News Release

Sep. 07, 2018

JCR Assigned AA- Rating to Bonds of Global One Real Estate Investment Corporation

JCR Affirmed AA Rating on EMTN of ITOCHU and ITOCHU Treasury Centre Europe

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

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

JCR Withdraws BBBp/Positive Long-term Issuer Rating on NDS

Sep. 06, 2018

JETS International Five Limited 317

Typhoon No. 21 Ripped through Kinki - Tremendous Damage on Kansai International Airport, but Limited Impact on Rating

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

JCR Affirmed BBB+/Stable, BBB+ and J-2 on Daio Paper

JCR Affirmed BBB+/Stable Long-term Issuer Rating on FIDEA Holdings
JCR Affirmed BBB+/Stable Long-term Issuer Rating on Shonai Bank
JCR Affirmed BBB/Stable Long-term Issuer Rating on Hokuto Bank

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

Sep. 05, 2018

JCR Assigned A- Rating to Bonds (Tier 1 with loss absorption clause) of Sumitomo Mitsui Trust Holdings

JCR Assigned A Rating to Bonds of Nagoya Railroad

JCR Affirmed AA- Ability to Pay Insurance Claims on Hitachi Capital Insurance; Revised Outlook from Stable to Positive

JCR Affirmed A-/Stable Long-term Issuer Rating on TOMONY Holdings

JCR Affirmed A-/Stable, A-, and BBB on YOKOHAMA REITO

Sep. 04, 2018

JCR Affirmed AA- and J-1+ on Hitachi Capital; Revised Outlook from Stable to Positive

JCR Affirmed A-/Stable and J-1 on Nippon Steel Kowa Real Estate

Sep. 03, 2018

Violet Protected Asset SPC VPA 1 S02

JCR Assigned Green 1 (preliminary) to the UUR Green Joint Trust Beneficiary Rights (UUR Green Trust)

JCR Assigned Green 1 (preliminary) to Long-term Loan Borrowed by United Urban Investment Corporation

JCR Affirmed AA- and A+ on MTN Program of Sumitomo Mitsui Financial Group
JCR Affirmed AA and J-1+ on MTN Program of Sumitomo Mitsui Banking

JCR Affirmed J-1+ Rating on CP of Mitsubishi UFJ Lease & Finance; Increase in CP Maximum Amount

Aug. 31, 2018

JCR Assigned Green 1 to the 33rd Bonds of RICOH LEASING

JCR Assigned AA- Rating to Bonds of RICOH LEASING

JCR Upgraded Rating on FUTABA INDUSTRIAL from BBB/Positive to BBB+/Stable

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

JCR Assigned A+ Rating to Bonds of AIR WATER; Affirmed A+/Stable, A+, and Preliminary A+

JCR Assigned AA- Rating to Bonds of Kansai Electric Power

JCR Assigned A+ Rating to Bonds of Keisei Electric Railway

JCR Assigned A+ Rating to Bonds of Nishi-Nippon Railroad

JCR Assigned A Rating to Bonds of JA Mitsui Leasing

JCR Assigned Preliminary AA- Rating to Shelf Registration of Meiji Holdings

JCR Affirmed BBB/Stable Long-term Issuer Rating on DAIKI ALUMINIUM INDUSTRY

JCR Affirmed A/Stable and J-1 on HEIWADO

JCR Affirmed AA Ratings on Electricite de France with Stable Outlook

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL18-08

JCR Withdraws J-1+ Rating on ABCP program of Godo Kaisha Alimone

Aug. 30, 2018

JCR Upgraded Rating on Ichigo Office REIT Investment Corporation from A-/Positive to A/Stable

JCR Affirmed A Ratings on HORIBA; Revised Outlook from Stable to Positive

JCR Assigned Preliminary AA- Rating to Shelf Registration of SAIBU GAS

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL18-08

Aug. 29, 2018

JETS International Five Limited 177

JCR Upgraded Rating on ITOCHU ENEX from A/Positive to A+/Stable; Affirmed J-1

JCR Assigned AA- Rating to Bonds of Nomura Holdings

JCR Assigned Preliminary A+ Rating to Shelf Registration of Sumitomo Realty & Development

JCR Assigned Preliminary A+ to Specified Bonds of Meiji Yasuda Life 2018 Fund Special Purpose Company

[ Asset Securitization Products ] JCR Affirmed J-1 on Ferry Road ETC Card Receivable ABL Program

