News Release

Feb. 26, 2019

JCR Affirmed A-/Stable and J-1 on AEON KYUSHU

JCR Affirmed A/Stable Long-term Issuer Rating on United Super Markets Holdings

JCR Affirmed A/Stable, A, A- and J-1 on AEON Financial Service

JCR Affirmed A-/Stable Foreign Currency Long-Term Issuer Rating on AEON Thana Sinsap (Thailand)

JCR Affirmed A-/Stable and J-1 on AEON Housing Loan Service

JCR Affirmed A-/Stable, A- and J-1 on AEON Product Finance

[ Asset Securitization Products ] JCR Affirmed J-1 on Dispensing Fees Receivable ABL Program (Nanba Pharmacy)

Feb. 25, 2019

JCR Affirmed BBB/Stable, BBB, Preliminary BBB, BB+, and J-2 on ZENSHO HOLDINGS

JCR Affirmed A+/Stable Long-term Issuer Rating on Aflac Incorporated
JCR Affirmed AA/Stable Long-term Issuer Rating and Ability to Pay Insurance Claims on American Family Life Assurance Company of Columbus
JCR Affirmed AA/Stable Long-term Issuer Rating and Ability to Pay Insurance Claims on Aflac Life Insurance Japan

JCR Affirmed AA/Stable and AA on Advance Residence Investment Corporation

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-02 (D Hospital)

Feb. 22, 2019

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JCR Assigned A/Stable to Royal Bank of Scotland Group and NatWest Markets and A+/Stable to National Westminster Bank

JCR Assigned AA- Rating to Bonds of Hitachi Capital

JCR Assigned AA- Rating to Bonds of RICOH LEASING

JCR Assigned AA- Rating to Bonds of Tohoku Electric Power

JCR Affirmed A- Rating on Takasago Thermal Engineering; Revised Outlook from Stable to Positive

JCR Assigned Preliminary A- Rating to Shelf Registration of SEIBU HOLDINGS

JCR Affirmed A+/Stable and A+ on ASICS

JCR Affirmed A-/Stable, A- and J-1 on Mitsubishi Materials

Feb. 21, 2019

For Public Comments on Rating Methodology for Financial Groups' Holding Companies and Group Companies

JCR Assigned Preliminary A Rating to Shelf Registration of TAKARA HOLDINGS

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

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivale ABL19-02

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

Feb. 20, 2019

JETS International Five Limited 48

JCR Affirmed BBB+/Stable and BBB+ on NIPPON THOMPSON

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

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

JCR Affirmed AA+/Negative Long-term Issuer Rating on Shoko Chukin Bank

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-02 (F Hospital)

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL19-02

Feb. 19, 2019

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

JCR Assigned A+ Rating to Bonds of NH Foods

JCR Assigned AA- Rating to Bonds of Mitsubishi UFJ Lease & Finance

JCR Affirmed A+ Rating on Mitsubishi Chemical Holdings; Revised Outlook from Positive to Stable

JCR Affirmed A/Stable, A, BBB+ and J-1 on TOYOBO

JCR Affirmed A+/Stable, A+, Preliminary A+ and J-1 on J. FRONT RETAILING

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

JCR Affirmed AA/Stable and AA on Nippon Prologis REIT

Feb. 18, 2019

JCR Affirmed A+/Negative Long-term Issuer Rating on Aichi Bank

JCR Downgraded Rating on Bank of Nagoya from A+/Negative, A+ and A to A/Stable, A and A-

JCR Affirmed A-/Stable and BBB+ on Chukyo Bank

JCR Affirmed A and Preliminary A on Nippon Paper Industries; Revised Outlook from Stable to Negative

JCR Affirmed BBB/Stable Long-term Issuer Rating on Soken Chemical & Engineering

JCR Affirmed BBB-/Stable Long-term Issuer Rating on Akatsukikai

JCR Affirmed BBB- on Sumitomo Mitsui Trust ABL11151

JCR Affirmed BBB+ on Sumitomo Mitsui Trust ABL11150

Feb. 15, 2019

JCR Upgraded Rating on Sekisui House Reit from AA-/Positive to AA/Stable

JCR Assigned Preliminary A- Rating to Subordinated Bonds of Takeda Pharmaceutical

JCR Assigned J-1 Rating to CP of Takeda Pharmaceutical

JCR Assigned AAA Rating to Bonds of Metropolitan Expressway

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

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Class A Beneficial Interest 201903

