News Release

Dec. 29, 2016

[ Asset Securitization Products ] JCR Assigned A- and BBB to Project Advance

Dec. 28, 2016

ZEST Investments B 1606-B01

leases receivable 19

loans receivable 13

JCR Upgraded Rating on DISCO from A+/Positive to AA-/Stable

JCR Upgraded Rating on SCREEN HLD from BBB/Positive to BBB+/Stable

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

JCR Assigned BBB Rating to Subordinated Loan of Tokyo Tatemono

JCR Affirmed AA/Stable on Concordia Financial Group
JCR Affirmed AA/Stable on Bank of Yokohama
JCR Affirmed AA-/Stable on Higashi-Nippon Bank

JCR Affirmed A+/Stable on Japan Net Bank

JCR Affirmed BBB+/Stable on Shinsei Securities

JCR Affirmed A-/Positive and J-1 on Yasuda Real Estate

JCR Affirmed A-/Stable on OKAYA & CO.

JCR Withdraws AAA/Negative Long-term Issuer Rating on TOKYO GAS

Dec. 27, 2016

JCR Upgraded Sumitomo Rubber Rating from A+/Positive to AA-/Stable

JCR Upgraded Rating on Hiroshima Bank from A+/Positive to AA-/Stable

JCR Placed Rating on MITSUMI ELECTRIC under CM #A-/Positive

JCR Assigned BBB/Stable LT Issuer & J-2 ST Issuer Rating to Nojima

JCR Assigned Preliminary BBB Rating to Subordinated Loan of NIPRO

JCR Affirmed A+/Stable and J-1 on MINEBEA

JCR Affirmed A/Stable on Nippon Paper Industries

JCR Affirmed J-1+ on CP of TOYOTA MOTOR

JCR Affirmed A+/Positive on NGK SPARK PLUG

JCR Affirmed J-1 Rating on CP of Nippon Steel & Sumikin Coated Sheet

JCR Affirmed A-/Stable Long-term Issuer Rating on YAMAZEN

JCR Affirmed AAA/Negative Long-term Issuer Rating on NHK

JCR Affirmed AA-/Stable (FC) Rating on POSCO

Dec. 26, 2016

JCR Affirmed A/Stable and J-1 on Mitsui Chemicals

JCR Affirmed J-1 on CP of UC Card

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

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

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

Dec. 22, 2016

JCR Upgraded Rating on PACIFIC INDUSTRIAL to A-/Stable

JCR Affirmed A on Kenedix Retail REIT; Revised Outlook to Positive

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

JCR Affirmed BBB/Positive Long-term Issuer Rating on EIKEN CHEMICAL

JCR Affirmed BBB-/Negative and J-2 on AKEBONO BRAKE INDUSTRY

JCR Affirmed AAA/Stable and AAA ratings on IBRD

JCR Affirmed AA Rating on CAF with Stable Outlook

[ Asset Securitization Products ] JCR Assigned J-1+ and J-2 to C Corporation Bills Receivable ABL16-12

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

Dec. 21, 2016

JCR Removed CM; Affirmed A+ on JXHD, Upgraded TonenGeneral to A+

JCR Affirmed BBB+/Stable on Kintetsu Group Holdings

JCR Affirmed A-/Stable on Maruzen Showa Unyu

JCR Affirmed A/Stable and A- (Sub.) on Kiyo Bank

[ 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