Aug. 28, 2018

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

JCR Affirmed BBB-/Stable and J-2 on Mitsubishi Paper Mills

JCR Affirmed BBB+/Stable, BBB+ and Preliminary BBB+ on Sanken Electric

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

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL18-08 (D Hospital)

Aug. 27, 2018

JCR Upgraded Ratings on Meiji Holdings from A+/Positive to AA-/Stable and from J-1 to J-1+

JCR Upgraded Rating on TOSOH from A/Positive to A+/Stable

JCR Assigned J-1+ Short-term Issuer Rating to ITOCHU; Upgraded from AA-/Positive, AA- and Preliminary AA- to AA/Stable, AA and Preliminary AA; Affirmed J-1+ on CP

JCR Affirmed J-1+ Rating on CP of ITOCHU Treasury

JCR Upgraded Rating on EMTN of ITOCHU from AA- to AA
JCR Upgraded Rating on EMTN of ITOCHU Treasury from AA- to AA
JCR Upgraded Rating on EMTN of ITOCHU Treasury Centre Europe from AA- to AA

JCR Affirmed AAA/Stable Rating and Assigned AAA Ratings to Bonds of AfDB

JCR Assigned Preliminary A- Rating to Shelf Registration of HIKARI TSUSHIN

JCR's Rating Review of Major Oil Distributors

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

JCR Affirmed BBB+/Negative Long-term Issuer Rating on TSUKADA GLOBAL HOLDINGS

JCR Affirmed J-1 Rating on CP of Yanmar Holdings

JCR Affirmed AA-/Stable, AA-, Preliminary AA- and J-1+ on Hankyu Hanshin Holdings

JCR Affirmed A-/Stable, A- and Preliminary A- on SEIBU HOLDINGS

JCR Affirmed A+ on Beneficial Interest and ABL of Securitization of Loans Receivable

[ Asset Securitization Products ] JCR Assigned J-1 to Hyakugo Bank B Corporation Bills Receivable ABL18-08

Aug. 24, 2018

Series 2018-65

JCR Assigned Green 1 to Long-term Loan Borrowed by Japan Excellent

JCR Upgraded Rating on TAIHEIYO CEMENT from BBB+/Positive to A-/Stable

JCR Affirmed A- Rating on Fukui Bank; Revised Outlook from Stable to Negative

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Assigned A- Rating to Bonds of Mitsui O.S.K. Lines

JCR Assigned A Rating to Bonds of NICHIREI

JCR Assigned A Rating to Bonds of TOYOBO

JCR Assigned AA- Rating to Bonds of Odakyu Electric Railway

JCR Assigned A- Rating to Bonds of Tokyu Fudosan Holdings

JCR Assigned AAA Rating to Bonds of Japan Student Services

JCR Assigned AA- Rating to Bonds of Hulic Reit

JCR Assigned Preliminary A- Rating to Shelf Registration of Tokyo Tatemono

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

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

JCR Affirmed A on Canadian Solar Dual Tenor Green Project Bond Trust (Gunma) Beneficial Interest and Trust ABL

JCR Affirmed A on Canadian Solar Green Project Bond Trust (Yamaguchi) Beneficial Interest and Trust ABL

Aug. 23, 2018

JCR Assigned A Rating to Bonds of ACOM

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL18-08

Aug. 22, 2018

JCR Downgraded Rating on Nagano Bank from BBB+/Negative and BBB to BBB/Stable and BBB-

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

JCR Assigned Preliminary A+ Rating to Bonds of Nissay 2nd Subordinated Loan Securitization Company Limited

JCR Assigned AAA Rating to Bonds and Preliminary AAA Rating to Shelf Registration of Development Bank of Japan

JCR Affirmed A+(FC) Rating on Banco Santander with Stable Outlook and A Ratings on Senior Non-Preferred Bonds

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Hyakugo Bank B Corporation Bills Receivable ABL18-08

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL18-08

[ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (Kyokuhokai Medical Association, Asahikawa Sanai Hospital)

JCR Affirmed AA-/Stable, AA-, and Preliminary AA- on Global One Real Estate Investment Corporation

JCR Affirmed AA- on Specified Bonds of Nissay 2015 Fund SPC
JCR Affirmed AA- on Specified Bonds of Nissay 2017 Fund SPC

Aug. 21, 2018

JCR Upgraded Rating on ISHIHARA SANGYO KAISHA from BBB-/Positive to BBB/Stable

JCR Affirmed A/Stable Long-term Issuer Rating on FIRST BANK OF TOYAMA