News Release

Nov. 22, 2019

JCR Affirmed A/Stable Long-term Issuer Rating on Ezaki Glico

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

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

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

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

Nov. 21, 2019

Mirach Limited 1910-M02

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

JCR Assigned A+ Rating to Bonds of Nissay 4th Subordinated Loan Securitization Company Limited

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Assigned AA Rating to Bonds of Chubu Electric Power

JCR Assigned A- Rating to Bonds of Sojitz

JCR Assigned Preliminary A- Rating to Shelf Registration of ARAKAWA CHEMICAL INDUSTRIES; Affirmed A-/Stable and A-

JCR Affirmed A-/Stable Long-term Issuer Rating on Takeda Healthcare Foundation

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL19-11

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL19-11

Nov. 20, 2019

2019-1033

JCR Assigned Preliminary BBB Rating to Bonds of Daiei Real Estate & Development

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-11 (F Hospital)

Nov. 19, 2019

Mitsubishi Chemical Holdings’ Making Mitsubishi Tanabe Pharma a Wholly-owned Subsidiary - JCR will Pay Attention to Improvement of Financial Structure and Synergistic Effects

Japan Rental Housing Investments to Merge with Nippon Healthcare Investment Corp. - Outcome of Merger and Future Synergies Will Be Closely Watched and Reflected in Rating

JCR Removed Credit Monitor; Downgraded Rating on Mitsui E&S Holdings from #BBB-/Negative, #BBB-/Negative, Preliminary #BBB-/Negative and #J-2/Negative to BB+, BB, Preliminary BB and J-3; Placed Stable Outlook

JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Gunma Bank

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-11 (D Hospital)

Nov. 18, 2019

Z Holdings’ Business Integration with LINE - Limited Impact on Rating; JCR will Pay Attention to Future Synergistic Effects

JCR Upgraded Rating on Fuyo General Lease from A/Positive, A and Preliminary A to A+/Stable, A+ and Preliminary A+; Affirmed J-1 on CP

JCR Upgraded Rating on Sharp Finance from A/Positive to A+/Stable; Affirmed J-1 on CP

JCR Affirmed A-/Stable Long-term Issuer Rating on The Seto Shinkin Bank

JCR Affirmed A/Stable and J-1 on GUNZE

JCR Affirmed A/Stable and J-1 on Nabtesco

JCR Affirmed A-/Stable Long-term Issuer Rating on Nippon Light Metal Holdings

JCR Affirmed A+/Stable Long-term Issuer Rating on NIPPON STEEL ENGINEERING

JCR Affirmed A-/Stable Long-term Issuer Rating on Southern TOHOKU Research Institute for Neuroscience

JCR Affirmed BBB+/Positive and BBB+ on Makino Milling Machine

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

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

Nov. 15, 2019

JCR Assigned Green 1 (Final Evaluation) to the 6th Bonds Issued by AEON REIT Investment Corporation

JCR Assigned Green 1 (Final Evaluation) to 9th Unsecured Bond by Daiwa House REIT Investment Corporation

JCR Assigned AA- Rating to Bonds of AEON REIT Investment Corporation

JCR Assigned AA Rating to Bonds of Daiwa House REIT Investment Corporation

JCR Assigned AA- Rating to Bonds of Hankyu Hanshin Holdings

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

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

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

JCR Affirmed A/Stable Long-term Issuer Rating on TIS
JCR Affirmed A/Stable Long-term Issuer Rating on INTEC

JCR Affirmed J-1 Rating on CP of T&D Lease

Nov. 14, 2019

Spica Limited 1910-S12

JCR Removed Credit Monitor; Affirmed A+ on LIXIL Group; Placed Stable Outlook

JCR Assigned AA Rating to Bonds of GLP J-REIT

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

Nov. 13, 2019

JCR Upgraded Rating on Denka from A/Positive, A and Preliminary A to A+/Stable, A+ and Preliminary A+; Affirmed J-1 on CP

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

Nov. 12, 2019

[ Asset Securitization Products ] JCR Affirmed J-1+ on 3rd Trust Beneficial Interest

Mirach Limited 1910-M01

JCR Downgraded Rating on Mitsubishi Steel Mfg. from BBB+/Negative to BBB/Stable

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

JCR Assigned AA Rating to Bonds of Activia Properties

JCR Assigned AA Rating to Bonds of Japan Logistics Fund

JCR Assigned A- Rating to Bonds of Starts Proceed Investment Corporation

JCR Assigned Preliminary A Rating to Shelf Registration of TSUBAKIMOTO CHAIN

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

JCR Affirmed A/Stable and J-1 on PARCO

JCR Affirmed Ratings BBB-/BBB(FC/LC) on Brazil

[ Asset Securitization Products ] JCR Affirmed J-1+ on ABCP Programs of Super Trust 1 to 20, LLCs

