News Release

Sep. 19, 2018

JCR Affirmed A/Stable, A and Preliminary A on AICHI STEEL

JCR Affirmed BBB/Stable, Preliminary BBB and J-2 on JALUX

JCR Affirmed J-2 Rating on CP of TOKAI Holdings

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Affirmed AA-/Stable Long-term Issuer Rating on Mitsubishi Estate Logistics REIT Investment Corporation

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL18-09

Sep. 18, 2018

UKC Holdings Announced Its Business Integration with VITEC HOLDINGS - Underpinning Its Credit Ratings

JCR Assigned A+ Rating to Subordinated Loan of Nippon Life Insurance

JCR Assigned A+ Rating to Bonds of Nissay 2nd Subordinated Loan Securitization Company Limited

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

JCR Affirmed BBB+/Stable, BBB+ and Preliminary BBB+ on Kintetsu Group Holdings

JCR Affirmed AA- Rating on EMTN of Nomura Europe Finance; Assigned AA- Rating to EMTN of Nomura Global Finance

JCR Affirmed A Ratings on Malayan Banking with Stable Outlook

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

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Hyakugo Bank B Corporation Bills Receivable ABL18-09

Sep. 14, 2018

Acquisition of INVOICE by Fuyo General Lease - No Impact on Rating; Expansion of Non-asset Business can be Expected

JCR Assigned BBB+ Rating to Bonds of HANWA

JCR Assigned A- Rating to Bonds of HIKARI TSUSHIN

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

JCR Assigned BBB+ Rating to Bonds of Hitachi Zosen

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

JCR Affirmed AA/Stable and AA on Activia Properties

Sep. 13, 2018

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PIONEER Executes Memorandum of Understanding Concerning Support by Sponsor - Future Developments to Be Monitored and Reflected in Rating as Appropriate

JCR Assigned A Rating to Subordinated Bonds of T&D Holdings

JCR Assigned BBB- Rating to Subordinated Loan of Tokuyama

JCR Assigned A Rating to Bonds of Japan Airlines

JCR Assigned BBB+ Rating to Bonds of Sanken Electric

JCR Assigned Preliminary AAA Rating to Shelf Registration of NTT FINANCE

Sep. 12, 2018

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JCR Upgraded Shinhan Bank Japan from BBB+ to A with Stable Outlook

JCR Assigned AA+ Rating to Bonds of Electric Power Development

JCR Assigned A Rating to Bonds of Idemitsu Kosan

JCR Affirmed A-/Stable, A- and Preliminary A- on Mazda Motor

Sep. 11, 2018

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

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

[ Asset Securitization Products ] JCR Assigned Preliminary J-1+ to Saitama Resona Bank A Corporation Bills Receivable Senior Beneficial Interest 18-09

Sep. 10, 2018

JCR Assigned Preliminary A+ Rating to Shelf Registration of AIR WATER

Sep. 07, 2018

Hokkaido Electric Power was Affected by Earthquake - JCR will Watch Cost for Restoration and Impact on Earnings and Financial Conditions

JCR Downgraded Rating on PIONEER from #BBB-/Negative to #BB+/Negative; Maintains Credit Monitor

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

JCR Assigned Preliminary A+ Rating to Shelf Registration of Mitsubishi Chemical Holdings

JCR Assigned A Rating to Bonds of SCSK

JCR Assigned A Rating to Bonds of TEPCO Power Grid

JCR Assigned A Rating to Bonds of HIROSHIMA GAS

JCR Assigned AA- Rating to Bonds of Sumitomo Metal Mining

JCR Assigned A+ Rating to Bonds of DOWA HOLDINGS

JCR Assigned AA- Rating to Bonds of Hankyu Hanshin Holdings

JCR Assigned AA- Rating to Bonds of Mori Trust Holdings

JCR Assigned AA Rating to Bonds of NEW KANSAI INTERNATIONAL AIRPORT

JCR Assigned AA- Rating to Bonds of Global One Real Estate Investment Corporation

