News Release

Jan. 16, 2020

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

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

JCR Affirmed AAA/Stable and AAA on Japan Student Services

Jan. 15, 2020

JCR Assigned A Rating to Bonds of Kawasaki Heavy Industries

JCR Affirmed A Rating on FUKUYAMA TRANSPORTING; Revised Outlook from Stable to Positive

JCR Affirmed AA/Stable Long-term Issuer Rating on Toyo University

JCR Affirmed AA-/Stable, AA- and Preliminary AA- on Coca-Cola Bottlers Japan Holdings

JCR Affirmed A-/Stable Long-term Issuer Rating on PACIFIC INDUSTRIAL

JCR Affirmed A/Stable, A, Preliminary A and J-1 on Sumitomo Osaka Cement

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

Jan. 14, 2020

JCR Affirmed A/Stable, A and J-1 on Yasuda Real Estate

JCR Affirmed J-1 Rating on CP of IHI; Increase in CP Maximum Amount

JCR Affirmed A-/Stable Long-term Issuer Rating on Senshu Ikeda Bank

Jan. 10, 2020

Neon Capital Limited 646,707,714

JCR Assigned Green 1 (Preliminary Evaluation) to the 18th Unsecured Bonds Issued by MITSUI-SOKO HOLDINGS

JCR Assigned AA- Rating to Bonds of Odakyu Electric Railway

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

Jan. 09, 2020

JCR Affirmed A+/Stable Long-term Issuer Rating on Japan Net Bank

JCR Reviewed Long-term Loan Borrowed by United Urban Investment Corporation

JCR Reviewed UUR Green Joint Trust Beneficiary Rights (UUR Green Trust)

Jan. 08, 2020

2018-2

2018-1

Jan. 07, 2020

JCR Assigned A Rating to Bonds of TOBU RAILWAY

Jan. 06, 2020

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL19-12

Dec. 27, 2019

ABL 17-05-02

Administrative Disposition Against Japan Post Insurance - No Immediate Changes in Rating and Rating Outlook

J. FRONT RETAILING Starts Tender Offer to Make PARCO a Wholly Owned Subsidiary—Limited Impact on J. FRONT RETAILING’s Rating

JCR Placed Rating on PARCO under Credit Monitor #A/Positive

JCR Downgraded Rating on Namura Shipbuilding from BBB+/Negative to BBB/Stable

JCR Affirmed BBB+ on KANEMATSU; Revised Outlook from Stable to Positive; Withdraws J-2

JCR Affirmed AA-/Stable Long-term Issuer Rating on DISCO

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL19-12

JCR Withdraws AA- (FC) Rating on POSCO

Dec. 26, 2019

JCR Provided a Third Party Opinion to Positive Impact Finance provided by Sumitomo Mitsui Trust Bank to J. FRONT RETAILING

JCR Upgraded Rating on Invesco Office J-REIT from A+/Positive and A+ to AA-/Stable and AA-

JCR Assigned A-/Stable Foreign Currency Long-term Issuer Rating to Vena Energy Holdings
JCR Assigned A-/Stable and A- to Vena Energy Capital

JCR Assigned J-2 Rating to CP of DAIKEN

JCR Assigned Preliminary AA-; Affirmed AA- and J-1+ on Sumitomo Rubber Industries; Revised Outlook from Stable to Negative

JCR Affirmed AA-, AA-, Preliminary AA- and J-1+ on TOKYU; Revised Outlook from Stable to Positive

JCR Affirmed AA-/Stable, AA- and Preliminary AA- on NGK SPARK PLUG

JCR Affirmed A/Stable Long-term Issuer Rating on JAPAN WOOL TEXTILE

JCR Affirmed BBB/Stable Long-term Issuer Rating on Toyo Logistics

JCR Affirmed A-/Stable Long-term Issuer Rating on Maruzen Showa Unyu

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

JCR Affirmed BBB-/Positive and J-2 on Financial Products Group

JCR Affirmed AAA/Stable, AAA, and Preliminary AAA on Development Bank of Japan

JCR Withdraws A- Rating on Vena Energy

Dec. 25, 2019

Series 25

JCR Upgraded Rating on Sumitomo Mitsui Finance and Leasing from AA-/Positive to AA/Stable; Affirmed J-1+ on CP

JCR Assigned Preliminary AA- to Shelf Registration; Affirmed AA-/Stable and Preliminary AA- on Hiroshima Bank

JCR Affirmed A (FC) Rating on Hotel Lotte with Stable outlook

[ Asset Securitization Products ] JCR Assigned J-1+ to Saitama Resona Bank A Corporation Bills Receivable Senior Beneficial Interest 19-12

Dec. 24, 2019

JCR Upgraded Rating on Specified Bonds of Nissay 2017 Fund SPC from AA- to AA
JCR Upgraded Rating on Specified Bonds of Nissay 2019 Fund Securitization Company Limited from AA- to AA

