News Release

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

Oct. 20, 2026

JCR Affirmed A+/Stable and J-1 on TSUBAKIMOTO CHAIN

JCR Affirmed BBB+/Stable Long-term Issuer Rating on HARIMA CHEMICALS GROUP

Oct. 19, 2026

JCR Affirmed A-/Stable Long-term Issuer Rating on Mazda Motor

JCR Affirmed A-/Stable and J-1 on Mazda Credit

JCR Affirmed A-/Stable (FC) and A+/Stable (LC) on Mexico

Hokuhoku Financial Group: Evaluation of Conformity of Sustainable Deposit Framework

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