News Release

Aug. 28, 2017

JCR Affirmed A/Stable, A, Preliminary A and J-1 on SHOWA SHELL SEKIYU

JCR Affirmed BBB/Stable, Preliminary BBB, and J-2 on JALUX

JCR Affirmed A-/Stable, A- and Preliminary A- on MAEDA

JCR Affirmed A/Stable and A- on TAIKO BANK

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL17-08 (D Hospital)

Aug. 25, 2017

JETS International Five Limited 240

Mitsui Sumitomo Insurance's Acquisition of a Major Non-life Insurer in Singapore—No Immediate Impact on Rating

Basic Agreement on Capital/Business Alliance of Famima UNY HD & Don Quijote HD-No Immediate Impact on Rating but Future Developments to Be Watched

JCR Assigned A to Bonds of KUREHA

JCR Assigned A Rating to Bonds of TEPCO Power Grid

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power Company

JCR Assigned AA- to Bonds of Hitachi Capital

JCR Assigned AA+ Rating to Bonds of Japan Student Services Organization

JCR Affirmed AA/Stable and AA on TOYOTA BOSHOKU

JCR Affirmed BBB/Stable Long-term Issuer Rating on Tokushu Tokai Paper

JCR Affirmed BBB-/Stable and J-2 on Mitsubishi Paper Mills

JCR Affirmed BBB/Stable and J-2 on Toho Zinc

JCR Affirmed A-/Stable, A- and Preliminary A- on SEIBU HOLDINGS

JCR Affirmed AA/Stable and AA on Industrial & Infrastructure Fund Investment Corporation

[ Asset Securitization Products ] JCR Assigned J-1 to Hyakugo Bank B Corporation Bills Receivable ABL17-08

Aug. 24, 2017

JCR Assigned A- Rating to Bonds of Tokyo Tatemono

JCR Assigned A Rating to Bonds of Kenedix Retail REIT Corporation

JCR Affirmed BBB+, Preliminary BBB+ and J-2 on TAIHEIYO CEMENT; Revised Outlook from Stable to Positive

JCR Affirmed BBB- Rating on ISHIHARA SANGYO; Revised Outlook from Stable to Positive

Aug. 23, 2017

JCR Assigned BBB+/Stable Long-term Issuer Rating to Tokuyama

JCR Assigned AA- to Bonds of NIDEC

JCR Assigned AA- to Bonds of Mitsubishi Heavy Industries

JCR Assigned AAA to Bonds of West Nippon Expressway

[ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (Kyokuhokai Medical Association, Asahikawa Sanai Hospital)

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL17-08

Aug. 22, 2017

JCR Assigned AA Rating to Bonds of Mitsui Fudosan

JCR Assigned A+ Rating to Bonds of Daiwa Securities Group

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL17-08 (F Hospital)

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL17-08

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Hyakugo Bank B Corporation Bills Receivable ABL17-08

Aug. 21, 2017

JCR Assigned Preliminary AA- Rating to Shelf Registration of ITOCHU

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

JCR Affirmed BB+ (FC/LC) Ratings on Russia; Revised Outlook from Negative to Stable

Aug. 18, 2017

JCR Affirmed AA-/Stable Long-term Issuer Rating on Premier Investment Corporation

JCR Affirmed AA-/Stable, AA- and Preliminary AA- on Global One Real Estate Investment Corporation

JCR Affirmed AAA (FC)/AAA (LC) Ratings on Export Development Canada with Stable Outlook

Aug. 17, 2017

JCR Assigned Preliminary A- Rating to Shelf Registration (Senior Bonds) of SoftBank Group

Aug. 16, 2017

JCR Affirmed A/Stable and A on Malayan Banking

Aug. 14, 2017

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

Aug. 10, 2017

JCR Assigned A+ Rating to Subordinated Bonds of Sekisui House

JCR Assigned Preliminary A+ Rating to Bonds of Mitsubishi UFJ Financial Group

JCR Assigned AAA to Bonds of Aichi Prefecture

JCR Assigned Preliminary A+ Rating to Shelf Registration of Daicel

JCR Affirmed AA-, AA-, Pre. AA- and J-1 on ITOCHU; Revised Outlook from Stable to Positive