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

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

JCR Affirmed AA/Stable and AA on Industrial & Infrastructure Fund Investment Corporation

JCR Withdraws BBBp/Positive Long-term Issuer Rating on NDS

Sep. 06, 2018

JETS International Five Limited 317

Typhoon No. 21 Ripped through Kinki - Tremendous Damage on Kansai International Airport, but Limited Impact on Rating

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

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

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 AAA/AAA (FC/LC) Ratings on Kingdom of the Netherlands with Stable Outlook

Sep. 05, 2018

JCR Assigned A- Rating to Bonds (Tier 1 with loss absorption clause) of Sumitomo Mitsui Trust Holdings

JCR Assigned A Rating to Bonds of Nagoya Railroad

JCR Affirmed AA- Ability to Pay Insurance Claims on Hitachi Capital Insurance; Revised Outlook from Stable to Positive

JCR Affirmed A-/Stable Long-term Issuer Rating on TOMONY Holdings

JCR Affirmed A-/Stable, A-, and BBB on YOKOHAMA REITO

Sep. 04, 2018

JCR Affirmed AA- and J-1+ on Hitachi Capital; Revised Outlook from Stable to Positive

JCR Affirmed A-/Stable and J-1 on Nippon Steel Kowa Real Estate

Sep. 03, 2018

Violet Protected Asset SPC VPA 1 S02

JCR Assigned Green 1 (preliminary) to the UUR Green Joint Trust Beneficiary Rights (UUR Green Trust)

JCR Assigned Green 1 (preliminary) to Long-term Loan Borrowed by United Urban Investment Corporation

JCR Affirmed AA- and A+ on MTN Program of Sumitomo Mitsui Financial Group
JCR Affirmed AA and J-1+ on MTN Program of Sumitomo Mitsui Banking

JCR Affirmed J-1+ Rating on CP of Mitsubishi UFJ Lease & Finance; Increase in CP Maximum Amount

Aug. 31, 2018

JCR Assigned Green 1 to the 33rd Bonds of RICOH LEASING

JCR Assigned AA- Rating to Bonds of RICOH LEASING

JCR Upgraded Rating on FUTABA INDUSTRIAL from BBB/Positive to BBB+/Stable

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

JCR Assigned A+ Rating to Bonds of AIR WATER; Affirmed A+/Stable, A+, and Preliminary A+

JCR Assigned AA- Rating to Bonds of Kansai Electric Power

JCR Assigned A+ Rating to Bonds of Keisei Electric Railway

JCR Assigned A+ Rating to Bonds of Nishi-Nippon Railroad

JCR Assigned A Rating to Bonds of JA Mitsui Leasing

JCR Assigned Preliminary AA- Rating to Shelf Registration of Meiji Holdings

JCR Affirmed BBB/Stable Long-term Issuer Rating on DAIKI ALUMINIUM INDUSTRY

JCR Affirmed A/Stable and J-1 on HEIWADO

JCR Affirmed AA Ratings on Electricite de France with Stable Outlook

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL18-08

JCR Withdraws J-1+ Rating on ABCP program of Godo Kaisha Alimone

Aug. 30, 2018

JCR Upgraded Rating on Ichigo Office REIT Investment Corporation from A-/Positive to A/Stable

JCR Affirmed A Ratings on HORIBA; Revised Outlook from Stable to Positive

JCR Assigned Preliminary AA- Rating to Shelf Registration of SAIBU GAS

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL18-08

Aug. 29, 2018

JETS International Five Limited 177

JCR Upgraded Rating on ITOCHU ENEX from A/Positive to A+/Stable; Affirmed J-1

JCR Assigned AA- Rating to Bonds of Nomura Holdings

JCR Assigned Preliminary A+ Rating to Shelf Registration of Sumitomo Realty & Development

JCR Assigned Preliminary A+ to Specified Bonds of Meiji Yasuda Life 2018 Fund Special Purpose Company

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

Aug. 28, 2018

JCR Assigned AA Rating to Bonds of Chugoku Electric Power