News Release

Mar. 12, 2018

JCR Assigned A+ Ratings on KKR & Co. with Stable Outlook

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

[ Asset Securitization Products ] JCR Assigned Preliminary J-1+ to Saitama Resona Bank A Corporation Bills Receivable Senior Beneficial Interest 18-03

Mar. 09, 2018

JCR Removed Credit Monitor; Downgraded Rating on Mitsui Engineering & Shipbuilding from #BBB+/Negative to BBB

JCR Assigned AA to Guaranteed Bonds of China Eastern Airlines

JCR Assigned A+ Rating to Bonds of AIR WATER

JCR Assigned Preliminary AA- Rating to Shelf Registration of TOKYU

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

JCR Affirmed AA-/Stable, AA- and Preliminary AA- on Kenedix Office Investment Corporation

[ Asset Securitization Products ] JCR Affirmed AAA and BBB- on Toyonosato Beneficial Interest and ABL

Mar. 08, 2018

JCR Assigned A Rating to Bonds of SUMITOMO HEAVY INDUSTRIES

JCR Removed Credit Monitor; Affirmed BBB and J-2 on Shinsho

JCR Removed Credit Monitor; Affirmed A- and J-1 on Kobelco Construction Machinery

JCR Assigned A- Rating to Bonds of YOKOHAMA REITO

[ Asset Securitization Products ] JCR Affirmed A- and BBB on Project Advance

Mar. 07, 2018

JCR Removed Credit Monitor; Affirmed A and J-1 on Kobe Steel

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

JCR Affirmed AA/Stable Long-term Issuer Rating on Kanagawa University

Mar. 06, 2018

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

JCR Assigned BBB+ Rating to Subordinated Bonds of Nomura Real Estate Holdings

JCR Affirmed BBB+/Stable and BBB+ on NAGATANIEN HOLDINGS

Mar. 05, 2018

JCR Upgraded Rating on Aozora Bank from A-/Stable to A/Stable

JCR Affirmed AA- Rating on Daiwa Office Investment Corporation; Revised Outlook from Stable to Positive

Mar. 02, 2018

Sylph Limited 1839

Cypher Limited 290

ZEST Investments B 1502-B01

1501-01J

[ Asset Securitization Products ] JCR Affirmed J-1+ on 3rd Trust Beneficial Interest

JCR Assigned BBB+ Rating to Bonds of Sojitz

JCR Assigned A Rating to Bonds of MORI BUILDING

JCR Assigned A- Rating to Bonds of MITSUI-SOKO HOLDINGS

JCR Assigned A+ Rating to Bonds of Don Quijote Holdings

JCR Assigned A+ Rating to Bonds (Tier 2 with loss absorption clause) of Sumitomo Mitsui Financial Group

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

JCR Affirmed A-/A+ Ratings on Mexico with Stable Outlook

JCR Affirmed AAA/AAA(FC/LC) Ratings on Belgium with Stable Outlook

JCR Affirmed AA-/Stable, AA- and Preliminary AA- on AEON REIT Investment Corporation

Mar. 01, 2018

Kawasaki Heavy Industries Revealed Manufacturing Error in Shinkansen Undercarriage Frames - JCR will Watch Possibility of Expansion of Impact and Securing Effectiveness of Quality Control System

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

JCR Affirmed AA/Negative and AA on NEW KANSAI INTERNATIONAL AIRPORT
JCR Affirmed AA/Negative and AA on KANSAI INTERNATIONAL AIRPORT LAND COMPANY

JCR Affirmed BBB+/A- (FC/LC) Ratings on Hungary with Stable Outlook

JCR Affirmed BBB+/A- (FC/LC) Ratings on National Bank of Hungary with Stable Outlook

Feb. 28, 2018

JCR Assigned A- Rating to Bonds of AISAN INDUSTRY

JCR Assigned AA+ Rating to Bonds of NARITA INTERNATIONAL AIRPORT

JCR Assigned Preliminary A+ Rating to Shelf Registration of SUMITOMO CHEMICAL

JCR Affirmed A Rating on SUMITOMO HEAVY INDUSTRIES; Revised Outlook from Stable to Positive

