News Release

Oct. 18, 2017

JCR Affirmed AA-/Stable, AA-, AA-, Preliminary AA- and J-1+ on Mitsubishi UFJ Lease & Finance Company

JCR Affirmed A/Stable and A- on Juroku Bank

JCR Affirmed A/Stable and A- on Ogaki Kyoritsu Bank

JCR Affirmed J-1 Rating on CP of Shutoken Leasing

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

Oct. 17, 2017

Series 146

JCR Placed Rating on Kobe Steel under Credit Monitor #A/Negative and #J-1/Negative

JCR Placed Rating on Kobelco Construction Machinery under Credit Monitor #A-/Negative and #J-1/Negative

JCR Placed Rating on Shinsho under Credit Monitor #BBB/Negative and #J-2/Negative

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

JCR Affirmed A/Stable and A on NIFCO

JCR Affirmed J-2 Rating on CP of KOKUSAI PULP & PAPER

JCR Affirmed AA/Stable Long-term Issuer Rating on Mitsui Fudosan Private REIT

JCR Affirmed AAA/AAA ratings on Norway with Stable Outlook

JCR Affirmed BBB+ (FC) Ratings on ICICI Bank Limited with Stable Outlook

Oct. 16, 2017

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

JCR Affirmed AA/Stable Long-term Issuer Rating on Iyo Bank

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

JCR Affirmed BBB+/BBB+ (FC/LC) Ratings on India

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

[ Asset Securitization Products ] JCR Affirmed J-1+ on ABCP Programs of Super Trust 1 to 15, LLC

Oct. 13, 2017

JCR Assigned AAA to Bonds of Aichi Prefecture

JCR Assigned A- Rating to Bonds of Tokyu Fudosan Holdings

JCR Assigned BBB+ Rating to Bonds of BELLUNA

JCR Affirmed A-/Stable and A- on H.I.S.

JCR Affirmed A-/Stable and J-1 on Kobelco Construction Machinery

JCR Affirmed J-1+ Rating on CP of Mitsubishi Heavy Industries; Increase in CP Maximum Amount

Oct. 12, 2017

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

JCR Affirmed A/Stable, A and J-1 on SKY Perfect JSAT Holdings

Oct. 11, 2017

JCR Assigned A to Bonds (Tier 2 with loss absorption clause) of Bank of Nagoya

JCR Assigned A+ Rating to Bonds of Tokyo Century Corporation

JCR Assigned Preliminary A Rating to Shelf Registration of HOKKAIDO GAS

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

JCR Affirmed BBB+/Stable and BBB+ on Kanagawa Chuo Kotsu

Oct. 10, 2017

Kobe Steel's Improper Conduct Concerning a Portion of Aluminum and Copper Products - JCR will Closely Watch Future Developments and Investigation Results

Oct. 06, 2017

JCR Assigned A+ Rating to Bonds of JGC

JCR Assigned AA Rating to Bonds of Chubu Electric Power

JCR Assigned AA+ Rating to Bonds of Electric Power Development

JCR Assigned A- Rating to Bonds of JACCS

JCR Assigned AAA to Bonds of NTT FINANCE

JCR Assigned AAA to Bonds of Metropolitan Expressway

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Affirmed BBB+/Stable and J-2 on FUJI SOFT

JCR Affirmed BBB-/Stable Long-term Issuer Rating on Jimoto Holdings
JCR Affirmed BBB-/Stable Long-term Issuer Rating on Kirayaka Bank
JCR Affirmed BBB-/Stable Long-term Issuer Rating on Sendai Bank

Oct. 05, 2017

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

JCR's Rating Review of Blast Furnace Steel Manufacturers

Oct. 04, 2017

JCR Upgraded Rating on Daiwa House REIT Investment Corporation from AA-/Positive to AA/Stable

JCR Assigned AAA to Bonds of Aichi Prefecture

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Gifu Shinkin Bank

Oct. 03, 2017

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

JCR Affirmed A- Rating on Ube Industries; Revised Outlook from Stable to Positive

