News Release

Apr. 28, 2016

JCR Assigned J-1+ on ABCP Programs of Super Trust 11 to 15, LLC

JCR's Rating Review of 4 Expressway Companies

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

JCR Affirmed AA+/Stable LT Issuer Rating on Japan Logistics Fund

JCR Affirmed AA-/Stable Long-term Issuer Rating on San-in Godo Bank

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

Kawasaki Kisen Kaisha's Earnings Forecast - Negative for Rating, JCR to Keep Close Watch on Future Performance

JCR Affirmed A and J-1 on TAIYO NIPPON SANSO; Outlook Positive

Mitsui O.S.K. Lines' FY2016 Earnings Forecast - JCR to Assess Additional Turnaround Efforts/ Results, Reflect on Rating

Apr. 27, 2016

JCR Assigned AAA to Bonds of Aichi Prefecture

JCR Downgraded OHSHO FOOD SERVICE from A-/Negataive to BBB+/Stable

Apr. 26, 2016

JCR Assigned A Rating to Bonds of Fuyo General Lease

JCR Upgraded Rating on DIC to A/Stable, A and Pre. A; Affirmed J-1

Start of Discussions on Business Integration of COCA-COLA WEST COMPANY with Coca-Cola East Japan - JCR will Examine Progress toward Integration to be Reflected in Rating

JCR Assigned A- Rating to Bonds of Tokyo Tatemono

Apr. 25, 2016

[ Asset Securitization Products ]JCR Assigned J-1+ to MSNW Trust Certificate Series 16040

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL16-04 (D Hospital)

[ Asset Securitization Products ] JCR Assigned J-1 to Hyakugo Bank B Corp. Bills Rec. ABL16-04

JCR Affirmed A/Stable and A on KONAMI HOLDINGS

JCR Affirmed A- Rating on NIPPON REIT Investment; Outlook Positive

JCR Affirmed A/Stable, A, Pre. A and J-1 on TSUBAKIMOTO CHAIN

JCR Affirmed BBB+/Stable and J-2 Rating on MARUDAI FOOD

Apr. 22, 2016

JCR Affirmed A/Stable and J-1 on HIROSHIMA GAS

JCR Affirmed A/Stable and J-1 on HOKKAIDO GAS

JCR Affirmed AA+p/Stable on TOHO GAS

JCR Affirmed AA+p/Stable on OSAKA GAS

JCR Affirmed AAA/Stable on TOKYO GAS

JCR's Rating Viewpoints on City Gas Companies

JCR Assigned A+ Rating to Bonds of Kenedix Office Investment

JCR Affirmed AAA/Stable, AAA, Pre. AAA and J-1+ on NTT FINANCE

JCR Assigned A+ Rating to Bonds of Mitsubishi UFJ Financial Group

Apr. 21, 2016

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL16-04

JCR Affirmed AA-/Stable LT Issuer Rating on Maruichi Steel Tube

Apr. 20, 2016

[ Asset Securitization Products ] JCR Assigned Pre. J-1 to Hyakugo Bank B Corp. Bills Rec. ABL16-04

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL16-04 (F Hospital)

JCR Assigned AA- to Bonds of Kansai Electric Power Company

JCR Assigned A Rating to Bonds of MORI BUILDING

JCR Assigned AA Rating to Bonds of Mitsui Fudosan

JCR Upgraded Ratings on NICHIAS from BBB+/Positive to A-/Stable

JCR Assigned A- Rating to Bonds of VALOR HOLDINGS

Apr. 19, 2016

JCR Affirmed A-/Stable Long-term Issuer Rating on Ryoden Trading

JCR Affirmed A/Stable Rating on Hiroshimashi Credit Cooperative

JCR Affirmed AA-/Stable Long-term Issuer Rating on Kokushikan

JCR Affirmed A/Stable and J-1 Rating on Fukuoka Financial Group
JCR Affirmed A+/Stable on Bank of Fukuoka
JCR Affirmed A/Stable on Kumamoto Bank
JCR Affirmed A/Stable on Shinwa Bank

