News Release

Jan. 28, 2025: Nomura Real Estate Master Fund: Reviewed Green Finance Framework Evaluation: Green 1(F); NSIP2023: Reviewed Green Finance Framework Evaluation: Green 1(F); Mori Trust Holdings: Reviewed Sustainability Finance Framework Evaluation: SU 1(F); CBS Financial Services: Second Party Opinion on Sustainability Linked Loan

Jan. 27, 2025: JCR's Rating Review of Major Life Insurance Groups; JCR Affirmed AA+/Stable and J-1+ on Nippon Life Insurance; JCR Affirmed AA-/Stable Long-term Issuer Rating on Dai-ichi Life HD; Affirmed AA/Stable Long-term Issuer Rating on Dai-ichi Life; JCR Affirmed AA/Stable and J-1+ on Meiji Yasuda Life; JCR Affirmed AA/Stable Long-term Issuer Rating on SUMITOMO LIFE INSURANCE; JCR Affirmed J-1+ Rating on CP of Nissay Leasing; SMBC Trust Bank: Reviewed Green Finance Framework Evaluation: Green 1(F)

Jan. 24, 2025: JCR Assigned A+/Stable Long-term Issuer Rating to Mitsubishi HC Capital Private REIT; JCR Affirmed A+/Stable and J-1 on ISUZU MOTORS; JCR Affirmed A-/Stable Long-term Issuer Rating on Sotetsu HD; JCR Affirmed AAA/Stable Long-term Issuer Rating on TOYOTA MOTOR; JCR Affirmed AAA/Stable Long-term Issuer Rating on TOYOTA FINANCE; JCR Affirmed BBB+/Stable (FC/LC) on Indian Railway Finance Corporation; JCR Assigned Preliminary A+ Rating to Shelf Registration of DAIBIRU; IDA Technos, THE SAITAMAKEN SHINKIN BANK: Second Opinion on Positive Impact Finance; Hirabayashi Kinzoku, The Chugoku Bank: Second Opinion on Positive Impact Finance

Jan. 23, 2025: JCR Upgraded FC Long-term Issuer Rating on Banco Santander to AA-/Stable; JCR Affirmed A/Stable Long-term Issuer Rating on SEIREN; JCR Affirmed A+/Stable and J-1 on HIKARI TSUSHIN; JCR Affirmed Long-term Issuer Rating on Tokyo Star Bank to A/Stable; JCR Affirmed AA/Stable (FC) on Shinhan Bank and AA-/Stable on SBJ; JCR Assigned AA- to Jointly Operated Designated Money Trust LY Over 1Y; [ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 25-01

Jan. 22, 2025: JCR Upgraded Long-term Issuer Rating on KANEMATSU to A/Stable; JCR Affirmed A/Stable FC Long-term Issuer Rating on Hotel Lotte; JCR Assigned A+ Rating to Bonds of THK

Jan. 21, 2025: JCR Affirmed BBB+ Long-term Issuer Rating on Chuo Warehouse; Revised Outlook to Positive; JCR Affirmed A+/Stable Long-term Issuer Rating on FUJI ELECTRIC; JCR Affirmed A/Stable Long-term Issuer Rating on YAMAZEN; JCR Affirmed A+/Stable Long-term Issuer Rating on RYOHIN KEIKAKU; JCR Affirmed BBB+/Stable Long-term Issuer Rating on Fukui Bank; JCR Affirmed A/Stable Long-term Issuer Rating on FIRST BANK OF TOYAMA; JCR Assigned AA- Rating to Bonds of SoftBank; [ Asset Securitization Products ] JCR Assigned Preliminary AAA to obbligato 202502 Senior Beneficial Interest and ABL; [ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 25-01

Jan. 20, 2025: JCR Affirmed AA/Stable Long-term Issuer Rating on ORIENTAL LAND; JCR Affirmed A+/Stable Long-term Issuer Rating on SANKEI BUILDING; JCR Affirmed AA-/Stable and J-1+ on Nissan Chemical; JCR Affirmed A+/Stable FC Long-term Issuer Rating on Marubeni Equipment Finance (Oceania); [ Asset Securitization Products ] JCR Assigned Preliminary AAA to Plum; Chuo-Nittochi Group: Reviewed Green1(F) to Green Finance Framework/Second Party Opinion on Sustainability Linked Finance Framework; SoftBank: Reviewed Sustainability Bond Framework Evaluation: SU 1(F); Japan Freight Railway: Reviewed Green Bond Framework Evaluation: Green 1(F); &Do Holdings, THE SHIMIZU BANK: Second Opinion on Positive Impact Finance