JCR Affirmed BBB+/Stable and BBB+ on ASAHI PRINTING

JCR Affirmed AA/Stable, AA and Preliminary AA on ASAHI KASEI

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

JCR Affirmed AA-/Stable and AA- on ORIX

JCR Affirmed J-1 Rating on CP of T&D Lease

JCR Affirmed A+p Ratings on Deutsche Bank with Negative Outlook

Oct. 02, 2017

JCR Assigned Preliminary A- Rating to Shelf Registration of Nisshin OilliO Group

JCR Affirmed Ap/Stable Long-term Issuer Rating on TOYO INK SC HOLDINGS

JCR Affirmed BBB/Negative, Preliminary BBB, BB+ and J-2 on COSMO ENERGY HOLDINGS

JCR Affirmed AA-/Stable and J-1+ on Mitsubishi UFJ NICOS

Sep. 29, 2017

loan 201709

lease 201709

Necessity to Consider ESG Factors for Credit Ratings

Necessity to Consider ESG Factors for Credit Ratings

Nisshin Steel To Make Early Repayment of Subordinate Loan - No Impact on Its Creditworthiness Despite Failure to Fulfill Replacement Obligation

Tokyo Century's Acquisition of Equity Interest in US-based Aircraft Leasing Company - No Impact on Rating

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

JCR Assigned A/Stable on Lotte Card

JCR Assigned Preliminary AA- Rating to Shelf Registration of Global One Real Estate Investment Corporation

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

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

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

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL17-09

JCR Withdraws AA- Rating on MTN Program of TOKYU

Sep. 28, 2017

JCR Removed Credit Monitor; Affirmed BBB+ on UKC Holdings

JCR Assigned BBB Rating to Euro Medium Term Note Programme of Monex Finance

JCR Assigned AAA Ratings and Affirmed AAA Ratings for AfDB with Stable Outlook

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 BBB/Stable and J-2 on FURUKAWA

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

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL17-09

Sep. 27, 2017

[ Asset Securitization Products ] JCR Assigned J-1 to Hyakugo Bank B Corporation Bills Receivable ABL17-09

[ Asset Securitization Products ] JCR Assigned J-1+ to Saitama Resona Bank A Corporation Bills Receivable Senior Beneficial Interest 17-09

Sep. 26, 2017

Japan's Prime Minister Abe announced that it would become difficult to achieve fiscal consolidation target by FY2020. Its impact on Japan's fiscal position will be closely examined.

JCR Assigned Preliminary A- Rating to Bonds of NIPPON TOCHI-TATEMONO

JCR Affirmed BBB Rating on FUTABA INDUSTRIAL; Revised Outlook from Stable to Positive

JCR Affirmed A+/Stable, A+, Preliminary A+ and J-1 on Hulic; Increase in CP Maximum Amount

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

JCR Affirmed BB/Stable Long-term Issuer Rating on Sharp

JCR Affirmed A-/Stable, A-, Preliminary A- and J-1 on Nankai Electric Railway

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL17-09 (D Hospital)

Sep. 25, 2017

JCR Assigned Preliminary BBB+ Rating to Shelf Registrationon of Sanken Electric

JCR Affirmed BBB+/Stable Long-term Issuer Rating on WARABEYA NICHIYO HOLDINGS

JCR Affirmed A-/Stable and BBB+ on Kita-Nippon Bank

[ Asset Securitization Products ] JCR Assigned J-1+ and J-2 to Hokuriku Bank C Corporation Bills Receivable ABL17-09

Sep. 22, 2017

KURARAY's Acquisition of World's largest activated carbon manufacturer - No Immediate Impact on Rating; JCR will Pay Attention to Future Synergistic Effects

JCR Affirmed AA+/Negative Long-term Issuer Rating on JAPAN POST HOLDINGS

JCR Affirmed J-1 Rating on CP of Yanmar Holdings; Increase in CP Maximum Amount

JCR Affirmed A- Long-term Issuer Rating on SMBC Consumer Finance; Revised Outlook from Stable to Positive