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Mar. 14, 2025: JCR Affirmed AA-/Stable Long-term Issuer Rating on OBAYASHI; JCR Affirmed AA-p/Stable Long-term Issuer Rating on SHIMIZU; JCR Affirmed A/Stable Long-term Issuer Rating on Yodogawa Christian Hospital; JCR Affirmed BBB+/Stable FC Long-term Issuer Rating on Indofood CBP Sukses Makmur; JCR Affirmed A/Stable (FC) and A+/Stable (LC) on Thailand; JCR Affirmed AA/Stable Long-term Issuer Rating on Daiwa Office Investment Corporation; JCR Assigned BBB+ Rating to Bonds of Restar; Joint Green Bond issuers (Local Governments): Assigned Green Bond Evaluation: Green 1; JCOM: Second Party Opinion on Sustainability Linked Loan Framework; Ichiniisan, The Bank of Yokohama: Second Opinion on Positive Impact Finance; MUSTARCS, San ju San Bank: Second Opinion on Positive Impact Finance; FREEWAY, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; Hokkaido Tatemono, The Hokkaido Bank: Second Opinion on Positive Impact Finance

Mar. 13, 2025: JCR Assigned A+/Stable (FC/LC) to BPPA (EXAU) Master HD
JCR Assigned A+/Stable (FC/LC) to Australia Core Property; Kawasaki City: Second Party Opinion on Kawasaki Port CNP Green/Transition Finance Framework

Mar. 12, 2025: JCR Upgraded Long-term Issuer Rating on Namura Shipbuilding to BBB/Stable; JCR Affirmed J-3 Short-term Issuer Rating on INV Inc.; [ Asset Securitization Products ] JCR Assigned Preliminary AAA to Beneficial Interest of unus202503; Sasebo Harbor Transport, The Juhachi-Shinwa Bank: Second Opinion on Positive Impact Finance

Mar. 11, 2025: JCR Affirmed AA/Stable Long-term Issuer Rating on Kanagawa University; JCR Affirmed A-/Stable Long-term Issuer Rating on Tokyo Shinkin Bank; JCR Affirmed AAA/Stable Long-term Issuer Rating on National Institution for Academic Degrees and Quality Enhancement of Higher Education; JCR Assigned A- Rating to Bonds of GMO Financial HD; Japan Finance Corporation: Assigned Social Bond Evaluation: Social 1

Mar. 10, 2025: JCR Affirmed A-/Stable Long-term Issuer Rating on Osaka Shoko Shinkin Bank; Assigned J-1 to Short-term Issuer Rating; JCR Upgraded Long-term Issuer Rating on Kintetsu Group HD to A-/Stable; JCR Affirmed A+/Stable Long-term Issuer Rating on Hoshino Resorts REIT; TM Processing, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Mar. 07, 2025: SBI Shinsei Bank Reached Agreement with the Government on Repayment Scheme for Public Funds—No Impact on Rating; Seven & i HD Transfers SST Business Group including Ito-Yokado—No Immediate Impact on Rating; JCR Affirmed A- on Asahi Mutual Life Insurance; Outlook Positive; JCR Affirmed A/Stable Long-term Issuer Rating on Mitsui DM Sugar HD; JCR Affirmed AA+/Stable and J-1+ on Master Trust Bank of Japan; JCR Affirmed AA+/Stable and J-1+ on Custody Bank of Japan; JCR Affirmed AAA/Stable Long-term Issuer Rating on Asian Development Bank; JCR Affirmed A/Stable (FC/LC) on Italy; JCR Assigned A- Rating to Subordinated Bonds of Tokyu Fudosan HD; JCR Assigned AA Rating to Bonds of Chugoku Electric Power; JCR Assigned AA Rating to Bonds of Chubu Electric Power; JCR Assigned A+ Rating to Bonds of MITSUI-SOKO HD; JCR Upgraded SPIRE SA Series 2024-179, 2024-181, 2024-228, 2024-367, 2024-392 and 2025-198 to A+; [ Asset Securitization Products ] JCR Upgraded Notes of Earls Four Limited Series 1081 to A+; JCR Upgraded Earls Four Limited Series 843 and 859 to A; JCR Upgraded Earls Eight Limited Series 845 and 846 to A+; JCR Upgraded Neon Capital Limited Series 781 to A-; [ Asset Securitization Products ] JCR Upgraded Notes of Cypher Limited Series 534 to A+; [ Asset Securitization Products ] JCR Affirmed AAA and A+ on Class A and Class B Beneficial Interests on Jupiter Investment Purpose Condominium Loan Backed Beneficial Interests 2013; [ Asset Securitization Products ] JCR Affirmed AAA and A+ on Class A and Class B Beneficial Interests on Sakura Investment Purpose Condominium Loan Securitization Series 1; Results of Review of Structured Finance Products (Excluding Those to Which Credit Ratings Are Assigned) February 2025; FASHION CLOTH FURUSHIMA, THE SAITAMAKEN SHINKIN BANK: Second Opinion on Positive Impact Finance

