News Release

Jun. 21, 2017

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL17-06

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL17-06

Jun. 20, 2017

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

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL17-06 (F Hospital)

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

Highlights of Major Dispensing Pharmacies Companies' Financial Results for Fiscal Year Ended March 2017

Jun. 19, 2017

JETS International Five Limited 178

JCR Downgraded Rating on Takata from B- to #C/Negative; Placed CM

JCR Affirmed AAA/Negative and Pre. AAA on Central Japan Railway

JCR Affirmed J-2 on CP of KYOKUYO

JCR Affirmed AA+/Stable, AA- (Sub.) and J-1+ on Toa Reinsurance

JCR Affirmed AA-/Stable on TOKYU REIT

[ Asset Securitization Products ] JCR Assigned Preliminary J-1+ to MSNW Trust Certificate Series 17060

Jun. 16, 2017

JCR Affirmed AAA/Negative Ratings on Japan

JCR Affirmed A- Rating on Orange; Revised Outlook to Positive

JCR Assigned BBB+ Rating to Bonds Program (Sr. bonds) of ICICI Bank

JCR Affirmed AA/Stable and J-1+ on HOYA

Highlights of Supermarket Chain Operators' Financial Results for Fiscal Year Ended February/March 2017

Jun. 15, 2017

JCR Assigned AAA to Bonds of Aichi Prefecture

JCR Assigned Preliminary A+ to Shelf Reg. of JXTG Holdings

JCR Affirmed AA-/Stable, AA- and J-1+ Rating on JCB

Jun. 14, 2017

JCR Assigned A Rating to Bonds of TEPCO Power Grid

JCR Affirmed AA/Stable and AA on ORIX JREIT

JCR Assigned Preliminary A- to Shelf Reg. of HIKARI TSUSHIN

Jun. 13, 2017

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JCR Assigned AA- to Bonds of Sumitomo Rubber Industries

Jun. 12, 2017

Banco Santander Acquires Banco Popular - No Immediate Impact on the Ratings

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

Jun. 09, 2017

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power Company

JCR Affirmed A+/Negative on Benesse Holdings

JCR Affirmed A-/Stable on Hanwha Chemical

JCR Affirmed A/Stable LT Issuer Rating on Shinkin Guarantee Fund

[ Asset Securitization Products ] JCR Assigned Pre. J-1+ to A Corp. Bills Rec. Senior Ben. Int. 17-06

Jun. 08, 2017

JCR Assigned A+ Rating to Bonds of Keikyu Corporation

JCR Assigned AA Rating to Bonds of Nippon Prologis REIT

JCR Affirmed AA/Stable LT Issuer Rating on Shinkin Central Bank

JCR Affirmed A-/Stable LT Issuer Rating on Hoshino Resorts REIT

Highlights of General Chemical Manufacturers' Financial Results for Fiscal Year Ended March 2017

Highlights of General Heavy Machinery Manufacturers' Financial Results for Fiscal Year Ended March 2017

Jun. 07, 2017

JCR Assigned AA- Rating to Bonds of Asahi Group Holdings

JCR Assigned A+ Rating to Subordinated Bonds of Mizuho Financial Group

JCR Assigned AA- to Bonds of Hitachi Capital

JCR Assigned AA Rating to Bonds of MORI HILLS REIT INVESTMENT CORP.

JCR Affirmed A/Stable on ROHTO PHARMACEUTICAL

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

Highlights of Major Cement Companies' Financial Results for Fiscal Year Ended March 2017

Jun. 06, 2017

JCR Affirmed BBB/Stable on Minami-Nippon Bank

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

JCR Affirmed A on CS Mega Solar Green Project Ben. Int/Trust ABL

Highlights of Major General Construction Companies' Financial Results for Fiscal Year Ended March 2017

