News Release

Oct. 29, 2019

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

JCR Assinged A- Rating to Bonds of Canadian Solar Infrastructure Fund

JCR Assigned Preliminary AAA Rating to Shelf Registration of Central Japan Railway

JCR Affirmed A-/Stable, A- and J-1 on Konoike Transport

Oct. 28, 2019

JCR Placed Rating on JA Solar Green Project Bond Trust (Fukushima) Beneficial Interest and Trust ABL under Credit Monitor #BBB-/Negative

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

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

JCR Affirmed A+/Stable ratings on Empresa Nacional del Petroleo

JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-10 (D Hospital)

Oct. 25, 2019

JCR Assigned BBB to PT. Indomarco Prismatama with Stable Outlook

JCR Assigned AA Rating to Bonds of Sekisui House Reit

JCR Affirmed A/Stable, A, and J-1 on SKY Perfect JSAT Holdings

JCR Affirmed AA/Stable, AA and Preliminary AA on ASAHI KASEI

JCR Affirmed A+/Stable on Hyundai Capital Services

Oct. 24, 2019

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Assigned AA Rating to Bonds of ORIX JREIT

JCR Assigned Preliminary A+ Rating to Shelf Registration of Mitsui Chemicals

JCR Affirmed A-/Stable Long-term Issuer Rating on Sumitomo Mitsui Construction

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

JCR Affirmed AA-/Positive Ability to Pay Insurance Claims on Hitachi Capital Insurance

JCR Affirmed A-/Stable and J-1 on Mitsubishi Electric Credit

Oct. 23, 2019

SoftBank Group's Commitment to Provide Significant Funding to WeWork - Limited Impact on Rating

JCR Assigned Preliminary A Rating to Shelf Registration of Nomura Real Estate Holdings

JCR Affirmed AA-/Stable, AA-, Preliminary AA- and J-1+ on Odakyu Electric Railway

JCR Affirmed BBB/Stable Long-term Issuer Rating on Showa Aircraft Industry

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

JCR Affirmed J-2 Rating on CP of DAIHO

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL19-10

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL19-10

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

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

Oct. 21, 2019

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

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

JCR Assigned Preliminary A Rating to Shelf Registration of Japan Airlines

JCR Affirmed BBB+, Preliminary BBB+, BBB- and J-2 on Toyo Tire; Revised Outlook from Stable to Positive; Increase in CP Maximum Amount

JCR Affirmed A+/Stable, A- and J-1 on ISUZU MOTORS

JCR Affirmed A/Stable, A, and Preliminary A on Kawasaki Heavy Industries

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

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-10 (F Hospital)

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

Oct. 18, 2019

For Public Comments on Establishment of Rating Methodology for Investment Funds

JCR Assigned A+ to Sanwa Holdings; Affirmed A+/Stable, A+ and J-1

JCR Assigned A- Rating to Bonds of NIPRO

JCR Assigned A Rating to Bonds of DIC

JCR Assigned A Rating to Bonds of KYOWA EXEO

JCR Assigned A Rating to Bonds of Fuyo General Lease

JCR Assigned A+ Rating to Bonds of Sumitomo Mitsui Trust Panasonic Finance

JCR Assigned AA- to Hitachi Capital; Affirmed AA-/Positive, AA- and J-1+

JCR Assigned AAA Rating to Bonds of Japan Student Services

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Assigned A Rating to Bonds of Invincible Investment Corporation

JCR Affirmed BBB+/Stable Long-term Issuer Rating on WARABEYA NICHIYO HOLDINGS

JCR Affirmed BBB-/Stable Long-term Issuer Rating on Jimoto Holdings
JCR Affirmed BBB-/Stable Long-term Issuer Rating on Kirayaka Bank
JCR Affirmed BBB-/Stable Long-term Issuer Rating on Sendai Bank

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

Oct. 17, 2019

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

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

JCR Affirmed AA and A+ on JAPAN POST INSURANCE; Revised Outlook from Stable to Negative

JCR Assigned AA- Rating to Bonds of TOKYU REIT

JCR Affirmed AA+/Stable Long-term Issuer Rating on JAPAN POST HOLDINGS

Oct. 16, 2019

JCR Reviewed Bonds Issued by RICOH LEASING

JCR Upgraded Rating on Nishimatsu Construction from A-/Positive and A- to A/Stable and A

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

JCR Affirmed J-2 Rating on CP of KOKUSAI PULP&PAPER

JCR Affirmed A/Stable Long-term Issuer Rating on NISHIMATSUYA CHAIN

JCR Affirmed A/Negative, A, BBB+ and J-1 on Rakuten

JCR Affirmed A/Negative and J-1 on Rakuten Bank

JCR Affirmed A/Negative and J-1 on Rakuten Card

JCR Affirmed A/Negative Long-term Issuer Rating on Rakuten General Insurance

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

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

Oct. 15, 2019

Frequent Occurrences of Natural Disasters in Japan - Impact on Non-Life Insurers' Financial Results to Be Closely Watched

Seven & i Holdings’ Structural Reform of Businesses - No Impact on Rating, JCR Will Pay Attention to Achievements in Measures for Each Business

JCR Upgraded Rating on Shimadzu from A+/Positive and J-1 to AA-/Stable and J-1+

JCR Affirmed BBB+/Stable and J-2 on RESORTTRUST

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

Oct. 11, 2019

Kansai Electric Power's Executives Receive Money and Goods - No Immediate Impact on Rating

JCR Placed Rating on CP of UMC Electronics under Credit Monitor #J-2/Negative

JCR Assigned A Rating to Bonds of Topre

JCR Assigned BBB+ Rating to Bonds of Kintetsu Group Holdings

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

JCR Assigned A- Rating to Bonds of NEC Capital Solutions

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

JCR Assigned Preliminary A Rating to Shelf Registration of HOKKAIDO GAS

JCR Affirmed BBB/Stable and J-2 on Taiyo Oil

JCR Affirmed J-2 Rating on CP of Seibu Oil

JCR Affirmed A-/Negative and J-1 on KOBELCO CONSTRUCTION MACHINERY

JCR Affirmed AA+p/Stable Long-term Issuer Rating on West Japan Railway

JCR Affirmed BBB+/Stable and BBB+ on Kanagawa Chuo Kotsu

Oct. 10, 2019

Nippon Paper Industries Will Purchase Paperboard Fiber Based Packaging Business in Australia & New Zealand - No Impact on Rating

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Assigned A+ Rating to Bonds of HORIBA

JCR Assigned A- Rating to Bonds of IHI

JCR Assigned A- Rating to Bonds of Tonami Holdings

JCR Affirmed A-/Stable, A- and BBB+ on SBI SECURITIES

Oct. 09, 2019

JCR Assigned A- Rating to Bonds (Tier 1 with loss absorption clause) of Mitsubishi UFJ Financial Group

JCR Assigned AA- Rating to Bonds of Sumitomo Mitsui Finance and Leasing

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

JCR Downgraded Rating on TAIKO BANK from A/Negative to A-/Stable

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

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