News Release

Dec. 12, 2014

JCR Assigned AA- Rating to Bonds of GLP J-REIT

JCR Assigned AA- Rating to Bonds of Daiwa House REIT

JCR Assigned A Rating to Subordinated Bonds (with contractual point of non-viability loss absorption feature) of Mizuho Financial Group

Dec. 11, 2014

JCR Affirmed AA Ratings on CAF

JCR Affirmed AA-/Stable Long-term Issuer Rating on Daiwa House REIT

Dec. 10, 2014

JCR Affirmed AA-/Stable Long-term Issuer Rating and AA- Rating on Bonds of Daiwa House Residential Investment Corporation

Dec. 09, 2014

[ Asset Securitization Products ] JCR Assigned Preliminary J-1+ to Saitama Resona Bank A Corporation Bills Receivable Senior Beneficial Interest 14-12

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

JCR Affirmed A+/Stable Long-term Issuer Rating and J-1 Rating on CP of NIPPON STEEL & SUMIKIN LOGISTICS

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

JCR Assigned AA- Rating to Bonds of ORIX JREIT

JCR Assigned A+ Rating to Bonds of Marubeni

Dec. 08, 2014

JCR Affirmed AA-/Stable Long-term Issuer Rating on Nomura Trust and Banking

Dec. 05, 2014

JCR Assigned BBB+ Rating to Bonds of Mitsui Engineering & Shipbuilding

JCB Assigned AA- Rating to Bonds of JCB

JCR Assigned AA Rating to Bonds of Kanagawa Prefectural Housing Supply Corporation; Affirmed AA/Stable Long-term Issuer Rating

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

JCR Affirmed A-/Stable Long-term Issuer Rating, A- Rating on Bonds, BBB Rating on Subordinated Loan and J-1 Rating on CP of TOYOBO

JCR Affirmed A+/Stable Long-term Issuer Rating, A+ on Bonds, Preliminary A+ on Shelf Reg., and J-1 on CP for DAIBIRU

JCR Assigned AA Rating to Bonds of NEW KANSAI INTERNATIONAL AIRPORT

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

JCR Assigned A Rating to Bonds of DOWA HOLDINGS; Affirmed A and J-1; Revised Outlook from Stable to Positive

JCR Downgraded Rating on Takata Corporation from #A/Negative to #A-/ Negative and Maintains CM; Placed Rating on CP under Credit Monitor #J-1/Negative

JCR Affirmed AA- Long-term Issuer Rating and AA- Ratings on Bonds for GLP J-REIT; Revised Outlook from Stable to Positive

JCR Assigned A Rating to Bonds of Japan Hotel REIT

Dec. 04, 2014

[ Asset Securitization Products ] JCR Assigned J-1+ to Hokuriku Bank D Corporation Bills Receivable ABL14-12

JCR Assigned AA Rating to Bonds of Chubu Electric Power

JCR Assigned AA+/Stable Long-term Issuer Rating to Nippon Building Fund

JCR Assigned A/Stable Long-term Issuer Rating to K'S HOLDINGS

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

Dec. 03, 2014

JCR Assigned BBB+ Rating to Subordinated Bonds of SoftBank

JCR Assigned A Rating to Bonds of Sumitomo Realty & Development

JCR Assigned AAA Rating to Bonds of Aichi Prefecture

JCR Assigned A- Rating to Bonds of Mitsui Sugar

JCR Assigned A+ Rating to Bonds of JX Holdings

Dec. 02, 2014

JCR Affirmed BBB/Stable, BBB, Preliminary BBB and J-2 on COSMO OIL

JCR Affirmed BBB+/Stable Long-term Issuer Rating, BBB+ Rating on Bonds and J-2 Rating on CP of Joshin Denki

Dec. 01, 2014

JCR Affirmed BBB+/Stable Long-term Issuer Rating, BBB+ on Bonds and J-2 on CP for HANWA

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

JCR Assigned Preliminary AA- Rating to Shelf Registration of Asahi Group Holdings; Affirmed AA-/Stable, AA- and J-1+ Rating

Nov. 28, 2014

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills Receivable ABL14-11

[ Asset Securitization Products ] JCR Assigned J-1 to Toda Kogyo Bills Receivable ABL14-11

[ Asset Securitization Products ] JCR Assigned J-1 to Nohara Bills Receivable ABL14-11

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

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

JCR Affirmed AAA/Stable and AAA on Tokyo Metro

JCR Assigned A Rating to Bonds of IBJ Leasing

JCR Affirmed A-/Stable Long-term Issuer Rating on RISO KAGAKU

JCR Assigned A+ Ratings to Bonds of Nippon Electric Glass

JCR Assigned BBB+ Rating on Program of ICICI Bank

JCR Assigned A- Ratings to Bonds of JACCS

JCR Assigned Preliminary BBB+ Rating to Shelf Registration of Sojitz

JCR Affirmed A+/Stable Long-term Issuer Rating, A+ on Bonds, Preliminary A+ on Shelf Reg. and J-1 on CP for Keikyu Corporation

