News Release

May. 16, 2019

JCR Assigned Social 1 (Final Evaluation) to the 37th Bonds Issued by ANA Holdings

JCR Assigned A Rating to Bonds of ANA HOLDINGS

May. 15, 2019

Earnings forecasts for FY2019 Announced by Takeda Pharmaceutical - Within the Scope of Assumption and No Need for Rating Change

JCR Assigned A+ Rating to Bonds of J. FRONT RETAILING

JCR Assigned A Ratings to JPY Bonds Issued by Malayan Banking

JCR Assigned Preliminary AA- Rating to Shelf Registration of Odakyu Electric Railway

May. 13, 2019

JCR's Rating Review of 4 Expressway Companies

JCR Affirmed AA+/Stable and AA+ on Nippon Building Fund

May. 10, 2019

Divestitures of Non-core Assets by Takeda Pharmaceutical - Assumed as Before and Limited Impact on Rating

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

Highlights of Major Shipping Companies' Financial Results for Fiscal Year Ended March 2019

JCR Assigned BBB+ Rating to Leonteq Securities AG with Stable Outlook

JCR Assigned Preliminary AA- Rating to Shelf Registration of Coca-Cola Bottlers Japan Holdings

May. 09, 2019

JCR Downgraded Rating on Mitsui E&S Holdings from BBB/Negative, BBB and Preliminary BBB to BBB-/Negative, BBB- and Preliminary BBB-; Affirmed J-2

2019-1005

May. 08, 2019

JCR Placed Rating on Yahoo Japan under Credit Monitor #A/Positive

JCR Assigned Green 1 (Final Evaluation) to 19th Bonds Issued by United Urban Investment Corporation

JCR Assigned AA Rating to Bonds of United Urban Investment Corporation

JCR Affirmed AA-/Stable and AA- on Hankyu Hanshin REIT

May. 07, 2019

Legal Separation of the Power Transmission/Distribution Sector of Electric Power Companies - No Impact on Ratings

JCR Affirmed A+/Stable Long-term Issuer Rating on Bank of Okinawa

JCR Affirmed A/Stable Long-term Issuer Rating on Bank of The Ryukyus
JCR Affirmed A-/Stable Long-term Issuer Rating on Okinawa Credit Service
JCR Affirmed A-/Stable Long-term Issuer Rating on Ryukyu Leasing

Apr. 26, 2019

JCR Affirmed BBB/BBB+(FC/LC) Ratings on Indonesia; Revised Outlook to Positive

JCR Assigned BBB+ Rating on Bonds Issued by Cantor Fitzgerald

JCR Assigned BB+ Rating to Subordinated Loan of UACJ

JCR Affirmed A/Stable and A on PERSOL HOLDINGS

JCR Affirmed A-/Stable Long-term Issuer Rating on Ryoden Corporation

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

JCR Affirmed J-1 Rating on CP of TAIYO NIPPON SANSO; Increase in CP Maximum Amount

JCR Affirmed AA/Stable and AA on GLP J-REIT

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL19-04

Highlights of Major Retail Groups' Financial Results for Fiscal Year Ended February 2019

JCR Withdraws #BB+/Negative Long-term Issuer Rating on PIONEER

Apr. 25, 2019

NISSAN Revises Downward Financial Forecasts - Close Attention on Profitability Improvement, Especially in the U.S.

JCR Assigned A-/Stable and J-1 to ARUHI

JCR Assigned Preliminary A- Rating to Shelf Registration of Nankai Electric Railway

JCR Affirmed AA/Stable Long-term Issuer Rating and Ability to Pay Insurance Claims on SECOM GENERAL INSURANCE

Apr. 24, 2019

KOHNAN SHOJI Decides to Make Ken Depot its Consolidated Subsidiary - No Immediate Impact on the Rating and JCR Will Pay Attention to Future Synergy Effect

JCR Assigned AA/Stable Long-term Issuer Rating to Hachijuni Bank

JCR Assigned J-2 Rating to CP of UMC Electronics

JCR Downgraded Rating on Sankyo Tateyama from BBB/Negative to BBB-/Stable

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

Apr. 23, 2019

1904-03

JCR Upgraded Rating on SUMITOMO HEAVY INDUSTRIES from A/Positive, A and Preliminary A to A+/Stable, A+ and Preliminary A+

JCR Affirmed A- and J-1 on SAN-AI OIL; Revised Outlook to Positive

JCR Affirmed A/Stable Long-term Issuer Rating on J. F. Oberlin University and Affiliated Schools