Nov. 11, 2019

JCR Assigned BBB-/Stable Long-term Issuer Rating to Moya Holdings Asia Limited

JCR Affirmed A+/Stable, A+ and Preliminary A+ on NSK

JCR Affirmed AA/Stable Long-term Issuer Rating on Mitsui Fudosan Private REIT

Nov. 08, 2019

JCR Assigned Green 1 (Preliminary Evaluation) to the 6th Bonds Issued by AEON REIT Investment Corporation

JCR Affirmed AAA/AAA (FC/LC) Ratings on Japan with Stable Outlook

JCR Assigned A+ Rating to Bonds of MORI BUILDING

JCR Affirmed AAA/Stable and AAA on Tokyo Metro

JCR Affirmed BBB-/Stable Long-term Issuer Rating on AIRTECH JAPAN

JCR Affirmed A- Ratings on CPI Property Group with Stable Outlook

JCR Affirmed A+/Stable and A+ on Japan Hotel REIT Investment Corporation

Nov. 07, 2019

JCR Assigned Green 1 (Preliminary Evaluation) to 4th Series Unsecured Straight Bond Issued by SEIBU HOLDINGS

JCR Upgraded (FC/LC) Ratings on Russia from BBB- to BBB with Stable outlook

JCR Affirmed AAA/AAA(FC/LC) ratings on Norway with Stable Outlook

Nov. 06, 2019

JCR Affirmed BBB/Stable Long-term Issuer Rating on SOGO MEDICAL HOLDINGS

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

Nov. 05, 2019

JCR Assigned A+/Stable Long-term Issuer Rating to SOSiLA Logistics REIT

JCR Assigned Green 1 (Preliminary Evaluation) to Short-term and Long-term Loan borrowed by SOSiLA Logistics REIT

JCR Assigned Green 1(F) to Green Finance Framework of SOSiLA Logistics REIT

JCR Placed Rating on Mitsui E&S Holdings under Credit Monitor #BBB-/Negative and #J-2/Negative

JCR Assigned Preliminary BBB to Alma Diode Solar Green Project Bond Trust (Shimane) Beneficial Interest and Trust ABL

JCR Affirmed AA-/Stable and A on T&D Holdings
JCR Affirmed AA-/Stable Long-term Issuer Rating and Ability to Pay Insurance Claims on DAIDO LIFE INSURANCE
JCR Affirmed AA-/Stable and A+ on TAIYO LIFE INSURANCE
JCR Affirmed AA-/Stable Long-term Issuer Rating and Ability to Pay Insurance Claims on T&D FINANCIAL LIFE INSURANCE

JCR Affirmed A-/Stable and J-1 on SUMCO

Nov. 01, 2019

JCR Placed Rating on MICHINOKU BANK under Credit Monitor #BBB+/Negative

JETS International Five Limited 176

JCR Affirmed A/Stable and J-1 on Fukuoka Financial Group
JCR Affirmed A+/Stable Long-term Issuer Rating on BANK OF FUKUOKA
JCR Upgraded Rating on Kumamoto Bank from A/Stable to A+/Stable
JCR Upgraded Rating on SHINWA BANK from A/Stable to A+/Stable
JCR Upgraded Rating on Eighteenth Bank from A/Stable to A+/Stable

JCR Assigned A- Rating to Bonds of HIKARI TSUSHIN

JCR Affirmed AA/Stable, AA, Preliminary AA, A+ and J-1+ on Sekisui House

Oct. 31, 2019

JCR Reviewed Trust Beneficiary Rights 00012747

JCR Assigned BBB/Stable Long-term Issuer Rating to Nippon Yakin Kogyo

JCR Affirmed AA/Stable Long-term Issuer Rating on Iyo Bank

JCR Affirmed AA-/Stable and J-1+ on Mitsubishi UFJ NICOS

JCR Affirmed AA-/Stable and AA- on Japan Excellent

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL19-10

JCR Withdraws BBB-/Stable Long-term Issuer Rating on Gyokushoukai

JCR Withdraws A (FC) Rating on Lotte Card

Oct. 30, 2019

JCR Assigned Green 1(F) to Green Finance Framework of GLP J-REIT

JCR Assigned Preliminary A+ Rating to Shelf Registration of SUMITOMO CHEMICAL