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

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

JCR Affirmed AA-/Stable Long-term Issuer Rating on NISSAN MOTOR

JCR Affirmed AA-/Stable Long-term Issuer Rating on NISSAN FINANCIAL SERVICES

JCR Affirmed AA-/Stable, AA-, A+ and A- on Nomura Holdings
JCR Affirmed AA-/Stable and A+ on Nomura Securities
JCR Affirmed AA-/Stable and AA- on Nomura Bank International
JCR Affirmed AA- Rating on EMTN of Nomura Europe Finance

JCR Affirmed A+/Stable on Daiwa Securities Group
JCR Affirmed A+/Stable on Daiwa Securities

JCR Affirmed A/Stable Rating on Busan Bank

[ Asset Securitization Products ] JCR Assigned J-1+ to Bills Receivable ABL18-02 (A Corporation in Niigata)

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL18-02

JCR Withdraws A+/Negative Long-term Issuer Rating on SANKEI BUILDING

Feb. 27, 2018

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL18-02

TEPCO and Chubu Electric Power Announced Outline of Integration of Thermal Power Generation Business - Impact of Integration on Their Ratings is Limited

Feb. 26, 2018

JCR Assigned Preliminary AA- Rating to Shelf Registration of Sumitomo Warehouse

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 and J-1 on AEON KYUSHU

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

JCR Affirmed A/A (FC/LC) Ratings on Portugal with Stable Outlook

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

Feb. 23, 2018

JCR Assigned Preliminary BBB+ Rating to Subordinated Loan of TOYOBO

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Assigned AA- Rating to Bonds of JFE Holdings

JCR Assigned A- Rating to Bonds of Tokyu Fudosan Holdings

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL18-02 (D Hospital)

[ Asset Securitization Products ] JCR Assigned J-1 to Hyakugo Bank B Corporation Bills Receivable ABL18-02

[ Asset Securitization Products ] JCR Affirmed AAA, BBB and A on MMJ Mortgage Trust II Senior Beneficial Interest and ABL

Feb. 22, 2018

Earls Eight Limited 772

JCR Affirmed A-/Stable and A- on Takasago Thermal Engineering

JCR Assigned Preliminary A- Rating to Shelf Registration of Orient Corporation; Affirmed A-/Stable, A-, Preliminary A- and J-1

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

Establishment of Rating Methodology for ABL (loans secured with movable property/accounts receivable, etc.)

Feb. 21, 2018

JCR Placed Rating on CP of MMC Diamond Finance under Credit Monitor #J-1/Negative

JCR Assigned A Rating to Bonds of ACOM

JCR Assigned A+ Rating to Bonds of Marubeni

JCR Assigned A+ Rating to Bonds of Mitsubishi Chemical Holdings

JCR Assigned A+ Rating to Bonds of YOKOHAMA MINATOMIRAI RAILWAY

JCR Assigned A- Rating to Bonds of Hoshino Resorts REIT

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

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

JCR Affirmed BBB-/Stable Long-term Issuer Rating on Harima-Kyowa

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

JCR Affirmed A+/Stable and A (Sub.) on Musashino Bank

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL18-02

Feb. 20, 2018

JCR Assigned AA Rating to Bonds of Mitsui Fudosan

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL18-02 (F Hospital)

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Hyakugo Bank B Corporation Bills Receivable ABL18-02

Feb. 19, 2018

JCR Assigned Preliminary A+ Rating to Bonds (Tier 2 with loss absorption clause) of Sumitomo Mitsui Financial Group

JCR Affirmed A Rating on DAIBIRU; Revised Outlook from Negative to Stable

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

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

JCR Affirmed J-2 Rating on CP of CMIC HOLDINGS

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

JCR Affirmed AA/Stable and AA on Nippon Prologis REIT