News Release

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

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

[ Asset Securitization Products ] JCR Assigned J-1 to Hyakugo Bank B Corp. Bills Rec. ABL16-11

Nov. 28, 2016

JCR Assigned AA and Pre A+ (Sub.Bonds) to MS&AD Insurance Group HD

JCR Assigned Pre.BBB+ to Shelf Reg. of Sojitz; Affirmed BBB+/Stable

Nov. 25, 2016

JCR Assigned A+ Rating to Bonds of Keikyu Corporation

JCR Assigned A- Rating to Bonds of Showa Denko

JCR Assigned A+ Rating to Bonds of Daiwa Securities Group

JCR Affirmed BBB+/Stable on Southern TOHOKU Soc. Welfare Foundation

JCR Affirmed A+/Stable on EXEDY

JCR Affirmed BBB+/Stable and J-2 on Joshin Denki

JCR Affirmed AAA Rating on IDB with Stable Outlook

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL16-11 (D Hospital)

[ Asset Securitization Products ] JCR Assigned J-1+ to MSNW Trust Certificate Series 16110

[ Asset Securitization Products ] JCR Assigned J-1+ to D Corporation Bills Receivable ABL16-11

JCR Withdraws BBB+/Negative Long-term Issuer Rating on CAC Holdings

JCR Withdraws A+/AA- (FC/LC) Ratings on Daejeon City

Nov. 24, 2016

JCR Affirmed A/Stable and J-1 on Nippon Flour Mills

JCR Affirmed AA/Stable on NISSHIN SEIFUN GROUP

JCR Affirmed A-/Stable and J-1 on Showa Sangyo

JCR Affirmed A-/Stable on Nishimatsu Construction

JCR Affirmed A/Stable Long-term Issuer Rating on EZAKI GLICO

JCR Affirmed A+/Stable, A+, Preliminary A+ and J-1 on Keikyu Corp.

JCR Affirmed A/Stable, A, Preliminary A and J-1 on JA Mitsui Leasing

[ Asset Securitization Products ] JCR Assigned Pre. J-1 to Hyakugo Bank B Corp. Bills Rec. ABL16-11

Nov. 22, 2016

TAIYO NIPPON SANSO will Acquire Australian Industrial Gas Company - JCR will Pay Attention to Impact of Its Series of Acquisitions on Financial Structure

JCR Assigned AA+ Rating to Bonds of J-Power

JCR Assigned BBB+ Rating to Bonds of UNIZO Holdings

JCR Assigned AA to Bonds of DAIWA HOUSE INDUSTRY

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Affirmed BBB+/Stable and BBB- on Nippon Light Metal Holdings

[ Asset Securitization Products ] JCR Assigned Pre AAA to Class A Beneficial Interest 201701

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL16-11

Nov. 21, 2016

JCR Affirmed A-/Stable on Senshu Ikeda Bank

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL16-11 (F Hospital)

Nov. 18, 2016

JCR Assigned AA to Bonds of Chugoku Electric Power

JCR Assigned A- Rating to Bonds of Mitsui Mining and Smelting

JCR Assigned AA- Rating to Bonds of NIDEC

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

JCR Assigned AA to Bonds of Frontier Real Estate Investment

JCR Affirmed BB+/Stable Rating on IKAI

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL16-11

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

Nov. 17, 2016

JCR Assigned AA to Bonds of GLP J-REIT

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

JCR Affirmed AA/Stable on Nomura Real Estate Master Fund

[ Asset Securitization Products ] JCR Assigned Preliminary J-1+ to MSNW Trust Certificate Series 16110

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

Nov. 16, 2016

JCR Assigned A- Ratings to Bonds of POCKET CARD

JCR Assigned AA to Bonds of Urban Renaissance Agency

JCR Assigned AAA to Bonds of Aichi Prefecture

JCR Affirmed A+/Stable on YAMAHA

JCR Affirmed A/Stable on DAIICHIKOSHO

JCR Affirmed BBB+/Stable, BBB+, Pre. BBB+ and J-2 on KANEMATSU

JCR Affirmed BBB+/Stable on Namura Shipbuilding

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