News Release

Sep. 10, 2019

JCR Affirmed AAA (FC)/AAA (LC) Ratings on Export Development Canada with Stable Outlook

Sep. 09, 2019

Tokyo Century's Conversion of ACG in US into a Wholly-Owning Subsidiary - JCR Will Watch Future Risk Control and Financing

JCR Affirmed BBB and J-2 on Toho Zinc; Revised Outlook from Stable to Negative

JCR Assigned J-1+ to CP; Affirmed AA-/Stable and AA- on Mori Trust Holdings

JCR Affirmed A+/Stable, A+, Preliminary A+ and J-1 on Nippon Electric Glass

JCR Affirmed A/Positive, A, Preliminary A and J-1 on Showa Denko

JCR Affirmed J-2 Rating on CP of SHOKO

JCR Affirmed A/Stable and J-1 on Marubeni-Itochu Steel

JCR Affirmed J-2 Rating on CP of TOKAI Holdings

Sep. 06, 2019

For Public Comments on Revision of Rating Methodology for Synthetic CDOs

SUMITOMO CHEMICAL’s Subsidiary Agreed on Strategic Alliance with Roivant Sciences—JCR will Pay Attention to Impact on the Group’s Financial Structure

JCR Assigned A Rating to Subordinated Bonds of NIPPON STEEL

JCR Assigned AA Rating to Bonds of Mitsui Fudosan

JCR Assigned A Rating to Bonds of MAEDA

JCR Assigned A- Rating to Bonds of SoftBank Group

JCR Assigned A+ to Bonds (Tier 2 with loss absorption clause) of Mitsubishi UFJ Financial Group

JCR Assigned AA+ Rating to Bonds of NARITA INTERNATIONAL AIRPORT

JCR Affirmed J-2 Rating on CP of TSUBAKIMOTO KOGYO

JCR Affirmed AA Rating on EMTN of ITOCHU and ITOCHU Treasury Centre Europe

JCR Affirmed A+ on Beneficial Interest and ABL of Securitization of Loans Receivable

Sep. 05, 2019

JCR Assigned A Rating to Bonds of NIFCO

JCR Assigned AA Rating to Bonds of Chubu Electric Power

JCR Assigned A- Rating to Subordinated Bonds of Dai-ichi Life Holdings

JCR Assigned AA Rating to Bonds of Daiwa Office Investment Corporation

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

Sep. 04, 2019

JCR Assigned BBB- Rating to Credito Real with Stable Outlook

JCR Affirmed A- Rating on Tokyo Star Bank; Revised Outlook from Stable to Positive

JCR Affirmed A- Rating on Renault; Revised Outlook from Positive to Stable

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

JCR Assigned AA- Rating to Bonds of Japan Excellent

JCR Affirmed AA-/Stable, AA- and Preliminary AA- on Global One Real Estate Investment Corporation

Sep. 03, 2019

JCR Affirmed BBB, Preliminary BBB and J-2 on JALUX; Revised Outlook from Stable to Positive

JCR Affirmed BBB Rating on DAIKI ALUMINIUM INDUSTRY; Revised Outlook from Stable to Positive

JCR Assigned AA- Rating to Bonds of JCB

JCR Affirmed BBB+/Stable Long-term Issuer Rating on FIDEA Holdings
JCR Affirmed BBB+/Stable Long-term Issuer Rating on SHONAI BANK
JCR Affirmed BBB/Stable Long-term Issuer Rating on Hokuto Bank

JCR Affirmed BBB/Stable and BBB- on NAGANOBANK

Sep. 02, 2019

JCR Upgraded Rating on Sojitz from BBB+/Positive, BBB+, Preliminary BBB+ and J-2 to A-/Stable, A-, Preliminary A- and J-1

JCR Affirmed AA- Rating on EMTN of Mitsubishi UFJ Lease & Finance; Assigned AA- Rating to EMTN of MUL Asset Finance

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

JCR Affirmed A/Stable Long-term Issuer Rating on FIRST BANK OF TOYAMA

Aug. 30, 2019

DIC to Acquire BASF's Pigments Business - Transaction Will Help Business Portfolio Transformation; JCR Will Watch How It Will Be Financed

JCR Assigned Green 1 to Trust Beneficiary Rights 201908 (Contract No. 210226)

JCR Assigned A-/Stable Long-term Issuer Rating to Enex Infrastructure Investment Corporation

