News Release

Dec. 25, 2015

JCR Upgraded Rating on Toyoko Inn from BBB- to BBB/Stable

JCR Assigned AA/Stable to Frontier Real Estate Investment

JCR Affirmed AA+/Stable and AA+ on JASSO

JCR Affirmed BBB Rating on EIKEN CHEMICAL; Outlook Positive

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

Dec. 24, 2015

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL15-12 (D Hospital)

[ Asset Securitization Products ] JCR Assigned J-1+ to A Corp. Bills Receivable Senior Ben. Int. 15-12

JCR Affirmed AA-/Stable and AA- on Daiwa House REIT

JCR Affirmed AA-/Stable, AA- on Daiwa House Residential Investment

JCR Affirmed BBB/Stalbe Long-term Issuer Rating on Toyo Logistics

JCR Affirmed J-1+ on CP of TOYOTA MOTOR

JCR Affirmed J-1 Rating on CP of UC Card

JCR Affirmed AA/Stable and J-1+ Rating on Tokyo Electron

Jupiter Telecommunications Announces Capital Participation in Shop Channel

Dec. 22, 2015

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL15-12

Basic Agreement on Business Integration of MINEBEA and MITSUMI ELECTRIC

JCR Affirmed BBB/Stable on YAMAZAWA

JCR Affirmed BBB+/Stable, BBB+, BBB- and J-2 on Kawasaki Kisen

JCR Affirmed A/Stable on Kenedix Retail REIT

JCR Affirmed A/Stable and A- on NISHI-NIPPON CITY BANK

JCR Affirmed B-/Stable Long-term Issuer Rating on AIFUL

JCR Affirmed BBB+ on PACIFIC INDUSTRIAL; Revised Outlook to Positive

JCR Affirmed AA-/Stable on AEON REIT

Dec. 21, 2015

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL15-12 (F Hospital)

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

JCR Affirmed A+/Stable Long-term Issuer Rating on SEINO HOLDINGS

JCR Affirmed AAA/Stable on Japan Broadcasting Corporation

JCR Assigned Preliminary AA Rating to Shelf Registration of BTMU

Dec. 18, 2015

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL15-12

JCR Downgraded Rating on Takata from BBB- and J-2 to BB+ and J-3

JCR Affirmed J-1 Rating on CP of Nissay Leasing

Dec. 17, 2015

[ Asset Securitization Products ]JCR Assigned Preliminary J-1+ to MSNW Trust Certificate Series 15120

JCR Affirmed BBB/Stable Long-term Issuer Rating on Sankyo Tateyama

Dec. 16, 2015

JCR Affirmed AAA/Stable Ratings on Canada

JCR Assigned AA- Rating to Bonds of JCB

JCR Affirmed A-/Stable and A- on ARAKAWA CHEMICAL INDUSTRIES

Dec. 15, 2015

JCR Affirmed AA- Rating on Specified Bonds of Nissay 2011 Fund SPC
JCR Affirmed AA- Rating on Specified Bonds of Nissay 2012 Fund SPC
JCR Affirmed AA- Rating on Specified Bonds of Nissay 2015 Fund SPC

JCR Affirmed A on Specied Bonds of Meiji Yasuda Life 2011 Fund SPC
JCR Affirmed A on Specied Bonds of Meiji Yasuda Life 2012 Fund SPC
JCR Affirmed A on Specied Bonds of Meiji Yasuda Life 2013 Fund SPC
JCR Affirmed A on Specied Bonds of Meiji Yasuda Life 2014 Fund SPC

JCR Affirmed A on Specified Bonds of Sumitomo Life Fund Sec. SPC IV
JCR Affirmed A on Specified Bonds of Sumitomo Life Fund Sec. SPC V

Acquisition of GE group's leasing business in Japan by SMFL

JCR Affirmed BBB on SCREEN Holdings; Revised Outlook to Positive

Dec. 14, 2015

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

[ Asset Securitization Products ] JCR Upgraded Class C of Trust Maison Two to AAA; Affirmed Class B&D