Jan. 17, 2025: JCR Affirmed A- Long-term Issuer Rating on AISAN INDUSTRY; Revised Outlook to Positive; JCR Affirmed A/Stable and J-1 on UBE; JCR Affirmed A+/Stable Long-term Issuer Rating on SQUARE ENIX HD; JCR Affirmed AA-/Stable Long-term Issuer Rating on Fukuoka Kogyo Daigaku; JCR Affirmed BBB+/Stable Long-term Issuer Rating on FUJI KYUKO; JCR Assigned A+ Rating to Bonds of Mitsui O.S.K. Lines; JCR Assigned A+ Rating to Bonds of NH Foods; JCR Assigned A Rating to Bonds of TEPCO Power Grid; JCR Assigned A- Rating to Bonds of FOOD & LIFE COMPANIES; JCR Assigned A- Rating to Bonds of AIFUL; JCR Assigned AAA Rating to Bonds of NTT TC Leasing; JCR Assigned AA- to Bonds and Preliminary AA- to Shelf Registration of Credit Saison; JCR Assigned A+ Rating to Bonds of JA MITSUI LEASING; JCR Assigned AAA Rating to Bonds of TOYOTA FINANCE; JCR Assigned AA Rating to Bonds of Mitsubishi HC Capital; JCR Assigned AAA Rating to Bonds of Central Nippon Expressway; JCR Assigned AA+ Rating to Bonds of NARITA INTERNATIONAL AIRPORT; One REIT: Reviewed Green Finance Framework Evaluation: Green 1(F); SHONAN SUNNY SIDE MARINA, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Jan. 16, 2025: JCR Assigned A/Stable Long-term Issuer Rating to DREAM Hospitality REIT; JCR Assigned A-/Stable FC Long-term Issuer Rating to CTP; JCR Upgraded Long-term Issuer Rating on OKAYA to A+/Stable; JCR Upgraded Long-term Issuer Rating on Keihan HD to A+/Stable; Affirmed J-1 on CP; JCR Affirmed A+/Stable and J-1 on Keikyu; JCR Affirmed AA/Stable Long-term Issuer Rating on Toyo University; JCR Affirmed A+/Stable and J-1 on DOWA HD; JCR Assigned AA Rating to Bonds of Sumitomo Mitsui Trust Bank; JCR Assigned AAA Rating to Bonds of Japan Student Services Organization; Results of Review of Structured Finance Products (Excluding Those to Which Credit Ratings Are Assigned) December 2024; TAIHEIYO CEMENT: Second Party Opinion on Transition Linked Loan Framework (Review)

Jan. 15, 2025: JCR Upgraded Long-term Issuer Rating on TOKYU to AA/Stable; Affirmed J-1+ on CP; JCR Affirmed AA+/Stable Long-term Issuer Rating on INPEX; JCR Affirmed BBB+/Stable Long-term Issuer Rating on DAITO BANK; JCR Affirmed A/Stable Long-term Issuer Rating on Toho Bank

Jan. 14, 2025: JCR Affirmed AAA/Stable Long-term Issuer Rating on Japan Student Services Organization

Jan. 10, 2025: JCR Affirmed A Long-term Issuer Rating on JX Advanced Metals; Revised Outlook to Positive; JCR Assigned AAA Rating to Bonds of Development Bank of Japan

Jan. 09, 2025: Sumitomo Rubber Industries Acquires DUNLOP Trademark & Other Rights (four-wheel tires) in Europe, U.S. & Other Regions—JCR Will Watch for Medium-term Strengthening of Sales and Contribution to Profits in These Regions; JCR Assigned AA-/Stable and J-1+ to Credit Saison; JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Mitsubishi UFJ Financial Group; The Hokkoku Bank: Second Opinion on Positive Impact Finance Framework

Jan. 08, 2025: JCR Affirmed A- Long-term Issuer Rating on YOKOREI; Revised Outlook to Negative; JCR's view on changes to the Green Finance Framework of YAMATO HOLDINGS; Hoshino Resorts REIT, Mizuho Bank: Second Opinion on Positive Impact Finance