News Release

Feb. 19, 2018

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

Feb. 16, 2018

JCR Assigned A Rating to Subordinated loan of JFE Holdings

JCR Assigned A- Rating to Bonds of Tokyo Tatemono

JCR Assigned BBB Rating to Bonds of Sankyo Tateyama

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Concordia Financial Group

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

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

JCR Affirmed A+, A and Preliminary A+ on Bank of Nagoya; Revised Outlook from Stable to Negative

JCR Affirmed A+ Rating on Aichi Bank; Revised Outlook from Stable to Negative

JCR Affirmed AA/Stable, AA, Preliminary AA, and J-1+ on Sumitomo Electric Industries

Feb. 14, 2018

Jail Sentence Given to Korea Lotte Group Chairman - No Immediate Impact on Ratings but Future Development to Be Watched

Jail Sentence Given to Korea Lotte Group Chairman - No Immediate Impact on Ratings but Future Development to Be Watched

JCR Assigned Preliminary A+ Rating to Shelf Registration of Tokyo Century

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

JCR Affirmed A-/Stable, A-, Preliminary A- on ARAKAWA CHEMICAL INDUSTRIES

Feb. 13, 2018

JCR Assigned A+/Stable Long-term Issuer Rating to UC Card; Withdraws J-1 on CP

JCR Affirmed BBB+/Stable and BBB+ on ARATA

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

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

Feb. 09, 2018

JCR Assigned J-1 Rating to CP of NIPPON TOCHI-TATEMONO

JCR Affirmed AA/Stable, AA and J-1+ on Mitsubishi Logistics

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

JCR Affirmed J-1 Rating on CP of Tokyo Century; Increase in CP Maximum Amount

Feb. 08, 2018

JCR Upgraded Indonesia to BBB/BBB+ (FC/LC); Revised Outlook to Stable

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

JCR's Rating Review of Shipping Companies

Feb. 07, 2018

JCR Placed Rating on Mitsui Engineering & Shipbuilding under Credit Monitor #BBB+/Negative

Mitsubishi Paper Mills Agrees to Enter into a Capital and Business Alliance with Oji Holdings - JCR to Pay Attention to the Effect of the Business Alliance

SoftBank Group to Start Preparing for Listing of Its Telecommunications Subsidiary - Impact on Rating Likely Limited; JCR to Closely Watch the Organizational Structure

JCR Assigned Preliminary A+ Rating to Shelf Registration of J. FRONT RETAILING; Affirmed A+/Stable, A+, and J-1

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

Feb. 06, 2018

JCR Assigned AA Rating to Bonds of Activia Properties

JCR Downgraded TVO to A+/Stable from AA-/Stable

JCR Downgrade PVO to A+/Stable from AA-/Stable

JCR Affirmed BBB on JAG Mega Solar Project Bond Trust 1 Beneficial Interest and Trust ABL

Feb. 05, 2018

JCR Affirmed BBB+ on Sumitomo Mitsui Trust ABL11150

JCR Affirmed BBB- on Sumitomo Mitsui Trust ABL11151

Feb. 02, 2018

JCR Removed Credit Monitor; Affirmed BBB+ on IBJ Leasing
JCR Removed Credit Monitor; Affirmed BBB+ and J-2 on IBJL-TOSHIBA Leasing

JCR Removed Credit Monitor; Affirmed A+ on Japan Net Bank

JCR Assigned AA to Credit Enhanced Bonds Issuance Programme of China Eastern Airlines

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

JCR Assigned AAA Rating to Bonds of Aichi Prefecture

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Assigned AAA Rating to Bonds of Metropolitan Expressway

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

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

JCR Affirmed to BBB-/BBB (FC/LC) Ratings on Brazil; Stable Outlook

Feb. 01, 2018

JCR Downgraded Rating on MICHINOKU BANK from A-/Negative and BBB+ to BBB+/Stable and BBB

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

JCR Affirmed A/Stable Long-term Issuer Rating on SQUARE ENIX HOLDINGS

JCR Affirmed A/Stable Long-term Issuer Rating on JAPAN VILENE

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

JCR Withdrew A-/A (FC/LC) Ratings on PTTEP

Jan. 31, 2018

Violet Protected Asset SPC VPA 1 S08

JCR Assigned A+ Rating to Bonds of THK

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

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Grass Park Beneficial Interest Series 1

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL18-01

Jan. 30, 2018

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

JCR Affirmed A/Stable, A, Preliminary A, and J-1 on Nomura Real Estate Holdings

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

JCR Affirmed AA/Stable, AA, Preliminary AA, and J-1+ on Mitsui Fudosan

JCR Affirmed AA+p/Stable Long-term Issuer Rating on Mitsubishi Estate

JCR Affirmed A+/Stable, A+, Preliminary A+, and J-1 on Sumitomo Realty & Development

JCR Affirmed A-/Stable, A- and J-1 on SAPPORO HOLDINGS

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

JCR Affirmed A+/Stable and A+ on Kenedix Residential Investment Corporation

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL18-01

Jan. 29, 2018

JCR Placed Rating on Asahi Fire And Marine Insurance under Credit Monitor #BBB+/Positive

JCR Affirmed AAA/Negative, AAA, Pre. AAA and J-1+ on NTT FINANCE

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Sanyo Electric Railway

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

Rakuten to Enter Non-life Insurance Business - Impact on Rating is limited; JCR will Watch Synergistic Effects with Existing Businesses

Jan. 26, 2018

The Nomura Trust and Banking Co., Ltd. (Shintakuguchi)

The Nomura Trust and Banking Co., Ltd.(Shintaku Shasai)

ZEST Investments B

Orix Bank (SBM)

Norinchukin Trust & Banking loan

Norinchukin Trust & Banking lease

JCR Assigned A- Rating to Subordinated Loan of Hulic

JCR Upgraded Rating on ZENSHO HD from BBB-/Positive and Preliminary BBB- to BBB/Stable and Preliminary BBB; Affirmed J-2

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

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

JCR Affirmed A+/Stable Long-term Issuer Rating on Nissan Chemical Industries

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

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

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL18-01 (D Hospital)

Jan. 25, 2018

Establishment of Rating Methodology for Infrastructure Funds

JCR Affirmed AA+/Stable Long-term Issuer Rating on Seven & i Holdings
JCR Affirmed AA+/Stable Long-term Issuer Rating on Seven-Eleven Japan

[ Asset Securitization Products ] JCR Assigned J-1 to Hyakugo Bank B Corporation Bills Receivable ABL18-01

Jan. 24, 2018

Violet Protected Asset SPC VPA 1 S08

Sekisui House Reit and Sekisui House Residential Investment Corporation To Merge – JCR to Watch Progress, Reflect on Rating

For Public Comments on Planned Establishment of Rating Methodology for ABL

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Affirmed A- and A- Rating on FUJI ELECTRIC; Revised Outlook from Stable to Positive

JCR Affirmed A+/Stable, A+, A-, Preliminary A+, and J-1 on Don Quijote Holdings

JCR Affirmed A-/Stable, A-, BBB+, BBB, Preliminary A-, and J-1 on SoftBank Group

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

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