Feb. 14, 2019

Nissan's Downward Revision of Earnings Forecasts-Profitability to be Regained and Direction of Alliance Will Be Closely Watched

JCR Assigned A+/Stable and Preliminary A- to Dai-ichi Life Holdings

Feb. 13, 2019

JCR Assigned Green 1 to JA Solar Green Project Bond Beneficial Interest (Fukushima)

JCR Assigned BBB- to JA Solar Green Project Bond Trust (Fukushima) Senior Beneficial Interest

JCR's Rating Review of 3 Major Shipping Companies

JCR Affirmed A+/Stable, A+, and J-1 on NH Foods

JCR Assigned AA Rating to Bonds of MORI TRUST Sogo Reit

Feb. 12, 2019

JCR Removed Credit Monitor; Downgraded Long-term Issuer Rating from #CC/Negative to LD and from NJ to LD for CP on AKEBONO BRAKE INDUSTRY

JCR Assigned Preliminary Evaluation of Social 1 to Synthetic SME CLOs by Japan Finance Corporation

JCR Affirmed A+/Stable Long-term Issuer Rating on Kyoritsu Women's Educational Institution

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

Feb. 08, 2019

SONY Passes a Resolution for the Purchase of Treasury Shares - Outlook Remains Positive

TOYOBO's Recording of Extraordinary Losses - No Impact on Rating

JCR Assigned Green 1 to Bonds issued by Kenedix Office Investment Corporation

JCR Assigned AA- Rating to Bonds of Kenedix Office Investment Corporation

JCR Upgraded Rating on Daiwa Office Investment Corporation from AA-/Positive and AA- to AA/Stable and AA

JCR Affirmed A+/Stable and A+ on YOKOHAMA MINATOMIRAI RAILWAY

JCR Affirmed A/Stable Long-term Issuer Rating on SEIREN

JCR Assigned Preliminary BBB+ Rating to Shelf Registration of FUTABA INDUSTRIAL

JCR Assigned BBB Rating to Bharat Oman Refineries with Stable Outlook

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

JCR Assigned AA Rating to Bonds of NEW KANSAI INTERNATIONAL AIRPORT

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

Feb. 06, 2019

Resolution by SoftBank Group on Repurchase of Its Own Share - Limited Impact on Rating

Additional Recording of Extraordinary Losses by Nippon Paper Industries - Stronger Downward Pressure on Rating

Feb. 05, 2019

JCR assigned Green 1 (Preliminary Evaluation) to the 2nd subordinated bonds to be issued by Tokyo Tatemono

JCR Assigned Preliminary BBB Rating to Subordinated Bonds of Tokyo Tatemono

JCR Affirmed A+/Stable, A+ and J-1 on ITO EN

JCR Affirmed BBB-/Stable Long-term Issuer Rating on Howa Bank

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

Feb. 04, 2019

JCR Affirmed A+p/Stable Long-term Issuer Rating on Oji Holdings

JCR Affirmed A-/Stable and A- on Sotetsu Holdings

Feb. 01, 2019

Healthcare & Medical Investment Corporation changed the amount of part of the Social Loans and canceled the short-term social loans – JCR Social Loan Evaluation result of “Social 1” maintained

JCR Affirmed A-/Stable, A- and J-1 on Mitsui Sugar

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

JCR Affirmed A/Stable Long-term Issuer Rating on SBI Sumishin Net Bank

Jan. 31, 2019

Nomura Holdings Announces 3Q Results - Losses Reported but No Immediate Impact on Rating

JCR Assigned A+/Stable Long-term Issuer Rating to Takeda Pharmaceutical

JCR Affirmed A- Rating on H.I.S.; Revised Outlook from Stable to Negative

JCR Affirmed A-/Stable Long-term Issuer Rating on OKAYA

JCR Affirmed AAA/Stable, AAA, and Preliminary AAA on NTT DOCOMO

JCR Affirmed AAA/Stable Long-term Issuer Rating on NIPPON TELEGRAPH AND TELEPHONE

JCR Affirmed BBB+ (FC/LC) Ratings on Indian Railway Finance Corporation Limited with Stable Outlook

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL19-01

Jan. 30, 2019

JCR Downgraded Long-term Issuer Rating from BB+ to #CC/Negative and CP from J-3 to NJ on AKEBONO BRAKE INDUSTRY; Placed Rating under Credit Monitor Negative

JCR Upgraded Rating on Nagoya Railroad from A/Positive to A+/Stable