JCR's Rating Review of City Gas Companies

JCR Affirmed AA-/Stable and J-1+ on Japan Securities Finance

JCR Affirmed A+/Stable and J-1+ on JSF Trust and Banking

JCR Affirmed A+/Stable and J-1+ on Kyoei Fire and Marine Insurance

JCR Assigned A+ Rating to Note of Man GPM US Residential Debt Fund

JCR Affirmed BBB- on Giga Solar Green Project Bond Trust (Fukushima) Beneficial Interest and Trust ABL

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-04 (D Hospital)

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivale ABL19-04

Apr. 22, 2019

JCR Assigned Green 1 (Preliminary Evaluation) to 19th bonds issued by United Urban Investment Corporation

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

JCR Assigned A+ Rating to Bonds of Nissay 3rd Subordinated Loan Securitization Company Limited

JCR Affirmed AA-/Stable and AA- on Comforia Residential REIT

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-04 (F Hospital)

Apr. 19, 2019

JCR Placed Rating on LIXIL Group under Credit Monitor #A+/Negative

JCR Removed Credit Monitor; Upgraded Rating on IBJ Leasing from #A-/Positive to A; Placed Stable Outlook
JCR Removed Credit Monitor; Upgraded Rating on IBJL-TOSHIBA Leasing from #A-/Positive to A; Placed Stable Outlook

JCR Removed Credit Monitor; Downgraded Rating on MG Leasing from #A+/Negative to A; Placed Stable Outlook

JCR Assigned A- Rating to Hanwha Energy Corporation with Stable Outlook

JCR Affirmed BBB+ Ratings on the Philippines; Revised Outlook to Positive

JCR Assigned A- Rating to Bonds of NIPPON STEEL KOWA REAL ESTATE

JCR Assigned A+ Rating to Bonds of Nagoya Railroad

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

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

JCR's Rating Review of Air Transportation Companies

JCR Affirmed BBB+/Stable and BBB+ on ARATA

JCR Affirmed A-/Stable and J-1 on SINANEN HOLDINGS

JCR Affirmed J-1+ Rating on CP of Kansai Electric Power; Increase in CP Maximum Amount

Apr. 18, 2019

CPI Property Group S.A. Faces a Lawsuit Filing by a Hedge Fund - No Immediate Impact on Rating

JCR Assigned A Rating to Bonds of TEPCO Power Grid

JCR Assigned BBB+ Rating to Bonds Issued by Cantor Fitzgerald

JCR Assigned Preliminary AA- Rating to Shelf Registration of NGK SPARK PLUG

JCR Affirmed AA-/Stable Long-term Issuer Rating on HAMAMATSU PHOTONICS

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

JCR Affirmed AA/Stable Long-term Issuer Rating on NITTO DENKO

JCR Affirmed AA+p/Stable Long-term Issuer Rating on Shin-Etsu Chemical

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

Apr. 17, 2019

2019-1003

JCR Assigned preliminary Social 1 to the Bonds of ANA HOLDINGS

NIDEC to Acquire Stock in OMRON Automotive Electronics - Positive Outlook Unchanged

JCR Upgraded Rating on HEIWA REAL ESTATE REIT from A/Positive to A+/Stable

JCR Affirmed A Rating on KONAMI HOLDINGS; Revised Outlook from Stable to Positive

JCR Assigned A Rating to Bonds of Showa Denko

JCR Assigned AA+ Rating to Bonds of Electric Power Development

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

Apr. 16, 2019

JCR Affirmed AA- Rating on Hulic Reit; Revised Outlook from Stable to Positive

JCR Assigned A Rating to Subordinated Bonds of Tokyo Century

JCR Affirmed BBB+/Stable, BBB+, and J-2 on Tokai Tokyo Financial Holdings
JCR Affirmed BBB+/Stable Long-term Issuer Rating on Tokai Tokyo Securities

JCR Affirmed BBB+/Stable Long-term Issuer Rating on OKASAN SECURITIES GROUP
JCR Affirmed BBB+/Stable Long-term Issuer Rating on OKASAN SECURITIES

Apr. 15, 2019

JCR Assigned J-1 Rating to CP of IHI Finance Support

JCR Affirmed A+/Stable and A+ on EXEDY

JCR Affirmed A on SGET Usa Mega Solar Power Station Project Beneficial Interest

Apr. 12, 2019

JCR Assigned A/Stable Long-term Issuer Rating to SANKEI BUILDING

JCR Downgraded Ratings on Italy to A/A (FC/LC); Changed Outlook from Negative to Stable

JCR Assigned A Rating to Bonds of DIC

JCR Assigned A- Rating to Bonds of SoftBank Group