News Release

Dec. 21, 2017

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

JCR Affirmed AA/Stable and AA on Nomura Real Estate Master Fund

JCR Affirmed A on Specified Bonds of Sumitomo Life Fund Securitization SPC V

JCR Affirmed AA- on Specified Bonds of Nissay Fund SPC

JCR Upgraded Rating on Specified Bonds of Meiji Yasuda Life Fund SPC from A to A+

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL17-12

Dec. 20, 2017

JCR's Rating Review of Major Life Insurers

JCR Upgraded Rating on Meiji Yasuda Life Insurance from A+/Positive to AA-/Stable; Affirmed J-1+

JCR Affirmed A+ Rating on Dai-ichi Life Insurance; Revised Outlook from Stable to Positive

JCR Affirmed A+ Rating on SUMITOMO LIFE INSURANCE; Revised Outlook from Stable to Positive

JCR Affirmed AAp/Stable and J-1+ on Nippon Life Insurance Company

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

JCR Affirmed AA/Stable and J-1+ on Tokyo Electron

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

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Southern TOHOKU Social Welfare Foundation

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL17-12

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL17-12 (F Hospital)

Dec. 19, 2017

JETS International Five Limited 48

JCR Upgraded Rating on EIKEN CHEMICAL from BBB/Positive to BBB+/Stable

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

JCR Affirmed AAA Rating on Bonds (guaranteed by Development Bank of Japan) of Suzuyo

JCR Affirmed AA-/Stable (FC) Rating on POSCO

JCR Affirmed AA-/Stable and Preliminary AA- on Hiroshima Bank

Dec. 18, 2017

JCR Affirmed AA-/Stable and AA- on Coca-Cola Bottlers Japan

JCR Affirmed AAA Ratings on International Bank for Reconstruction and Development with Stable Outlook

Dec. 15, 2017

JCR Assigned A+ Rating to Subordinated Bonds of Taiyo Life Insurance

JCR Assigned AA- Rating to Bonds of LaSalle LOGIPORT REIT

JCR Affirmed AAA/Negative Long-term Issuer Rating on NHK

JCR Affirmed A-/Stable and J-1 on KROSAKI HARIMA

JCR Affirmed A/Stable, A, Preliminary A and J-1 on JA Mitsui Leasing

JCR Affirmed A+/A+ (FC/LC) Ratings on Italy with Negative Outlook

JCR Affirmed A/Positive Long-term Issuer Rating on Invincible Investment Corporation

Dec. 14, 2017

Rakuten to Enter Mobile Network Operator Business – With a Possible Negative Impact on Rating, JCR will Closely Watch Future Developments.

Decision on Provisional Disposition Order of Injunction against Operation of Shikoku Electric Power’s Ikata Nuclear Power Station – JCR will Closely Watch Filing of objections

JCR Affirmed AA-/Stable, AA-, Preliminary AA- and J-1+ on Asahi Group Holdings

JCR Affirmed A/Stable and J-1 on HEIWADO

JCR Affirmed A-/Stable, A- and Preliminary A- on Nishimatsu Construction

JCR Affirmed A/Stable and A- on Kiyo Bank

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

Dec. 13, 2017

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JCR Downgraded Rating on AKEBONO BRAKE INDUSTRY from BBB-/Negative and J-2 to BB+/Negative and J-3

JCR Upgraded Rating on Kenedix Retail REIT from A/Positive and A to A+/Stable and A+

JCR Assigned AAA Rating to Bonds of Aichi Prefecture

[ Asset Securitization Products ] JCR Assigned Preliminary J-1+ to Saitama Resona Bank A Corporation Bills Receivable Senior Beneficial Interest 17-12

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

Dec. 12, 2017

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

JCR Assigned Preliminary A+ Rating to Shelf Registration of YOKOHAMA MINATOMIRAI RAILWAY; Affirmed A+/Stable and A+

JCR Affirmed A/Stable Long-term Issuer Rating and J-1 Rating on CP of Sharp Finance; Increase in CP Maximum Amount