Jun. 05, 2017

JCR Upgraded Rating on ARIAKE JAPAN from A-/Positive to A/Stable

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

Highlights of Major Ink Manufacturers’ Financial Results for FY2016

Jun. 02, 2017

JCR Assigned AA- to Bonds of Tohoku Electric Power Company

JCR Assigned A Rating to Bonds of ANA HOLDINGS

JCR Assigned BBB+ Rating to Bonds of HANWA

JCR Assigned A+ to Bonds (Tier 2 with loss absorption clause) of Sumitomo Mitsui Trust Holdings

JCR Assigned A- Rating to Bonds of JACCS

JCR Affirmed A/Stable on Hiroshima Shinkin Bank

Highlights of Oil Distributors' Financial Results for FY2016

Jun. 01, 2017

JETS International Five Limited 177

JCR Upgraded Rating on KITZ from A-/Positive to A/Stable

JCR Assigned AAA/Negative LT Issuer Rating to Aichi Prefecture

JCR Assigned A+ Rating to Bonds of Japan Rental Housing Investments

JCR Affirmed BBB/Stable Rating on Showa Aircraft Industry

JCR Affirmed AAA/Negative on Tokio Marine Holdings, Tokio Marine & Nichido Fire Insurance

JCR Affirmed AA+/Stable, AA- & J-1+ on Sompo Japan Nipponkoa Insurance and AA-/Stable on Saison Automobile & Fire Insurance

JCR Affirmed AA/Stable & A+ on MS&AD Insurance Group Holdings, AA+/Stable & J-1+ on Mitsui Sumitomo Insurance & Aioi Nissay Dowa Insurance

Rating Methodology for Local Public Bodies

May. 31, 2017

JCR Assigned A to Bonds of Rakuten

[ Asset Securitization Products ] JCR Assigned J-1 to Nohara Bills Receivable ABL17-05

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Elect. Rec. Receivable ABL17-05

[ Asset Securitization Products ] JCR Assigned J-1 to Hyakugo Bank B Corp. Bills Rec. ABL17-05

[ Asset Securitization Products ] JCR Assigned AAA to Class A Beneficial Interest 201705

Highlights of Major Special Steel Manufacturers’ Financial Results for Fiscal Year Ended March 2017

Highlights of Major Information Services Companies’ Financial Results for Fiscal Year Ended March 2017

Highlights of Warehouse Companies’ Financial Results for Fiscal Year Ended March 2017

May. 30, 2017

17-05-02

JCR Affirmed AA-/Stable on CABEI

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL17-05

[ Asset Securitization Products ] JCR Assigned A- and BBB to Project Advance

JCR Affirmed BBB on JAG Mega Solar Project Ben.Int./Trust ABL

May. 29, 2017

JCR Upgraded Rating on TAIYO NIPPON SANSO from A/Positive to A+/Stable; Affirmed J-1

JCR Affirmed AA- Rating on Sumitomo Metal Mining; Revised Outlook to Negative

JCR Affirmed BBB- Rating on TOMY; Revised Outlook from Stable to Positive

JCR Affirmed AA-/Stable and AA- on Hulic Reit

Highlights of Major Real Estate Companies' Financial Results for Fiscal Year Ended March 2017

Highlights of Major Milling Companies’ Financial Results for Fiscal Year Ended March 2017

May. 26, 2017

Establishment of Rating Methodology for Guaranty Company

JCR Assigned BBB+ Rating to Bonds of Sojitz

JCR Assigned A- Rating to Bonds of SAPPORO HOLDINGS

JCR Assigned AA Rating to Bonds of DAIWA HOUSE INDUSTRY

JCR Assigned AA+ to Bonds of Japan Student Services Organization

JCR Affirmed A+p/Stable on Mitsubishi Tanabe Pharma

JCR Affirmed A+/Stable, J-1 on SMTLF; Increase in CP Max Amount

[ Asset Securitization Products ] JCR Assigned Pre. J-1 to Hyakugo Bank B Corp. Bills Rec. ABL17-05

May. 25, 2017

JCR Upgraded Rating on SHINNIHON CORP. from BBB/Positive to BBB+/Stable