News Release

Oct. 02, 2019

JETS International Two Limited 71

JETS International Two Limited 62

JETS International Two Limited 61

Sylph Limited

Sylph Limited

JCR Affirmed AA/Stable and AA on Activia Properties

JCR Affirmed A/Stable and A on Ichigo Office REIT Investment Corporation

JCR Affirmed J-1+ Rating on ABCP Program of Nexus Asset Funding

JCR Affirmed J-1+ Rating on ABCP Program of Vector Asset Funding

JCR Affirmed J-1+ Rating on ABCP Program of Godo Kaisha GK 48

Oct. 01, 2019

JCR Downgraded Rating on Yanmar Holdings from J-1 to J-2

JCR Affirmed BBB and J-2 on FURUKAWA; Revised Outlook from Stable to Positive

JCR Assigned Preliminary A Rating to Shelf Registration of Nisshin OilliO Group

JCR Affirmed AA-/Stable, AA-, Preliminary AA- and J-1+ on TOKYU

JCR Affirmed A+/Stable, A+ and J-1 on JGC HOLDINGS

JCR Affirmed BBB Rating on EMTN of Monex Finance; Increase in Maximum Amount of Program

Sep. 30, 2019

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JCR Assigned Green 1 (Final Evaluation) to Long-term Loan Borrowed by Mitsubishi Electric Credit

JCR Assigned Green 1 (Final Evaluation) to the 4th Private Placement Bonds Issued by ICHINEN HOLDINGS

JCR Upgraded Rating on Adaro Energy to BBB with Stable Outlook

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

JCR Affirmed AA-/Stable and AA- on ORIX

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Grass Park Beneficial Interest Series 2

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL19-09

JCR Withdraws BBB-/Stable Long-term Issuer Rating on SHIMANE BANK

Sep. 27, 2019

JCR's Rating Review of Major Banks

JCR Affirmed AA/Stable, AA and AA- on Mitsubishi UFJ Securities Holdings
JCR Affirmedand AA/Stable Long-term Issuer Rating on Mitsubishi UFJ Morgan Stanley Securities

JCR Affirmed AA/Stable, AA and J-1+ on Mizuho Securities
JCR Affirmed AA on Mizuho International
JCR Affirmed AA on Mizuho Securities USA

JCR Affirmed AA/Stable Long-term Issuer Rating on SMBC Nikko Securities

JCR Affirmed A+/Stable and J-1 on kabu.com Securities

JCR Affirmed A+/Stable, A+, A-, Preliminary A+ and J-1 on Hulic

JCR Assigned Preliminary AA- Rating to Shelf Registration of Global One Real Estate Investment Corporation

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL19-09

[ Asset Securitization Products ] JCR Assigned J-1+ to Saitama Resona Bank A Corporation Bills Receivable Senior Beneficial Interest 19-09

Sep. 26, 2019

JETS International Four Limited 121

JCR Assigned Green 1(F) to Green Finance Framework of AEON REIT Investment Corporation

JCR Assigned Green 1 (Preliminary Evaluation) to AEON REIT Green Trust

JCR Assigned Green 1 (Preliminary Evaluation) to Long-term Loan Borrowed by AEON REIT Investment Corporation

JCR Assigned A Rating to Bonds of Yasuda Real Estate

JCR Affirmed BBB+/Stable, BBB+ and Preliminary BBB+ on FUTABA INDUSTRIAL

Sep. 25, 2019

JCR Affirmed AAA/Stable Ratings and Assigned AAA Ratings to Bonds of African Development Bank

JCR Assigned Preliminary BBB+ Rating to Shelf Registration of Sanken Electric

JCR Affirmed AAAp/Stable Long-term Issuer Rating on East Japan Railway

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-09 (D Hospital)

Sep. 24, 2019

JCR Assigned Green 1 (preliminary Evaluation) to the 38th Bonds Issued by Ricoh Leasing