Dec. 11, 2017

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

JCR Affirmed BBB/Stable, BBB and J-2 on Nojima

Dec. 08, 2017

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JCR Assigned BBB+ Rating to Bonds of Mitsui Engineering & Shipbuilding

JCR Assigned A+ Rating to Bonds of KONICA MINOLTA

JCR Assigned A Rating to Bonds of TEPCO Power Grid

JCR Assigned AA- Rating to Bonds of Kansai Electric Power

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Assigned BBB+ Rating to Bonds of KANEMATSU

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

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

JCR Assigned AA+ Rating to Bonds of NARITA INTERNATIONAL AIRPORT

JCR Affirmed BBB-/Stable Long-term Issuer Rating on AIRTECH JAPAN

Dec. 07, 2017

JCR Affirmed AAA/Negtive, AAA, and Preliminary AAA on Development Bank of Japan

Dec. 06, 2017

JCR Assigned AA Rating to Bonds of NEW KANSAI INTERNATIONAL AIRPORT

JCR Downgraded the rating to A on Hotel Lotte; Changed Outlook from Negative to Stable

JCR Affirmed BBB/Stable Long-term Issuer Rating on SOGO MEDICAL

JCR Affirmed BBBp/Stable Long-term Issuer Rating on NDS

[ Asset Securitization Products ] JCR Assigned J-1 to Hyakugo Bank B Corporation Bills Receivable ABL17-12

Dec. 05, 2017

JCR Upgraded Rating on Keisei Electric Railway from A/Positive and A to A+/Stable and A+

JCR Affirmed A+p Rating on Fukoku Mutual Life Insurance; Revised Outlook from Stable to Positive
JCR Affirmed A+ Rating on Fukokushinrai Life Insurance; Revised Outlook from Stable to Positive

JCR Affirmed BBB Rating on FUKUSHIMA BANK; Revised Outlook from Stable to Negative

JCR Affirmed A/Stable Long-term Issuer Rating on FUKUYAMA TRANSPORTING

JCR Affirmed BBB/Stable Long-term Issuer Rating on Sankyo Tateyama

JCR Affirmed A-/Stable and A- on Sotetsu Holdings

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

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

JCR Affirmed A/Stable and A- on Toho Bank

Dec. 04, 2017

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

JCR Affirmed A+/Stable and J-1 on NIPPON STEEL & SUMIKIN LOGISTICS

JCR Affirmed A+/Stable Long-term Issuer Rating on NIPPON STEEL & SUMIKIN ENGINEERING

JCR Affirmed A/Stable Long-term Issuer Rating on EZAKI GLICO

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

Dec. 01, 2017

JCR Assigned Perliminary A- Rating to Subordinated Bonds of Hulic

JCR Assigned AA Rating to Bonds of DAIWA HOUSE INDUSTRY

JCR Assigned AA Rating to Bonds of TOYOTA BOSHOKU

JCR Assigned A Rating to Bonds of Yahoo Japan

JCR Assigned AA- Rating to Bonds of NIPPON STEEL & SUMITOMO METAL

JCR Assigned A Rating to Bonds of Sanyo Special Steel

JCR Assigned A+ Rating to Bonds of NSK

JCR Assigned A- Rating to Bonds of Mazda Motor

JCR Assigned AA Rating to Bonds of Mitsubishi Logistics

JCR Assigned AA- Rating to Bonds of Tohoku Electric Power

JCR Assigned AAA Rating to Bonds of Tokyo Metro

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

JCR Affirmed BBB Rating on KYORITSU MAINTENANCE; Revised Outlook from Positive to Stable

JCR Assigned A-/Stable Long-term Issuer Rating to SBI SECURITIES

JCR Assigned A- Rating to Bonds of NEC Capital Solutions

JCR Assigned A Ratings to Senior Non Preferred Bonds of Banco Santander

JCR Assigned BBB- Ratings to JPY Bonds of Turkey

JCR Affirmed AAA Rating on Inter-American Development Bank with Stable Outlook