News Release

May. 15, 2013

JCR Assigned Preliminary AA- Rating to Shelf Reg. of Odakyu Electric Railway

JCR Assigned AA- Rating to Bonds of Mori Hills REIT Investment

May. 14, 2013

Highlights of Financial Results of Heavy Machinery Manufacturers for Fiscal Year Ended March 31, 2013

JCR's Opinion on Sharp's FY2012 Financial Result Announcement

JCR's Opinion on Tsubakimoto Kogyo's Amendment of Prior Securities Reports

JCR Assigned Preliminary A- Rating to Subordinated Loan of Toho Bank

JCR's Opinion on Nipro's Share Buyback

May. 13, 2013

JCR Affirmed A-/Negative Long-term Issuer Rating on SUMCO

May. 10, 2013

JCR Affirmed BBB/Stable Long-term Issuer Rating on Tokushu Tokai Paper

JCR Affirmed AAA/Stable and AAA on Tokio Marine Financial Solutions

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

JCR Affirmed AAA/Stable Rating on Tokio Marine Holdings
JCR Affirmed AAA/Stable Rating and J-1+ on Tokio Marine & Nichido Fire Insurance

JCR's Opinion on Tokyu Land's Business Merger with Two Consolidated Subsidiaries

JCR Assigned Preliminary A Rating to Shelf Reg. of Sumitomo Realty & Development

May. 09, 2013

[ Asset Securitization Products ] JCR Assigned J-1+ to D Corporation Bills Receivable ABL13-05

JCR Withdraws AA Rating on EMTN of Chubu Electric Power

JCR Assigned AA-/Stable Long-term Issuer Rating to Nomura Real Estate Master Fund

JCR Upgraded Rating on Takara Standard from A/Stable and Preliminary A to A+/Stable and Preliminary A+

May. 08, 2013

JCR Withdraws J-1 Rating on CP of Nippon Steel & Sumikin Engineering

May. 07, 2013

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

JCR Upgraded Ratings on Philippines from BBB- to BBB

JCR Affirmed A-/Stable and J-1 Rating on Tsubakimoto Chain

JCR Affirmed AA+/Stable Long-term Issuer Rating on Mitsui Sumitomo Insurance
JCR Affirmed AA+/Stable Long-term Issuer Rating on Aioi Nissay Dowa Insurance

May. 02, 2013

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

JCR Assigned AAA Rating to Bonds of Aichi Prefecture

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

JCR Affirmed BBB/Stable and BBB- Rating on Minami-Nippon Bank

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Nippon Tochi-Tatemono

May. 01, 2013

[ Asset Securitization Products ]JCR Assigned BBB- Rating to YK Maihama Elite Partners (Mezzanine Loan)

JCR Downgraded Long-term Issuer Rating on AvanStrate from BBB+/Negative to BBB-/Negative

JCR Affirmed AA/Stable on Sompo Japan
JCR Affirmed AAp/Stable on Nipponkoa
JCR Affirmed A/Stable on Saison Automobile

Apr. 30, 2013

JCR Assigned J-1+ to Teral Bills Receivable ABL13-04

[ Asset Securitization Products ]JCR Assigned J-1 to Nohara Bills Receivable ABL13-04

JCR Affirmed A+ Rating on ABL of PORT SATORI, LLC

[ Asset Securitization Products ] JCR Assigned J-1 to Hayakawa Rubber Bills Receivable ABL13-04

[ Asset Securitization Products ] JCR Assigned J-1 to Molten Bills Receivable ABL13-04

JCR Affirmed A-/Stable and A- Rating on J-OIL MILLS

Apr. 26, 2013

JCR Affirmed A+/Stable, A+, Pre. A+ and J-1 on Marubeni

JCR Affirmed A+ Rating on EMTN of Marubeni
JCR Affirmed A+ Rating on EMTN of Marubeni Finance Europe

JCR Affirmed AA-/Stable Long-term Issuer Rating, Preliminary AA-, AA- and J-1+ Rating on ITOCHU

JCR Affirmed AA- Rating on EMTN of ITOCHU
JCR Affirmed AA- Rating on EMTN of ITOCHU Treasury Centre Europe

JCR Affirmed AAA/AAA (FC/LC) Long-Term Issuer Ratings on France

JCR Assigned Preliminary BBB+ Rating to Shelf of Nankai Electric Railway

JCR Affirmed A-/Stable and J-1 Rating on UNY Group Holdings

JCR Assigned Preliminary AA- Rating to Shelf Registration of Mitsubishi UFJ Lease & Finance Company

Apr. 25, 2013

[ Asset Securitization Products ] JCR Assigned J-1 to Hyakugo Bank B Corporation Bills Receivable ABL13-04

[ Asset Securitization Products ]JCR Assigned J-1+ to MSNW Trust Certificate Series 13040

JCR Affirmed BBB/Stable Long-term Issuer Rating on Nippon Fine Chemical

JCR Affirmed AA-/Stable Rating on Bonds of ORIX JREIT Inc.