JCR Assigned Preliminary A Rating to Bonds of Topre; Affirmed A/Positive

JCR Affirmed A+/Positive, A+, Preliminary A+ and J-1 on THK

JCR Affirmed A/Stable, A, Preliminary A and J-1 on Ube Industries

JCR Affirmed BBB+/Stable Long-term Issuer Rating on GIFU SHINKIN BANK

Sep. 20, 2019

JCR Assigned Preliminary A- Rating to Shelf Registration of Central Glass

JCR Downgraded Rating on Fukui Bank from A-/Negative to BBB+/Stable

JCR Affirmed BBB-/Stable Long-term Issuer Rating on FUKUHO BANK

JCR Affirmed A-/Stable Long-term Issuer Rating on Chiba Kogyo Bank

JCR Affirmed A+(FC) Rating on Banco Santander with Stable Outlook, and A Ratings on Senior Non Preferred Bonds

JCR Affirmed A Rating on Shinhan Bank Japan with Stable Outlook

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL19-09

Sep. 19, 2019

JCR Assigned Green 1 (Preliminary Evaluation) to Long-term Loan Borrowed by Mitsubishi Electric Credit

JCR Affirmed AA-/Stable, AA-, Preliminary AA-, and J-1+ on Mitsubishi Heavy Industries

JCR Affirmed A/Stable and A on AICHI STEEL

JCR Affirmed A on Kurimoto Mega Solar Project Bond Trust 1 Beneficial Interest and Trust ABL

JCR Affirmed A on Kurimoto Mega Solar Green Project Bond Trust 2 Beneficial Interest and Trust ABL

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL19-09

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-09 (F Hospital)

Sep. 18, 2019

JCR Assigned Green 1 (F) to the Green Finance Framework By Vena Energy

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

JCR Affirmed BBB+ and Preliminary BBB+ on HEIWA REAL ESTATE; Revised Outlook from Stable to Positive

JCR's Rating Review of Foreign Exchange (FX) Margin Trading Intermediaries

JCR Withdraws LD on AKEBONO BRAKE INDUSTRY

Sep. 17, 2019

JCR Assigned J-1+ Rating to CP of SoftBank

JCR Affirmed BBB+/Stable, BBB+ and J-2 on Daio Paper

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

Sep. 13, 2019

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JCR Assigned Green 1 (Final Evaluation) to the 1st Bonds by DAIKEN

JCR Assigned BBB+ Rating to Bonds of DAIKEN

JCR Assigned Green 1 (Final Evaluation) to the 7th Bonds Issued by Sumitomo Warehouse

JCR Assigned AA- Rating to Bonds of Sumitomo Warehouse

JCR Assigned A-/Stable Long-term Issuer Rating to Canadian Solar Infrastructure Fund

JCR Assigned AA- Rating to Bonds of JFE Holdings

JCR Assigned A Rating to Bonds of AEON Financial Service

JCR Assigned AA Rating to Bonds of Nomura Real Estate Master Fund

JCR Affirmed AA Ratings on Electricite de France with Stable Outlook

Sep. 12, 2019

Yahoo Japan's Tender Offer for Shares of ZOZO - No Immediate Impact on Rating, but JCR will Pay Attention to Future Synergies and Financial Improvement

SoftBank Subsidiary Yahoo Japan's Acquisition of Shares of ZOZO - Limited Impact on Rating

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

JCR Assigned A- Rating to Bonds of YOKOHAMA REITO

JCR Assigned AA- Rating to Bonds of TOKYU

JCR Assigned AA- Rating to Bonds of Coca-Cola Bottlers Japan Holdings

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Assigned BBB Ratings to JPY bonds of Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara

[ Asset Securitization Products ] JCR Assigned Preliminary J-1+ to Saitama Resona Bank A Corporation Bills Receivable Senior Beneficial Interest 19-09

Sep. 11, 2019

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JCR Assigned A-/Stable Long-term Issuer Rating to Sushiro Global Holdings

JCR Upgraded Rating on Sharp from BB/Positive to BB+/Stable

JCR Assigned A+ Rating to Bonds of DOWA HOLDINGS

JCR Affirmed AA+p/Stable Long-term Issuer Rating on Astellas Pharma

JCR Affirmed A+p/Stable Long-term Issuer Rating on Mitsubishi Tanabe Pharma

Sep. 10, 2019

JCR Assigned AA- Rating to Bonds of Mitsubishi UFJ Lease & Finance