Mar. 06, 2025: JCR Assigned A+/Stable FC Long-term Issuer Rating to Total Engine Asset Management; JCR Upgraded Long-term Issuer Rating on SEIBU HD to A/Stable; JCR Affirmed A+ and J-1 on JGC HD; Revised Outlook to Negative; JCR Affirmed A+/Stable Long-term Issuer Rating on SUNDRUG; JCR Affirmed A-/Stable FC Long-term Issuer Rating on Far East Horizon; JCR Affirmed AA/Stable Long-term Issuer Rating on DREAM Private REIT; JCR Assigned A Rating to Bonds of Shibusawa Logistics; JCR Assigned A+ Rating to Bonds of SCSK; JCR Assigned AA Rating to Bonds of TOKYU; JCR Assigned A+ Rating to Subordinated Loan of Tokyo Century; JCR Assigned AA- to Notes of HARP Issuer PLC Series 401; MIRARTH HOLDINGS: Second Party Opinion on Sustainability Linked Loan Framework; OKUTAMA KOGYO, The Hokuriku Bank: Second Opinion on Positive Impact Finance

Mar. 05, 2025: JCR Assigned A-/Stable FC Long-term Issuer Rating to Ayala Corporation; JCR Upgraded FC Long-term Issuer Rating on Deutsche Bank to A+p/Stable; JCR Affirmed AAA/Stable Long-term Issuer Rating on New Development Bank; JCR Assigned BBB Rating to Bonds of GAKKEN HD; APRE, The Hokuriku Bank: Second Opinion on Positive Impact Finance; Kuwabara Motors, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; Fresh Logistics, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Mar. 04, 2025: JCR Affirmed BBB+/Stable (FC/LC) on REC; JCR Assigned AA Rating to Bonds of Mitsubishi HC Capital; JCR Affirmed A on CS Mega Solar Green Project Bond Trust 1 Beneficial Interest and Trust ABL; JCR Affirmed A on Canadian Solar Green Project Bond Trust (Yamaguchi) Beneficial Interest and Trust ABL; JCR Affirmed A- on Canadian Solar Dual Tenor Green Project Bond Trust (Ibaraki/Hiroshima) Beneficial Interest and Trust ABL

Mar. 03, 2025: AEON Begins Discussions to Make AEON Mall a Wholly owned Subsidiary—Impact on Ratings of Both Companies is Limited; JCR Assigned AA+/Stable Long-term Issuer Rating to au Jibun Bank; JCR Affirmed AA-p/Stable Long-term Issuer Rating on Oji HD; JCR Affirmed AA/Stable Long-term Issuer Rating on Sompo Warranty; JCR Affirmed A+/Stable Long-term Issuer Rating on Yokogawa Electric; JCR Affirmed BBB+/Stable Long-term Issuer Rating on Monex Group and J-2 Rating on CP of Monex Finance; JCR Affirmed AA/Stable and J-1+ on Monex; [ Asset Securitization Products ] JCR Assigned AAA to Beneficial Interest 202502 (Contract No. 240148)

Feb. 28, 2025: JCR Assigned A/Stable and J-1 to SAN-AI OBBLI; JCR Assigned A+/Stable Long-term Issuer Rating to SUGI HD; JCR Assigned A-/Stable (FC/LC) to Lee & Man Paper Manufacturing; JCR Assigned A-/Stable Long-term Issuer Rating to Nippon Hotel & Residential Investment Corporation; JCR Upgraded Long-term Issuer Rating on Musashino Bank to A+/Stable; JCR Affirmed A Long-term Issuer Rating on Daiwabo HD; Revised Outlook to Positive; JCR Affirmed A+/Stable and J-1 on DAIBIRU; JCR Affirmed A+/Stable and J-1 on ITO EN; JCR Affirmed AA/Stable Long-term Issuer Rating on KDX Realty Investment Corporation; JCR Assigned A Rating to Subordinated Bonds of Hulic; JCR Assigned A- Rating to Bonds of Mazda Motor; JCR Assigned A- Rating to Bonds of TOA; JCR Assigned AA Rating to Bonds of SONY GROUP; JCR Assigned A- Rating to Bonds of IHI; JCR Affirmed A (fp) Fund Portfolio Rating on Real Estate Non-Recourse Loan Jointly Managed Designated Money Trust Program; JCR Assigned AA- to Sumitomo Mitsui Trust Bank (Revolving Facility (Uncommitted)) Athene Trust ABL Program; [ Asset Securitization Products ] JCR Affirmed J-1+ on Internet communication fee receivable securitization ABL program

Release Information: News Release; Issuer Reports; Reports relating to Issuer; JCR News