JCR Affirmed BBB+ Long-term Issuer Rating on Sotetsu Holdings; Revised Outlook from Stable to Positive

JCR Upgraded Long-term Issuer Rating from A-/Positive to A/Stable and Bond Ratings from A- to A for Keisei Electric Railway

JCR Assigned AA to Shelf Reg.; Affirmed AA/Stable Long-term Issuer Rating, AA on Bonds, Preliminary AA on Shelf Reg. and J-1+ Rating on CP for Keio Corporation

JCR Affirmed AA-/Stable Long-term Issuer Rating, AA- on Bonds, Preliminary AA- on Shelf Reg. and J-1+ on CP for Odakyu Electric Railway

JCR's Opinion on Hanwha Chemical's Purchase of Equity Shares of Samsung General Chemicals

Nov. 27, 2014

Series 84

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL14-11

JCR Assigned AA Rating to Bonds of Sekisui House

JCR Assigned BBB+ Rating to Bonds of Kanagawa Chuo Kotsu

JCR Assigned A- Rating to Bonds of IHI

JCR Affirmed A+/Stable Long-term Issuer Rating and A+ Rating on Bonds of Nippon Yusen

JCR Affirmed A Rating on EMTN of Mitsui O.S.K. Lines
JCR Affirmed A Rating on EMTN of Euromol

JCR Affirmed BBB+/Negative Long-term Issuer Rating on INAGEYA

JCR Affirmed A/Stable Long-term Issuer Rating, A Rating on Bonds, Preliminary A Rating on Shelf Registration and J-1 Rating on CP of Mitsui O.S.K. Lines

JCR Assigned A- Rating to Bonds of SENKO

Nov. 26, 2014

JCR Upgraded Long-term Issuer Rating from BBB/Stable to BBB+/Stable, Ratings on Bonds from BBB to BBB+ and Affirmed J-2 on CP for Sojitz

JCR Withdraws #BBB-/Negative Long-term Issuer Rating on KAPPA CREATE HOLDINGS

JCR Affirmed A-/Stable Long-term Issuer Rating and J-1 Rating on CP of Showa Sangyo

JCR Affirmed A/Stable, A- and Preliminary A Rating on Toho Bank
JCR Affirmed BBB/Stable and BBB- Rating on FUKUSHIMA BANK
JCR Affirmed BBB/Stable and BBB- Rating on DAITO BANK

JCR Affirmed A/Stable Long-term Issuer Rating, A Rating on Bonds and J-1 Rating on CP of Nippon Flour Mills

JCR Affirmed AA/Stable Long-term Issuer Rating on NISSHIN SEIFUN GROUP

Nov. 25, 2014

[ Asset Securitization Products ] JCR Assigned J-3 to Monthly Clear Card Shopping Receivable ABL 14-11

[ Asset Securitization Products ] JCR Assigned J-1+ and J-2 to Hokuriku Bank C Corporation Bills Receivable ABL14-11

[ Asset Securitization Products ] JCR Assigned J-1 to Hyakugo Bank B Corporation Bills Receivable ABL14-11

[ Asset Securitization Products ]JCR Assigned J-1+ to MSNW Trust Certificate Series 14110

JCR Affirmed BBB+/Stable and BBB+ on NIPPON THOMPSON

JCR Assigned A- Rating to Euroyen Bonds of Nagoya Railroad

JCR Upgraded Rating on Daio Paper from BBB-/Stable and BBB- to BBB/Stable and BBB

Nov. 21, 2014

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL14-11 (D Hospital)

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

JCR Affirmed BBB/Stable Long-term Issuer Rating and BBB- Rating on Subordinated Bonds for TOTTORI BANK

JCR Downgraded Rating on SHIMANE BANK from BBB/Stable and BBB- to BBB-/Stable and BB+

JCR Affirmed A/Stable Long-term Issuer Rating, A- Rating on Subordinated Bonds and Preliminary A Rating on Shelf Registration of NISHI-NIPPON CITY BANK

JCR Upgraded Rating on Nishimatsu Construction from BBB+p/Stable to A-p/Stable

JCR Affirmed A and J-1 on Sanwa Holdings; Revised Outlook from Stable to Positive

JCR Assigned Preliminary A- Rating to Shelf Registration of IHI

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

JCR Affirmed A/Stable Long-term Issuer Rating and A Rating on Bonds of DAIICHIKOSHO

Nov. 19, 2014

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Hyakugo Bank B Corporation Bills Receivable ABL14-11

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL14-11

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL14-11

JCR Affirmed BBB- Long-term Issuer Rating on Gyokushoukai; Revised Outlook from Positive to Stable

JCR Affirmed BBB/Stable Long-term Issuer Rating and Rating on Ability to Pay Insurance Claims for MITSUI LIFE INSURANCE

Nov. 18, 2014

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL14-11 (F Hospital)

JCR Upgraded Rating on MIRAIT Holdings from A-/Stable to A/Stable

JCR Affirmed A/Stable Long-term Issuer Rating and A Rating on Bonds of Japan Hotel REIT

Nov. 17, 2014

JCR Affirmed A/Stable and A- on Kiyo Bank