News Release

Dec. 21, 2016

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL16-12

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL16-12

Dec. 20, 2016

JCR Assigned Pre. AA- Rating to Shelf Registration of RICOH LEASING

JCR Assigned Pre. BBB Rating to Subordinated Loan of Tokyo Tatemono

JCR Affirmed A/Stable on JAPAN VILENE

[ Asset Securitization Products ] JCR Assigned Pre. J-1 to Hyakugo Bank B Corp. Bills Rec. ABL16-12

Dec. 19, 2016

JCR Upgraded Rating on Keihan Holdings from A-/Positive to A/Stable

JCR Assigned Pre A to SGET Usa Mega Solar Power Station Proj. BI

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL16-12 (F Hospital)

Dec. 16, 2016

JCR Downgraded Takata Rating from BB- to B-; Affirmed NJ for CP

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

JCR Assigned A+ to Subordinated Bonds of MS&AD Insurance Group HD

[ Asset Securitization Products ] JCR Assigned Preliminary J-1+ to MSNW Trust Certificate Series 16120

Dec. 15, 2016

JCR Assigned A Long-term Issuer Rating to Yahoo Japan Corporation

JCR Placed Rating on IDEC under Credit Monitor #BBB+/Negative

Dec. 14, 2016

JCR Removed CM; Downgraded Kawasaki Kisen from #BBB+/Negative to BBB

JCR Assigned AAA to Bonds of Aichi Prefecture

JCR Assigned AA- to Bonds of Daiwa House REIT

JCR Assigned AA- to Bonds of Japan Excellent

JCR Assigned A+ to Bonds of Sumitomo Mitsui Trust Panasonic Finance

Fuyo General Lease's Acquisition of Accretive Co., Ltd. - No Impact on Fuyo General Lease's Rating

Dec. 13, 2016

Asahi Group Holdings' Acquisition of beer businesses in Middle and Eastern Europe - No Immediate Impact on Rating; JCR Will Watch Financial Improvement After Acquisition

loans receivable 13

leases receivable 19

JCR Assigned A Rating to Bonds of HOKUETSU KISHU PAPER

JCR Affirmed A/Stable, A, Preliminary A and J-1 on BOT Lease

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

Dec. 12, 2016

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

JCR Affirmed A-/Stable and J-1 on Mitsubishi Electric Credit

JCR Withdraws #BBB-/Negative Long-term Issuer Rating on Aderans

Dec. 09, 2016

Korean National Assembly approved the impeachment motion against the president – JCR will keep watch on future development with its impact on the economy

JCR Assigned A+ Rating to Bonds of Sanwa Holdings

JCR Assigned A Rating to Bonds of DAIBIRU

JCR Assigned A- Rating to Bonds of Tokyu Fudosan Holdings

JCR Assigned A to Bonds of SCSK Corporation

JCR Assigned A+ to Bonds of Hankyu Hanshin Holdings

JCR Assigned A- to Bonds of Ube Industries

JCR Assigned A Rating to Bonds of AICHI STEEL

JCR Assigned A+ Rating to Bonds of EXEDY

JCR Assigned A- Rating to Bonds of ARAKAWA CHEMICAL INDUSTRIES

JCR Assigned A- Rating to Bonds of Orient Corporation

JCR Assigned AA+ Rating to Bonds of NARITA INTERNATIONAL AIRPORT

JCR Assigned AA Rating to Bonds of Industrial & Infrastructure Fund

[ Asset Securitization Products ] JCR Assigned Pre. J-1+ to A Corp. Bills Rec. Senior Ben. Int. 16-12

