporation Bills & Electronically Recorded Receivables ABL 25-11; JCR Upgraded SPIRE SA Series 2025-167, 2025-228 and 2025-230 to AA; FUJI SASH: Assigned Green Loan Framework Evaluation: Green 1(F); KOUEI HOME, THE KYOTO CHUO SHINKIN BANK: Second Opinion on Positive Impact Finance; Toshin Juhan, THE SHIMIZU BANK: Second Opinion on Positive Impact Finance; DIAMOND HOTEL, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; KAWASHIMA CONCRETE INDUSTRY, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; JCR Withdraws BBB Long-term Issuer Rating on Mitsubishi Steel Mfg.

Nov. 27, 2025: JCR Assigned Preliminary AA to Bonds of Republic of Angola; JCR Upgraded Rating on MUFG Finance and Leasing to AA-/Stable and J-1+; JCR Affirmed AA/Stable and J-1+ on Mitsubishi UFJ NICOS; JCR Affirmed A+/Stable and J-1 on JACCS; JCR Affirmed A+/Stable and J-1 on Orient Corporation and Orico Product Finance and J-1 on Orico Auto Leasing; Assigned A+ to Bonds of Orient Corporation; JCR Affirmed AA-/Stable and J-1+ on MIZUHO Leasing, Mizuho-Toshiba Leasing and Mizuho Marubeni Leasing; JCR Affirmed A+/Stable Long-term Issuer Rating on OSAKA STEEL; JCR Affirmed A-/Stable Long-term Issuer Rating on SWCC; JCR Affirmed A/Stable Long-term Issuer Rating on Topre; JCR Assigned A+ Rating to Bonds of Denka; JCR Assigned AA- Rating to Bonds of Hokkaido Electric Power; JCR Assigned AA+ Rating to Bonds of Mitsubishi Estate; [ Asset Securitization Products ] JCR Assigned A to Senior Beneficial Interest 7931601 Series 10; [ Asset Securitization Products ] JCR Assigned AAA to Beneficial Interest 202511 (Contract No. 93-08004); [ Asset Securitization Products ] JCR Assigned BBB to IDOM202511; Axing, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; KYOWAKOGYOSYO, The Chugoku Bank: Second Opinion on Positive Impact Finance

Nov. 26, 2025: JCR Assigned AA-/Stable Long-term Issuer Rating to POSCO JAPAN; JCR Affirmed BBB+/Stable Long-term Issuer Rating on ARAKAWA CHEMICAL INDUSTRIES; JCR Affirmed BBB+/Stable Long-term Issuer Rating on Premium Water HD; JCR's Rating Review of Megabank Groups; JCR Affirmed AA/Stable on Mitsubishi UFJ Financial Group, MUFG Bank and Mitsubishi UFJ Trust and Banking; and J-1+ on Mitsubishi UFJ Trust and Banking; Affirmed AA on MUFG Securities EMEA; JCR Affirmed AA/Stable on Mizuho Financial Group, Mizuho Bank and Mizuho Trust & Banking; JCR Affirmed AA/Stable on Sumitomo Mitsui Financial Group and Sumitomo Mitsui Banking; and J-1+ on Sumitomo Mitsui Banking; JCR Affirmed AA/Stable Long-term Issuer Rating on Mitsubishi UFJ Securities HD and Mitsubishi UFJ Morgan Stanley Securities; JCR Affirmed AA/Stable and J-1+ on Mitsubishi UFJ eSmart Securities; JCR Affirmed AA/Stable and J-1+ on Mizuho Securities; JCR Affirmed AA/Stable Long-term Issuer Rating on SMBC Nikko Securities; JCR Assigned A Rating to Bonds of SoftBank Group; JCR Assigned A Rating to Bonds of NEC Capital Solutions; JCR Assigned AA to Oxygen Capital Limited Series 183-2; JCR Assigned AA to Oxygen Capital Limited Series 183-3; Luup: Assigned Green Loan Framework Evaluation: Green 1(F)

Nov. 25, 2025: JCR Affirmed A/Stable Long-term Issuer Rating on Ezaki Glico; JCR Assigned A to SPIRE SA Series 2025-533; JCR Assigned A to SPIRE SA Series 2025-80; JCR Assigned AA- to SPIRE SA Series 2025-598; Sumitomo Mitsui Trust Panasonic Finance: Second Party Opinion on Sustainability Linked Loan; Kurumefudousansystem, The Kumamoto Bank: Second Opinion on Positive Impact Finance; Tachihi Holdings, The Yamanashi Chuo Bank: Second Opinion on Positive Impact Finance

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