JCR Affirmed J-1+ Rating on CP of ITOCHU Treasury

JCR Affirmed AA- Rating on EMTN of ITOCHU
JCR Affirmed AA- Rating on EMTN of ITOCHU Treasury Corporation
JCR Affirmed AA- Rating on EMTN of ITOCHU Treasury Centre Europe Plc

JCR Affirmed AA-/Stable, AA-, Preliminary AA- and J-1+ on Mitsubishi Heavy Industries

Aug. 09, 2017

JCR Downgraded Rating on UKC Holdings from #A-/Negative to #BBB+/Negative; Maintains Credit Monitor

JCR Affirmed BBB+ Rating on CHUBUSHIRYO; Revised Outlook from Stable to Positive

JCR Affirmed BBB+ and J-2 on Mitsui Engineering & Shipbuilding; Revised Outlook from Stable to Negative, Increase in CP Maximum Amount

JCR Affirmed A-/Stable, A- and BBB on YOKOHAMA REITO

Aug. 08, 2017

JCR Affirmed BBB/Stable Long-term Issuer Rating on HOSOKAWA MICRON

Aug. 07, 2017

ZEST Investments B 1707-B01

JCR Assigned AA-/Stable Long-term Issuer Rating to Mitsubishi Estate Logistics REIT Investment Corporation

JCR Affirmed A Rating on TOSOH; Revised Outlook from Stable to Positive

JCR Affirmed A/Stable Long-term Issuer Rating on KATO SANGYO

JCR Affirmed A-/Stable and J-1 on GS Yuasa

Aug. 04, 2017

JCR Assigned A- Rating to Bonds of HIKARI TSUSHIN

JCR Assigned AA- Rating to Bonds of Nomura Holdings

JCR Assigned AAA Rating to Bonds of Japan Bank for International Cooperation

JCR Assigned A to Specified Bonds of Meiji Yasuda Life 2017 Fund SPC

JCR Affirmed A-/Stable, A- and Preliminary A- on Mazda Motor

JCR Affirmed A+/Stable, A+, Preliminary A+ and J-1 on Nippon Electric Glass

Aug. 03, 2017

JCR Affirmed A-/Stable and A- on VALOR HOLDINGS

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

JCR Affirmed BBB+/Stable Rating on Daido Fire & Marine Insurance

Aug. 02, 2017

JCR Assigned AAA to Bonds of Aichi Prefecture

JCR Assigned Preliminary A Rating to Shelf Registration of Nippon Paper Industries

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

JCR Affirmed A-/Stable and A- on DyDo GROUP HOLDINGS

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

JCR Assigned AA- to Specified Bonds of Nissay 2017 Fund SPC

Aug. 01, 2017

JCR Placed Rating on Japan Net Bank under Credit Monitor #A+/Negative

JCR Upgraded Rating on Hankyu Hanshin Holdings to AA-/Stable, AA- and J-1+

JCR Affirmed A- Rating on Morinaga & Co.; Revised Outlook from Stable to Positive

JCR Affirmed BBB-/Stable and J-2 on Financial Products Group

[ Asset Securitization Products ] JCR Affirmed BBB+ on ABL of Accordia Golf Asset Godo Kaisha

Jul. 31, 2017

JCR Placed Rating on UKC Holdings under Credit Monitor #A-/Negative

JCR Assigned Preliminary A Rating to Shelf Registration of Rakuten

JCR Assigned Preliminary BBB- to Shelf Registration of ZENSHO HOLDINGS

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

JCR Affirmed A/Stable, A and Preliminary A on MORI BUILDING

JCR Affirmed A-/Stable and J-1 on NEC Capital Solutions

JCR Affirmed A+p/AA-p (FC/LC) Ratings on Korea Development Bank

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL17-07

JCR Withdraws A Long-term Issuer Rating on Sapporo Shinkin Bank

Jul. 28, 2017

JCR Assigned A+ Rating to Bonds of J. FRONT RETAILING

JCR Assigned A+ Rating to Bonds of JXTG Holdings

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Assigned Preliminary AA- Rating to Shelf Registration of Sumitomo Mitsui Finance and Leasing

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

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Class A Beneficial Interest 201708

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

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL17-07

Jul. 27, 2017

JCR Affirmed AA- on Commitment Line of PASMO