News Release

May. 09, 2018

JCR Affirmed BBBp Rating on NDS; Revised Outlook from Stable to Positive

JCR Assigned AA Rating to Bonds of United Urban Investment Corporation

May. 08, 2018

Highlights of Major Shipping Companies' Financial Results for Fiscal Year Ended March 2018

May. 07, 2018

JCR Affirmed A/Stable and A- on Bank of The Ryukyus

JCR Affirmed A+/Stable Long-term Issuer Rating on Bank of Okinawa

May. 02, 2018

JCR Affirmed BBB- and J-2 on JK Holdings; Revised Outlook to Positive

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Japan Medical Alliance

JCR's Rating Review of City Gas Companies

JCR Affirmed AAAp/Negative Long-term Issuer Rating on TOKYO GAS

JCR Affirmed AA+p/Stable Long-term Issuer Rating on OSAKA GAS

JCR Affirmed AA+p/Stable Long-term Issuer Rating on TOHO GAS

JCR Affirmed A/Stable, A, Preliminary A and J-1 on HOKKAIDO GAS

JCR Affirmed A/Stable, A and J-1 on HIROSHIMA GAS

JCR Affirmed AA-/Stable, AA-, Preliminary AA- and J-1+ on SAIBU GAS

JCR Affirmed A+/Stable and A on SHIGA BANK

May. 01, 2018

JCR Affirmed AA/AA (FC/LC) Ratings on Spain with Stable Outlook

JCR Affirmed A+/Stable, A+ and J-1 on TAIYO NIPPON SANSO

Ratings for Companies under Tokyo TY Financial Group

SoftBank Group Corp.’s Subsidiary Sprint to Merge with T-Mobile US - Limited Impact on SoftBank Group Corp.’s Rating

Apr. 27, 2018

Tokyo Century Will Convert SHINKO REAL ESTATE into Consolidated Subsidiary - No Impact on Rating

JCR Assigned Preliminary AA-, A+ and A- to Shelf Registration of Mizuho Financial Group

JCR Assigned A Rating to Bonds of NIFCO

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

JCR Affirmed AA+ Rating on Japan Logistics Fund; Revised Outlook from Stable to Negative

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL18-04

[ Asset Securitization Products ] JCR Upgraded Class A to AAA; Affirmed A- on Class B on Jupiter Investment Purpose Condominium Loan Backed Beneficial Interests 2013

[ Asset Securitization Products ] JCR Upgraded Class A to AAA; Affirmed A- on Class B on Sakura Investment Purpose Condominium Loan Securitization Series 1

JCR Withdraws BBB-/Stable Long-term Issuer Rating on Keiyukai

Apr. 26, 2018

Neon Capital Limited 781

JCR Assigned AA Rating to Bonds of Mitsui Fudosan

JCR Assigned A Rating to Bonds of HEIWA REAL ESTATE REIT

JCR Affirmed A/Stable Long-term Issuer Rating on J. F. Oberlin University and Affiliated Schools

JCR Affirmed BBB+/Stable Ratings on the Philippines

Apr. 25, 2018

NIDEC’s Acquisition of US Whirlpool Corporation’s Compressor Business – Limited Impact on Rating

1203-02

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Affirmed A+/Stable and J-1+ on Kyoei Fire and Marine Insurance

JCR Upgraded Rating on Tokyo TY Financial Group, Tokyo Tomin Bank, Yachiyo Bank, and ShinGinko Tokyo from BBB+/Positive to A-/Stable

Apr. 24, 2018

JCR Affirmed AAA/Negative and Preliminary AAA on Central Japan Railway

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

JCR Affirmed AA+p/Stable Long-term Issuer Rating on Shin-Etsu Chemical

JCR Affirmed A+p/Stable Long-term Issuer Rating on Mitsubishi Tanabe Pharma

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL18-04 (D Hospital)

[ Asset Securitization Products ] JCR Affirmed AAA and A- on Beneficial Interest of Triangulum Occident

