News Release

Dec. 07, 2018

JCR Assigned A Rating to Bonds of TEPCO Power Grid

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Assigned AA- Rating to Bonds of Kansai Electric Power

JCR Assigned A Rating to Bonds of HOKKAIDO GAS

JCR Assigned AA- Rating to Bonds of SAIBU GAS

JCR Assigned BBB+ Rating to Bonds of HEIWA REAL ESTATE

JCR Assigned A+ Rating to Bonds of YOKOHAMA MINATOMIRAI RAILWAY

JCR Assigned A+ Rating to Bonds of Invesco Office J-REIT

Dec. 06, 2018

JCR Upgraded Rating on Fukoku Mutual Life Insurance from A+p/Positive to AA-p/Stable
JCR Upgraded Rating on Fukokushinrai Life Insurance from A+/Positive to AA-/Stable

JCR Affirmed A+/Stable, A+ and J-1 on FamilyMart UNY Holdings

Dec. 05, 2018

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

JCR Affirmed BBB+/Stable and BBB on MICHINOKU BANK

JCR Affirmed AAA/AAA (FC/LC) Ratings on Denmark with Stable outlook

JCR Affirmed AAAp Rating on European Bank for Reconstruction and Development with Stable Outlook

Dec. 04, 2018

JCR Removed Credit Monitor; Affirmed A+ and J-1 on TAIYO NIPPON SANSO; Placed Negative Outlook

JCR Assigned Preliminary A- Rating to Subordinated Bonds of TAIYO NIPPON SANSO

JCR Assigned A- Rating to Bonds of GS Yuasa Corporation

JCR Affirmed BBB Rating on Sankyo Tateyama; Revised Outlook from Stable to Negative

JCR Affirmed BB+/Stable and J-3 on Nippon Sheet Glass

JCR Affirmed BBB+/Stable and BBB+ on BELLUNA

Dec. 03, 2018

JCR Assigned Preliminary AA Rating to Shelf Registration of Keio; Affirmed AA/Stable, AA and J-1+

JCR Affirmed A-/Stable Long-term Issuer Rating on TAKASAGO INTERNATIONAL

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

Nov. 30, 2018

JCR Upgraded Rating on AIFUL from B+/Stable to BB/Positive

JCR Assigned A to Bonds of Yahoo Japan

JCR Assigned A- Rating to Bonds of Nankai Electric Railway

JCR Assigned BBB+ Rating to Bonds of FUJI KYUKO

JCR Assigned BBB Rating to Bonds of ICHINEN HOLDINGS

JCR Assigned AA- Rating to Bonds of Tohoku Electric Power

JCR Assigned A- to CPI Property Group's JPY bonds

JCR Assigned A- Rating to Bonds of NEC Capital Solutions

JCR Assigned Preliminary A Rating to Shelf Registration of MORI BUILDING

JCR Assigned Preliminary AA- Rating to Shelf Registration of Kenedix Office Investment Corporation

JCR Affirmed A/Stable and J-1 on TOC

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL18-11

Nov. 29, 2018

Highlights of Online Securities Companies' Financial Results for Period from April to September 2018

JCR Assigned AA Rating to Bonds of ASAHI KASEI

JCR Assigned A- Rating to Bonds of SEIBU HOLDINGS

JCR Affirmed A-/Stable and A- on J-OIL MILLS

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

JCR Affirmed A (FC) rating on Lotte Shopping with Stable outlook

JCR Affirmed A (FC) rating on Lotte Card with Stable outlook

JCR Withdraws J-1 Rating on CP of SUMITOMO HEAVY INDUSTRIES

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL18-11

Nov. 28, 2018

JCR Affirmed A+ Rating on Invesco Office J-REIT; Revised Outlook from Stable to Positive

JCR Assigned AA- Rating to Bonds of Hitachi Capital

JCR Affirmed A/Stable Long-term Issuer Rating on Nishi-Nippon Financial Holdings
JCR Affirmed A/Stable and A- on NISHI-NIPPON CITY BANK

