News Release

Aug. 23, 2016

JCR Assigned Preliminary A- Rating to Shelf Reg. of Nisshin Steel

JCR Affirmed BBB+/Stable and J-2 on TAIHEIYO CEMENT

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

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

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

JCR Affirmed AA/Stable and AA Rating on IIF

Aug. 22, 2016

[ Asset Securitization Products ] Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL16-08

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL16-08 (F Hospital)

JCR Assigned Pre AAA to Shelf Reg. of Development Bank of Japan

JCR Affirmed J-2 Rating on CP of TOKAI Holdings

Aug. 19, 2016

JCR Affirmed AA-, Pre AA- and J-1+ on MHI; Revised Outlook to Stable

JCR Affirmed A+ on Hankyu Hanshin HD; Revised Outlook to Positive

JCR Assigned A+ to Bonds of Daiwa Securities Group

JCR Assigned AAA to Bonds of AfDB; Affirmed AAA/Stable

JCR Assigned Preliminary A- Rating to Shelf Reg. of HIKARI TSUSHIN

JCR Assigned Preliminary AA to Shelf Reg. of Chugoku Electric Power

JCR Affirmed A+/Stable, A+ and Pre. A+ Rating on AIR WATER

Aug. 17, 2016

[ Asset Securitization Products ] JCR Assigned Preliminary J-1+ to MSNW Trust Certificate Series 16080

JCR Assigned Preliminary AA Rating to Shelf Registration of NKIAC

JCR Withdraws J-1 CP Rating on ANA HOLDINGS

Aug. 16, 2016

JCR Assigned Pre. A- Rating to Shelf Registration of FUJI ELECTRIC

Aug. 15, 2016

JCR Assigned Preliminary A+ Rating to Subordinated Bonds of SMFG

JCR Assigned Pre. A- to Shelf Reg. of NECAP; Affirmed A-/Stable, J-1

JCR Affirmed A+ Ratings on Slovenia with Stable Outlook

Aug. 12, 2016

JCR Assigned Pre AAA to Senior Beneficial Interest 201609

JCR Removed CM/Revised Rating on Sharp from #B+/Positive to BB/Stable

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

JCR Affirmed BBB+/Stable and BBB on TOMATO BANK

Aug. 10, 2016

JCR Assigned A- Rating to Subordinated Loan of Marubeni

JCR Assigned AAA to Bonds of Aichi Prefecture

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

Aug. 09, 2016

JCR Assigned A to Spec. Bonds of Meiji Yasuda Life 2016 Fund SPC

JCR Downgraded Rating on LIXIL Group from AA-/Negative to A+/Stable

JCR Downgraded Rating on KISOJI from BBB/Negative to BBB-/Stable

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

JCR Affirmed A-/Stable Rating on DyDo DRINCO, INC.

JCR Affirmed A-/Stable, A-, Pre. A- and J-1 Rating on Central Glass

JCR Affirmed AA-/Stable, AA-, Preliminary AA- and J-1+ on SAIBU GAS

Aug. 08, 2016

JCR Assigned Preliminary AA- to Shelf Reg. of Kansai Electric Power

Aug. 05, 2016

JCR Assigned AA+ Rating to Bonds of NARITA INTERNATIONAL AIRPORT

Aug. 04, 2016

JCR Upgraded Rating on DAIKYO from A-/Positive to A/Stable

JCR Assigned Pre. A- to Shelf Reg. of Sumitomo Mitsui Trust Holdings

JCR Affirmed BBB+/Stable, BBB+ and Pre. BBB+ on HEIWA REAL ESTATE

JCR Affirmed AAA/Negative on JBIC

Aug. 03, 2016

JCR Assigned Preliminary A+ Rating to Shelf Registration of Keikyu

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

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

Aug. 02, 2016

JCR Assigned Pre A- to Shelf Registration of MAEDA CORPORATION

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

JCR Affirmed A-/Stable on Morinaga & Co.

JCR Affirmed AA-/Stable on COCA-COLA WEST

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

JCR Affirmed BBB+/Stable and BBB+ on Makino Milling Machine

JCR Affirmed AA/Stable and AA on TOYOTA BOSHOKU

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

NIDEC's Acquisition of 2 Businesses from Emerson

JCR Withdraws A+/Stable Long-term Issuer Rating on Nissen Holdings

Aug. 01, 2016

JCR Upgraded Japan Residential I TMK (Class B/C Loans) to BBB/BBB-

JCR Assigned Pre A+ to Beneficial Int/ABL to Securitization of Loan

JCR Assigned AA- Rating to CABEI's ZAR Uridashi Bonds

JCR Assigned A to Shelf; Affirmed A/Stable and J-1 on KUREHA

JCR Affirmed BBB-/Stable Long-term Issuer Rating on ISHIHARA SANGYO

JCR Affirmed BBB+/Stable on KOHNAN SHOJI

JCR Affirmed A/Stable and J-1 Rating on HEIWADO

JCR Affirmed BB+/Negative on Russia

Jul. 29, 2016

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills Receivable ABL16-07

[ Asset Securitization Products ] JCR Assigned J-1 to Nohara Bills Receivable ABL16-07

JCR Affirmed A+ on Nippon Yusen; Revised Outlook to Negative

JCR Affirmed BBB+ on Kawasaki Kisen; Revised Outlook to Negative

JCR Affirmed A Rating on OSG; Revised Outlook to Stable

JCR Affirmed BBB Rating on FUKUHO BANK; Revised Outlook to Negative

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

JCR Affirmed AA+p/Stable on West Japan Railway

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

JCR Affirmed AAA (FC)/AAA (LC) Ratings on EDC with Stable Outlook

JCR Affirmed A+ Ratings on Shinhan Bank

JCR Withdraws A+/Positive Long-term Issuer Rating on MHIECE

Jul. 28, 2016

[ Asset Securitization Products ] JCR Assigned J-1 to Hyakugo Bank B Corp. Bills Rec. ABL16-07

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL16-07

JCR Affirmed AA- on Commitment Line of PASMO

JCR Affirmed A-/Stable, A- and J-1 on PENTA-OCEAN CONSTRUCTION

Jul. 27, 2016

JCR Assigned AA- Rating to Sub.Bonds of Sompo Japan Nipponkoa

JCR Assigned A+ to Bonds of Sumitomo Realty & Development

Jul. 26, 2016

Series 1607-B01

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL16-07 (D Hospital)

JCR Removed CM; Affirmed BB+/Negative on Nippon Sheet Glass

JCR Affirmed A+/Stable and J-1 on Meiji Holdings

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

JCR Affirmed AAA/AAA (FC/LC) Ratings on Denmark with Stable Outlook

Jul. 25, 2016

Series 781

[ Asset Securitization Products ] JCR Assigned Pre. J-1 to Hyakugo Bank B Corp. Bills Rec. ABL16-07

[ Asset Securitization Products ] JCR Assigned J-1+ to MSNW Trust Certificate Series 16070

JCR Upgraded Nippon Fine Chemical from BBB/Positive to BBB+/Stable

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

JCR Affirmed A/Stable on H2O RETAILING

Highlights of Regional Banks' Financial Results for Fiscal Year Ended March 2016

Jul. 22, 2016

JCR Assigned A+ Rating to Bonds of JX Holdings

JCR Assigned BBB+ Rating to Bonds of NAGATANIEN HOLDINGS

JCR Assigned Preliminary A+ Rating to Shelf Registration of SMTH

JCR Assigned Pre A+ to Shelf Reg. of Daiwa Securities Group