JCR Affirmed AAA/Negative on Japan Finance Corporation

JCR Affirmed A+ (FC) Rating on Lotte Shopping; Outlook Negative

JCR Affirmed AAA/Stable Ratings on Belgium

JCR Affirmed AA-/Stable on TVO in Finland

JCR Affirmed AA-/Stable on PVO in Finland

Dec. 08, 2016

JCR Assigned AA- to Bonds of Kyushu Electric Power

JCR Assigned A Rating to Bonds of TAIYO NIPPON SANSO

JCR Assigned AAA to Bonds of West Nippon Expressway

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

JCR Assigned AAA Ratings to the bonds issued by AfDB

JCR Affirmed A+/Stable on AKITA BANK

Dec. 07, 2016

MASCOT II Limited 1501-01J

ZEST Investments B 1502-B01

JCR Assigned AA- to Bonds of Hulic Reit

JCR Affirmed BBB+/Stable on BELLUNA

JCR Affirmed BBB/Stable and J-2 on Shinsho Corporation

Dec. 06, 2016

JCR Affirmed A-/Stable LT Issuer Rating on TAKASAGO INTERNATIONAL

JCR Affirmed BBB+/Positive and J-2 on SUMCO

JCR Affirmed AA/Stable on FAST RETAILING

JCR Affirmed A/Stable LT Issuer Rating on FUKUYAMA TRANSPORTING

Dec. 05, 2016

Defeated in a referendum in Italy-Increased pressure of downgrading on the growing political uncertainty in the short-term while attention should be paid to the policies of the next government

JCR Affirmed A/Stable and J-1 on GUNZE

JCR Affirmed AA-/Stable, A+ and A- on Nomura Holdings
JCR Affirmed AA-/Stable, AA- 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 and Daiwa Sec.

JCR Affirmed A+p/Stable on Fukoku Mutual Life Insurance
JCR Affirmed A+/Stable on Fukokushinrai Life Insurance

Dec. 02, 2016

NAGATANIEN HLD's Acquisition of Broomco - JCR will Check Degree of Impact on the Company's Business Performance and Financial Structure to be Reflected in Rating

JCR Assigned A+ Rating to Bonds of Sumitomo Mitsui Trust Holdings

JCR Assigned A+ Rating to Bonds of Yokohama Rubber

JCR Assigned A- Rating to Bonds of Nankai Electric Railway

JCR Assigned AA- Rating to Bonds of Tohoku Electric Power

JCR Assigned A Rating to Bonds of HIROSHIMA GAS

JCR Affirmed AA-/Stable Rating on Daido Life Insurance Company
JCR Affirmed AA-/Stable Rating on Taiyo Life Insurance Company
JCR Affirmed AA-/Stable Rating on T&D Financial Life Insurance Company

JCR Affirmed A/Stable and A- (Sub.) on Toho Bank
JCR Affirmed BBB/Stable and BBB- (Sub.) on FUKUSHIMA BANK
JCR Affirmed BBB/Stable on DAITO BANK

JCR Affirmed AAA/Negative on Tokyo Metro

Dec. 01, 2016

JCR Assigned AA- Rating to Bonds of Kansai Electric Power

JCR Assigned A+ Rating to Bonds of ASICS

JCR Assigned BBB+ Rating to Bonds of Kanagawa Chuo Kotsu

Nov. 30, 2016

JCR Placed Accordia Golf under CM #BBB/Negative, #J-2/Negative

JCR Upgraded Rating on EDION from BBB+/Positive to A-/Stable

JCR Assigned A to Long-term Issuer Rating for KYOWA EXEO

JCR Assigned A- to Bonds of MITSUBISHI MATERIALS

JCR Assigned AA to Bonds of Mitsui Fudosan

JCR Affirmed A-/Stable, BBB (Sub) and J-1 on Idemitsu Kosan

JCR Affirmed A-/Stable on UKC Holdings

JCR Affirmed A/Stable on K'S HOLDINGS

JCR Affirmed A+/Stable on YAMADA DENKI

[ Asset Securitization Products ] JCR Assigned J-1 to Nohara Bills Receivable ABL16-11

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Elect. Rec. Receivable ABL16-11

JCR Withdraws BBB-/Stable Long-term Issuer Rating on NIHON CHOUZAI

Nov. 29, 2016

JCR Assigned AA to Bonds of Chubu Electric Power

JCR Assigned Pre.AA- to Shelf Reg. of Asahi Group Holdings; Affirmed AA-

JCR Assigned Preliminary A- to Shelf Registration of IHI

JCR Affirmed AA/Stable and J-1+ on Keio; Assigned Preliminary AA

JCR Affirmed A Rating on Keisei Electric Railway; Revised Outlook to Positive

JCR Affirmed AA-/Stable, AA-, Pre. AA- and J-1+ on Odakyu Electric Railway

JCR Affirmed AAA Rating on Bonds (gtd. by DBJ) of Suzuyo