Apr. 18, 2016

Series 125

Series 1508-B01

Series 1602-B02

Series 1601-B03

Series 1602-B01

Series 1511-B01

Trust Bonds No.125

[ Asset Securitization Products ]JCR Assigned Preliminary J-1+ to MSNW Trust Certificate Series 16040

Impacts of Kumamoto Earthquakes - No Immediate Impact on Ratings for Kyushu Electric, SAIBU GAS

JCR Affirmed A+/Stable and J-1 on Sumitomo Mitsui Trust Panasonic

Marubeni Revises Earnings Estimates - No Immediate Impact on Rating

Apr. 15, 2016

Series VPA 1 S02

JCR Assigned AAA to Bonds of Aichi Prefecture

JCR Assigned AA Rating to Bonds of KJK

JCR Affirmed AA-/Stable and J-1+ on Sumitomo Mitsui Card

JCR Assigned AA- Rating to Bonds of TOKYU CORPORATION

JCR Affirmed A+/Stable and J-1+ on Kyoei Fire and Marine Insurance

Daiwa House Residential Investment and Daiwa House REIT Investment Agree on Merger - No Impact on Rating

JCR Assigned BBB+ Rating to Bonds of Kintetsu Group Holdings

Apr. 14, 2016

JCR Affirmed A-/Stable Long-term Issuer Rating on Nittetsu Mining

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

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

JCR Assigned A- to Bonds of SoftBank Group, Affirmed Other Ratings

JCR Affirmed AAA/AAA (FC/LC) Ratings on the Netherlands

Apr. 13, 2016

JCR Assigned AA- to Bonds of Kyushu Electric Power

JCR Assigned AA- to Bonds of Mitsubishi UFJ Lease & Finance

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

Apr. 12, 2016

JCR Affirmed A+/Stable, A+ and J-1 Rating on ITO EN

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Assigned AA+ Rating to Bonds of Electric Power Development

Apr. 11, 2016

JCR Affirmed BBB+/Stable on OKASAN SECURITIES GROUP
JCR Affirmed BBB+/Stable on OKASAN SECURITIES

JCR Affirmed A- on SEIREN; Revised Outlook from Stable to Positive

JCR Affirmed BBB+/Stable and J-2 on Tokai Tokyo Financial HD
JCR Affirmed BBB+/Stable on Tokai Tokyo Securities

Apr. 08, 2016

Series VPA 1 S02

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

JCR Affirmed A+/Stable and A+ Rating on Daicel

JCR Affirmed A-/Stable and BBB+ (sub. bonds) on SAIKYO BANK

JCR Assigned AA to Bonds of Chubu Electric Power

JCR Assigned Pre. A Rating to Shelf Registration of Nagoya Railroad

JCR Assigned A-/Stable to Hoshino Resorts REIT

JCR Assigned Preliminary A- Rating to Shelf Reg. of Ube Industries

JCR Assigned Pre. A- Rating to Shelf Registration of ANA HOLDINGS

Apr. 07, 2016

JCR Assigned A+ Rating to Bonds of Century Tokyo Leasing

JCR Affirmed A-/Stable and J-1 on SAN-AI OIL

JCR Placed Rating on CHUBU GAS under Credit Monitor #A-/Negative

JCR Assigned AA to Bonds of Chugoku Electric Power Company

Apr. 06, 2016

Series 1603-B01

JCR Withdrew A (FC) Rating on National Grid Gas plc

JCR Affirmed A-/Stable on KEIAIKAI

Apr. 05, 2016

JCR Assigned A+ Rating to Bonds of Daiwa Securities Group

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

JCR Assigned Preliminary A- Rating to Shelf Reg. of Mazda Motor

JCR Affirmed J-1 on CP of Tokyu Fudosan HD; Increase in Max. Amount

JCR Affirmed BBB+ on FIDEA Holdings; Revised Outlook from Stable to Positive
JCR Affirmed BBB+ on Shonai Bank; Revised Outlook from Stable to Positive
JCR Affirmed BBB on Hokuto Bank; Revised Outlook from Stable to Positive

JCR Affirmed A-/Stable and A- Rating on SENKO

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