JCR Affirmed A-/Stable, A- and Pre. A- on Nishimatsu Construction

JCR Affirmed AA-/Stable, AA-, Pre. AA- and J-1+ on Asahi Group

JCR Affirmed A-/Stable and BBB+ Rating on Kita-Nippon Bank

JCR Assigned Pre A+, Affirmed A+/J-1 on Sumitomo Rub., Positive

JCR Affirmed A-/Stable and J-1 Rating on Mitsubishi Electric Credit

Dec. 11, 2015

JCR Affirmed A+/Stable on SUMITOMO LIFE INSURANCE

JCR Affirmed BBB/Stable LT Issuer Rating on TAMURA CORPORATION

JCR Affirmed AAp and J-1+ on Nippon Life Insurance

JCR Affirmed A+/Stable and J-1+ on Dai-ichi Life Insurance

JCR Affirmed A+/Positive and J-1+ on Meiji Yasuda Life Insurance

JCR Affirmed A/Stable and A on Keisei Electric

Affirmed BBB+/Stable Long-term Issuer Rating on BELLUNA

JCR Upgraded Rating on GLP J-REIT from AA-/Positive to AA/Stable

JCR Affirmed BBB+/Stable and J-2 on HANWA

JCR Upgraded Rating on Sotetsu Holdings to A-/Stable

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

JCR Affirmed AA-/Stable, AA-, Pre. AA- and J-1+ on Odakyu Electric

JCR Affirmed AA/Stable, AA, Preliminary AA and J-1+ on Keio Corp.

JCR Assigned AA Rating to Bonds of FAST RETAILING

JCR Assigned AA- to Bonds of Kyushu Electric Power Company

JCR Assigned AAA to Bonds of Aichi Prefecture

Dec. 10, 2015

Series 1511-B01

JCR Withdraws BBB/Negative and BBB- on SAGA KYOEI BANK

JCR Affirmed BBB on KYORITSU MAINTENANCE;Revised Outlook to Positive

JCR Assigned BBB Rating to Bonds of ICHINEN HOLDINGS

JCR Assigned AA- to Bonds of Sumitomo Warehouse

Dec. 09, 2015

[ Asset Securitization Products ] JCR Assigned Pre. J-1+ to A Corp. Bills Rec. Senior Ben. Int. 15-12

Affirmed A+ and J-1 on DAIBIRU; Revised Outlook to Negative

Mitsubishi Chemical Holdings to Integrate Group Chemical Companies

JCR Affirmed A+/Stable (FC) Rating on Hotel Lotte

JCR Affirmed BBB+/Stable Long-term Issuer Rating on NIPPON CHEMI-CON

Dec. 08, 2015

JCR Affirmed A-/Stable and BBB+ Rating on Ehime Bank

Dec. 07, 2015

JCR Assigned AA to Notes of Mitsubishi UFJ Securities International

JCR Affirmed AAA/Stable Ratings on Commonwealth of Australia

Dec. 04, 2015

JCR Assigned BBB+ to Bonds of Kintetsu Group Holdings

JCR Affirmed AAA/Stable and AAA on Japan Finance Corporation

JCR Assigned AA Rating to Bonds of KJK, Affirmed AA/Stable

JCR Assigned AA to Bonds of Chugoku Electric Power Company

JCR Affirmed A+p/Stable Rating on Fukoku Mutual Life Insurance
JCR Affirmed A+/Stable Rating on Fukokushinrai Life Insurance

Dec. 03, 2015

JCR Affirmed A-/Stable on TAKASAGO INTERNATIONAL

JCR Upgraded MINEBEA from A/Positive to A+/Stable, Affirmed J-1

JCR Assigned BBB+ Rating to Bonds of Kanagawa Chuo Kotsu

JX Holdings, TonenGeneral Sekiyu Reach Basic Business Integration Agreement

Dec. 01, 2015

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

JCR Affirmed A/Stable and J-1 on BOT Lease

JCR Affirmed A-/Stable and A- on H.I.S.

JCR Affirmed A- and J-1 on Keihan; Revised Outlook to Positive

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

JCR Affirmed A+/Stable Long-term Issuer Rating on YAMADA DENKI

JCR Affirmed A/Stable Long-term Issuer Rating on K'S HOLDINGS

JCR Affirmed BBB+ on EDION; Revised Outlook from Stable to Positive

JCR Affirmed BBB+/Stable on Southern TOHOKU Social Welfare Foundation

JCR Affirmed A/Stable and A on Topre

JCR Affirmed A-/Stable and A- on Maruzen Showa Unyu

Nov. 30, 2015

[ Asset Securitization Products ] JCR Assigned J-1 to Toda Kogyo Bills Receivable ABL15-11

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills Receivable ABL15-11

[ Asset Securitization Products ] JCR Assigned J-1 to Nohara Bills Receivable ABL15-11