JCR Upgraded Rating on Bonds of Nissay 2nd Subordinated Loan Securitization Company Limited from A+ to AA-
JCR Upgraded Rating on Bonds of Nissay 3rd Subordinated Loan Securitization Company Limited from A+ to AA-
JCR Upgraded Rating on Bonds of Nissay 4th Subordinated Loan Securitization Company Limited from A+ to AA-

JCR Affirmed A+ Rating on Specified Bonds of Meiji Yasuda Life 2016 Fund SPC
JCR Affirmed A+ Rating on Specified Bonds of Meiji Yasuda Life 2017 Fund SPC
JCR Affirmed A+ Rating on Specified Bonds of Meiji Yasuda Life 2018 Fund SPC
JCR Affirmed A+ Rating on Specified Bonds of Meiji Yasuda Life 2019 Fund SPC

JCR Affirmed AA-p/Stable Long-term Issur Rating and Ability to Pay Insurance Claims on Fukoku Mutual Life Insurance
JCR Affirmed AA-/Stable Long-term Issur Rating and Ability to Pay Insurance Claims on Fukokushinrai Life Insurance

JCR Affirmed A/Stable, A and A- on Bank of Nagoya

JCR Affirmed J-1 Rating on CP of DIC; Increase in CP Maximum Amount

JCR Affirmed A (FC) Rating on Lotte Shopping with Stable outlook

JCR Affirmed A+ Rating on Teollisuuden Voima Oyj with Stable Outlook

JCR Affirmed A+ Rating on Pohjolan Voima Oyj (PVO) with Stable Outlook

JCR Affirmed A+/Stable and A+ on Kenedix Retail REIT Corporation

Dec. 23, 2019

JCR Provided a Third Party Opinion on Sustainability Linked Loans to TOYODA GOSEI

Evaluation Points for Solar Project Finance

JCR Affirmed A- Rating on Takara Leben Infrastructure Fund; Revised Outlook from Stable to Positive

JCR Affirmed BBB/Positive Long-term Issuer Rating on TAMURA

JCR Affirmed BBB+/Stable Long-term Issuer Rating and Ability to Pay Insurance Claims on DAIDO FIRE & MARINE INSURANCE

JCR Affirmed BBB+ (FC/LC) Ratings on Export-Import Bank of India with Stable Outlook

JCR Affirmed A/A+ (FC/LC) Ratings on Malaysia with Stable outlook

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL19-12

Dec. 20, 2019

19-12

JCR Reviewed Bonds issued by Fuyo General Lease

JCR's Rating Review of Major Life Insurers

JCR Upgraded Rating on Nippon Life Insurance from AA/Positive and A+ to AA+/Stable and AA-; Affirmed J-1+ on CP

JCR Affirmed A+/Stable and A- on Dai-ichi Life Holdings
JCR Affirmed AA-/Stable on Dai-ichi Life Insurance

JCR Affirmed AA-/Stable and J-1+ on Meiji Yasuda Life Insurance

JCR Affirmed AA-/Stable on SUMITOMO LIFE INSURANCE

JCR Upgraded Rating on CP of Nissay Leasing from J-1 to J-1+

JCR Affirmed A-/Stable, A-,Preliminary A- and J-1 on NIPPON TOCHI-TATEMONO

JCR Affirmed A Rating on Orange with Stable Outlook

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-12 (F Hospital)

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL19-12

Dec. 19, 2019

ISUZU MOTORS to form Alliance with AB VOLVO - Synergy Effect of the Alliance and Impact on the Financials from the Acquisition of UD to be Closely Watched

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-12 (D Hospital)

Dec. 18, 2019

JCR Placed Ratings on Showa Denko under Credit Monitor #A/Negative

JCR Affirmed A+ and J-1 on FamilyMart; Revised Outlook from Stable to Positive

Dec. 17, 2019

ZEST Investments B 1707-B01

JCR Upgraded Rating on Hoshino Resorts REIT from A-/Positive and A- to A/Stable and A

JCR Affirmed AA/Stable and J-1+ on Tokyo Electron

Highlights of Online Securities Companies' Financial Results for Period from April to September 2019

Dec. 16, 2019

JCR Affirmed A-/Stable Long-term Issuer Rating on RISO KAGAKU

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

Dec. 13, 2019

JCR Assigned A- Rating to Bonds of ARAKAWA CHEMICAL INDUSTRIES

Dec. 12, 2019

[ Asset Securitization Products ] JCR Assigned Preliminary J-1+ to Saitama Resona Bank A Corporation Bills Receivable Senior Beneficial Interest 19-12

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

Dec. 11, 2019

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Affirmed BB Rating on Avation; Revised Outlook from Stable to Positive

JCR Affirmed A/Stable Long-term Issuer Rating on Yodogawa Christian Hospital

JCR Affirmed AA/Stable and AA on Daiwa House REIT Investment Corporation

JCR Assigned A+ Rating to Bonds of Kenedix Residential Next Investment Corporation