Apr. 24, 2013

JCR Assigned AA- Rating to Bonds of Sumitomo Mitsui Trust Bank

JCR Affirmed A/Stable Long-term Issuer Rating and A Rating on Orix

JCR Affirmed A/Stable and A- Rating on Bank of The Ryukyus

JCR Affirmed AA-/Stable Rating on Kokushikan

JCR Affirmed A+/Stable Rating on Bank of Okinawa

Apr. 23, 2013

[ Asset Securitization Products ] JCR Assigned J-3 to Monthly Clear Card Shopping Receivable ABL13-04

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

Apr. 22, 2013

[ Asset Securitization Products ] JCR Assigned Pre. J-1 to Hyakugo Bank B Corporation Bills Receivable ABL13-04

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL13-04 (Asahikawa Sanai HP)

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

JCR Affirmed BBB/Stable and J-2 Rating on Tokai Tokyo Financial Holdings
JCR Affirmed BBB/Stable and J-2 Rating on Tokai Tokyo Securities

Apr. 19, 2013

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL13-04 (C Hospital)

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL13-04

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL13-04 (F Hospital)

JCR Affirmed AA+/Stable, AA+, Preliminary AA+, and J-1+ on NTT Finance

JCR Assigned AA Rating to Bonds of Kansai Electric Power

JCR Affirmed AAA Ratings on Finland

JCR Assigned A- Rating to Bonds of Tobu Railway

JCR Affirmed A+ and J-1 Rating on TOC; Revised Outlook to Negative

JCR Affirmed BBB/Stable Long-term Issuer Rating on Okasan Securities Group
JCR Affirmed BBB/Stable Long-term Issuer Rating on Okasan Securities

JCR Affirmed AA-/Stable, AA- and Preliminary AA- Rating on Mori Hills REIT

Apr. 18, 2013

JCR Assigned AA- Rating to Bonds of Advance Residence Investment Corporation

JCR Assigned A+ to Bonds of THK, Affirmed A+/Stable, A+, Pre. A+ and J-1

JCR Assigned AA Rating to Bonds of Sumitomo Mitsui Banking Corporation

JCR Assigned A Rating to Bonds of Hulic

JCR Affirmed BBB/Stable and J-2 on Daiei Real Estate & Development

JCR Affirmed A/Stable, Preliminary A and J-1 Rating on Nomura Real Estate Holdings

Apr. 17, 2013

[ Asset Securitization Products ]JCR Assigned Preliminary J-1+ to MSNW Trust Certificate Series 13040

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL Program (E Hospital)

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL13-04 (D Hospital)

JCR Assigned AA Rating to Bonds of Bank of Tokyo-Mitsubishi UFJ

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Affirmed A/Stable and A- Rating on Miyazaki Bank

Apr. 16, 2013

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

JCR Affirmed A/Stable Long-term Issuer Rating on Aica Kogyo

JCR Assigned AA Rating to Bonds of Kyushu Electric Power

JCR Assigned BBB Rating to Bonds of Sojitz Corporation

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Harima Chemicals Group

JCR Assigns AAA Ratings to AfDB's Notes

JCR Assigned AA- Rating to Bonds of Mizuho Corporate Bank

JCR Affirmed A/Stable Rating on AOKI Holdings

JCR Affirmed AA-/Stable and AA- on LIXIL Group Corporation

JCR Assigned AA- Rating to Bonds of Hitachi Capital

Apr. 15, 2013

JCR Upgraded Long-term Issuer Rating on Toyota Boshoku from AA-/Stable to AA/Stable

JCR Affirmed AA-/Stable Rating on Maruichi Steel Tube

JCR Affirmed BBB/Stable Rating on Futaba Industrial

JCR Affirmed CCC/Negative Long-term Issuer Rating on Aiful

JCR Affirmed A-/Stable Rating on Ryoden Trading

JCR Upgraded Rating on Akanekai from BBB-/Stable to BBB/Stable

Apr. 12, 2013

JCR Assigned AAA Rating to Bonds of DBJ

JCR Removed CM and Affirmed AA/AA (FC/LC) Ratings on Spain with Negative Outlook