JCR Removed Credit Monitor; Affirmed A+ on SEIBU SHINKIN BANK; Placed Negative Outlook

JCR Affirmed BBB+ and Preliminary BBB+ on Tsukishima Kikai; Revised Outlook from Stable to Positive

JCR Assigned A+ Rating to Bonds of Nagoya Railroad

JCR Assigned AA- Rating to Bonds of Kansai Electric Power

JCR Assigned AA+ Rating to Bonds of Electric Power Development

JCR Assigned A- Rating to Bonds of Mazda Motor

JCR Assigned AA Rating to Bonds of ASAHI KASEI

JCR Assigned A Rating to Bonds of JA MITSUI LEASING

JCR Affirmed BBB/Stable Long-term Issuer Rating on Tokushu Tokai Paper

JCR Affirmed A-/Stable, A-, BBB, and J-1 on NIPRO

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL19-08

JCR Withdraws A/Stable Long-term Issuer Rating on ARIAKE JAPAN

JCR Withdraws A/Stable Long-term Issuer Rating on Hokkaido Bank

Aug. 29, 2019

JCR Upgraded Rating on POCKET CARD from A-/Stable, A- and Preliminary A- to A/Stable, A and Preliminary A; Affirmed J-1

JCR Downgraded Rating on TSUKADA GLOBAL HOLDINGS from BBB+/Negative to BBB/Stable

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Assigned A+ Rating to Bonds of NH Foods

JCR Assigned BBB+ Ratings to JPY Bonds of Export-Import Bank of India

JCR Assigned Preliminary AA Rating to Shelf Registration of Sumitomo Electric Industries

JCR Assigned Preliminary AA- Rating to Shelf Registration of Sumitomo Metal Mining

JCR Affirmed A+/Stable, A+ and A- on KONICA MINOLTA

JCR Affirmed BBB+/Stable, BBB+ and Preliminary BBB+ on Sanken Electric

JCR Affirmed A+/Stable, A+ and J-1 on ITOCHU ENEX; Increase in CP Maximum Amount

JCR Affirmed Ap/Stable Long-term Issuer Rating on TOYO INK SC HOLDINGS

JCR Affirmed AAp/Stable Rating on Ability to Pay Insurance Claims of Japan Earthquake Reinsurance

JCR Affirmed AA-/AA(FC/LC) Ratings on Czech Republic with Stable Outlook

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL19-08

Aug. 28, 2019

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Assigned AA- Rating to Bonds of Concordia Financial Group

JCR Assigned AA- Rating to Bonds of Nomura Holdings

JCR Affirmed A/Stable and J-1 on HEIWADO

JCR Affirmed AAA/AAA (FC/LC) Ratings on Canada

[ Asset Securitization Products ] JCR Affirmed J-1 on Ferry Road ETC Card Receivable ABL Program

Aug. 27, 2019

JCR Assigned A+ Rating to Bonds of NSK

JCR Assigned A- Rating to Bonds of SAPPORO HOLDINGS

JCR Assigned A- Rating to Bonds of ASAHI BROADCASTING GROUP HOLDINGS

JCR Affirmed A-/Stable, A- and Preliminary A- on SEIBU HOLDINGS

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

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-08 (D Hospital)

Aug. 26, 2019

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

JCR Affirmed A+/Stable, A+ and Preliminary A+ on AIR WATER

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

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

JCR Affirmed A on Canadian Solar Dual Tenor Green Project Bond Trust (Gunma) Beneficial Interest and Trust ABL

JCR Affirmed A on Canadian Solar Green Project Bond Trust (Yamaguchi) Beneficial Interest and Trust ABL

Aug. 23, 2019

JCR Assigned BBB/BBB+ (FC/LC) Ratings to Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara

JCR Upgraded Rating on Nisshin OilliO Group from A-/Positive, A- and Preliminary A- to A/Stable, A and Preliminary A

JCR Assigned A- Rating to Bonds of of Nippon Yusen

JCR Assigned A Rating to Bonds of ACOM

JCR Assigned Preliminary AA- Rating to Shelf Registration of Mitsubishi UFJ Lease & Finance

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

JCR Assigned AAA Rating to Bonds of Japan Student Services

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

JCR Affirmed AA-/Positive and AA- on NIDEC

JCR Affirmed A-/Stable, A- and J-1 on NIPPON STEEL KOWA REAL ESTATE

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

Aug. 22, 2019

JCR's Rating Review of Major Oil Distributors