Apr. 23, 2018

ABL17-03

JCR Affirmed BBB+/Stable Long-term Issuer Rating on HARIMA CHEMICALS GROUP

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

JCR Affirmed A-/Stable and J-1 on SINANEN HOLDINGS

JCR Affirmed A-/Stable and J-1 on SAN-AI OIL

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

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL18-04

JCR Assigned Preliminary AA Rating to Shelf Registration of FAST RETAILING

Apr. 20, 2018

JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Gunma Bank

JCR Assigned A Rating to Bonds of Fuyo General Lease

JCR Assigned A- Rating to Bonds of AEON Product Finance

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

JCR Assigned A+ Rating to Bonds of Kenedix Retail REIT Corporation

JCR Assigned A- Rating to Bonds of Ichigo Office REIT Investment Corporation

JCR Affirmed A+/Stable and A+ on EXEDY

JCR Affirmed A-/Stable and J-1 on Idemitsu Credit

JCR Affirmed AA-/Stable and J-1+ on Japan Securities Finance

JCR Affirmed A+/Stable and J-1+ on JSF Trust and Banking

JCR Affirmed AA-/Stable and J-1+ on Sumitomo Mitsui Card

[ Asset Securitization Products ] JCR Assigned J-1+ to ABCP Programs of Super Trust 16 to 20, LLC

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL18-04 (F Hospital)

[ Asset Securitization Products ] JCR Assigned J-1 to Hyakugo Bank B Corporation Bills Receivable ABL18-04

Apr. 19, 2018

FamilyMart UNY Holdings’ Agreement on Tender Offer by ITOCHU Corporation – No Immediate Impact on Rating, but JCR will Pay Attention to the Future Trend of Strengthening Cooperation

JCR Assigned A to Subordinated Bonds of Suntory Holdings

JCR Affirmed A/Stable and A on PERSOL HOLDINGS

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

JCR Affirmed AA-/Stable Long-term Issuer Rating on Kokushikan

Apr. 18, 2018

JCR Assigned AA Rating to Bonds of KURARAY

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Assigned AA Rating to Bonds of Advance Residence Investment Corporation

JCR Assigned A Rating to Bonds of NIPPON REIT Investment Corporation

JCR Affirmed A/Stable, A, Preliminary A, and J-1 on TSUBAKIMOTO CHAIN

JCR Affirmed A/Stable and J-1 on KAGOME

JCR Affirmed BBB+/Stable, BBB+, and J-2 on Tokai Tokyo Financial Holdings
JCR Affirmed BBB+/Stable Long-term Issuer Rating on Tokai Tokyo Securities

JCR Affirmed BBB+/Stable Long-term Issuer Rating on OKASAN SECURITIES GROUP
JCR Affirmed BBB+/Stable Long-term Issuer Rating on OKASAN SECURITIES

JCR Affirmed A/Stable and A- (sub. bonds) on Miyazaki Bank

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

Apr. 17, 2018

JCR Assigned A Rating to Bonds of Denka

JCR Assigned AA- Rating to Bonds of Hitachi Capital

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Hyakugo Bank B Corporation Bills Receivable ABL18-04

Apr. 16, 2018

FSA's Approach to Framework of TLAC Regulations and Nomura Holdings - Risk of the Holding Company increases, but Limited Impact on Existing Senior Bonds

JCR Removed Credit Monitor; Affirmed A-/Negative, A- and J-1 on Japan Atomic Power

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

JCR Affirmed AA/Stable Long-term Issur Rating and Ability to Pay Insurance Claims on SECOM General Insurance

JCR Assigned AA- Rating to Commitment Line of PASMO

Apr. 13, 2018

JCR Assigned AA- Rating to Bonds of Kansai Electric Power

JCR Assigned A Rating to Bonds of TEPCO Power Grid

JCR Assigned AA Rating to Bonds of Kanagawa Prefectural Housing Supply Corporation

JCR Assigned AA- Rating to Bonds of Japan Excellent

Apr. 12, 2018

JCR Assigned A- Ratings to Japanese Yen Bonds of Mexico

JCR Upgraded Republic of Korea to AA-/AA (FC/LC) with Stable Outlook

JCR Upgraded Ratings on Korea Electric Power Corporation to AA-/AA (FC/LC)

JCR Upgraded Ratings on Korea Development Bank to AA-p/AAp (FC/LC)

JCR Affirmed A Rating on HEIWA REAL ESTATE REIT; Revised Outlook from Stable to Positive

JCR Affirmed A-/Stable Long-term Issuer Rating on Nittetsu Mining

Apr. 11, 2018

JCR Assigned AA- Rating to Bonds of Mitsubishi UFJ Lease & Finance