JCR Assigned Preliminary BBB+ Rating to Shelf Registration of Sojitz

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

Nov. 27, 2018

2018-2

JCR Assigned Green 1 (Preliminary) to Bonds issued by GLP J-REIT

JCR Removed CM and Affirmed BBB- (FC/LC) Ratings on Turkey; Outlook Negative

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

JCR Affirmed A- and Preliminary A- on Nishimatsu Construction; Revised Outlook from Stable to Positive

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

JCR Affirmed BB+/Stable Long-term Issuer Rating on IKAI

JCR Affirmed A-/Stable Long-term Issuer Rating on RISO KAGAKU

JCR Affirmed BBB+/Stable Long-term Issuer Rating and and Ability to Pay Insurance Claims on Daido Fire & Marine Insurance

JCR Affirmed AAA/AAA (FC/LC) Ratings on Singapore

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL18-11 (D Hospital)

Nov. 26, 2018

DAIKIN INDUSTRIES's Acquisition of AHT - Limited Impact on Rating

JCR Affirmed BB/Stable Foreign Currency Long-term Issuer Rating on Avation

[ Asset Securitization Products ] JCR Assigned J-1 to Hyakugo Bank B Corporation Bills Receivable ABL18-11

Nov. 22, 2018

Pioneer Additionally Sets the Record Date to Convene the Extraordinary General Meeting of Shareholders - JCR Will Watch Progress and Outcome on Consultations on Support by Sponsor

JCR Assigned A- Rating to Subordinated Bonds of Don Quijote Holdings

JCR Assigned Preliminary BBB+ Rating to Subordinated Bonds of MORI BUILDING

JCR Assigned A- Rating to Bonds of Mitsui Mining and Smelting

JCR Assigned A+ Rating to Bonds of NSK

JCR Assigned AA- Rating to Bonds of Tohoku Electric Power

JCR Assigned AA Rating to Bonds of Chubu Electric Power

JCR Assigned AA+ Rating to Bonds of Electric Power Development

JCR Assigned A- Rating to Bonds of Ube Industries

JCR Assigned A+ Rating to Bonds of Daiwa Securities Group

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Assigned A Rating to Bonds of NIPPON REIT Investment Corporation

JCR Assigned A Rating to Bonds of Ichigo Office REIT Investment Corporation

JCR Affirmed A/Stable and A on DAIICHIKOSHO

JCR Affirmed BBB/Negative and J-2 on Shinsho

Nov. 21, 2018

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

JCR Affirmed AA and AA- Rating on EMTN of Mitsubishi UFJ Securities Holdings; Increase in Maximum Amount of Program

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL18-11

SB18-12

Nov. 20, 2018

NISSAN Chairman Carlos Ghosn Was Arrested Over Allegation of Violations of Financial Instruments and Exchange Act - JCR will Watch Alliance among the 3 Companies and Impact on Synergistic effects

JCR Assigned A- Rating to Bonds of POCKET CARD

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

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Hyakugo Bank B Corporation Bills Receivable ABL18-11

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL18-11

Nov. 19, 2018

JCR Assigned BBB+ (FC) Rating to Cantor Fitzgerald with Stable Outlook

JCR Upgraded Rating on Nippon Light Metal Holdings from BBB+/Positive to A-/Stable

JCR Upgraded Rating on Starzen from BBB/Positive and BBB to BBB+/Stable and BBB+

JCR Affirmed A and J-1 Rating on NIPPON STEEL & SUMIKIN BUSSAN; Revised Outlook from Stable to Positive

JCR Affirmed A and J-1 Rating on Sharp Finance; Revised Outlook from Stable to Positive

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

JCR Affirmed BBB/Positive Long-term Issuer Rating on TAMURA

JCR Affirmed A/Stable and A- on Kiyo Bank

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

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

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

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL18-11 (F Hospital)

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