News Release

Mar. 22, 2012

JCR Affirmed A/Stable, A, pre. A and J-1 on Sumitomo Heavy Industries

JCR Affirmed J-1 Rating on CP of Tokyo Associates Finance Corporation

Mar. 21, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-03 (Asahikawa Sanai HP)

[Asset Securitization Products] JCR Assigned Preliminary A to NIHONWASOU CREDIT Installment Sec. 201203

[ Asset Securitization Products ]JCR Assigned AAA & BBB- to Toyonosato Senior Beneficial Interest, other Beneficial Interest and ABL

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL12-03

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-03 (C Hospital)

JCR Affirmed BBB-/Stable Rating on Senior Debts of Showa Aircraft

JCR Affirmed A and J-1 Rating on Takashimaya; Revised Outlook to Stable

JCR Affirmed A Rating on J.Front Retailing; Revised Outlook from Negative to Stable

JCR Assigned J-2 Rating to CP of Zensho Holdings

Mar. 19, 2012

[ Asset Securitization Products ] JCR Assigned Preliminary J-1+ to MSNW Trust Certificate Series 12030

[ Asset Securitization Products ] JCR Assigned J-1 to Kurashiki Medical Center Beneficial Interest 12-03

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-03 (I Hospital)

JCR Affirmed A+/Positive, Preliminary A+ and J-1 Rating on Sumitomo Metal Mining

JCR Assigned A- Rating to Bonds of All Nippon Airways

JCR Affirmed A+/Stable and J-1 Rating on Sumitomo Bakelite

Mar. 16, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-03 (L Hospital)

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-03 (G Hospital)

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-03 (F Hospital)

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-03 (Kyowakai)

JCR Affirmed A+/Stable Rating on Keiyo Bank

JCR Affirmed A/Stable, A and Preliminary A on Taisei Corporation

JCR Affirmed A+/Stable Rating on Senior Debts of Obayashi

JCR Affirmed BBB Rating on Sanyo Electric Railway; Revised Outlook to Positive

JCR Affirmed BBB+/Stable and J-2 Rating on GS Yuasa Corporation

JCR Assigned AAA Rating to Bonds of Aichi Prefecture

Mar. 15, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Dispensing Fees Receivable ABL12-03 (sun-kur)

[ Asset Securitization Products ] JCR Assigned J-1+ to Medical Fees Receivable Beneficial Interest Program (Takeda General Hospital)

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-03 (E Hospital)

JCR Affirmed AA-p/Stable Rating on Hitachi

JCR Affirmed A Rating on France Telecom

JCR Assigned BBB-/Stable and J-2 Rating to Senior debts and CP of JK Holdings

Mar. 14, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-03 (K Hospital)

JCR Affirmed A/Stable Ratings on Hokuhoku Financial Group
JCR Affirmed A/Stable Ratings on Hokuriku Bank
JCR Affirmed A/Stable Ratings on Hokkaido Bank

Mar. 13, 2012

JCR Upgraded Rating on Leases/Loans Receivable Against Softbank Mobile Corporation from A- to A

JCR Upgraded Rating on Leases/Loans Receivable Against Softbank Mobile Corporation from A- to A

JCR Upgraded Rating on Leases/Loans Receivable Against Softbank Mobile Corporation from A- to A

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-03 (B Hospital)

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Kurashiki Medical Center Beneficial Interest 12-03

JCR Upgraded Rating on Leases/Loans Receivable Against Softbank Mobile Corporation from A- to A

JCR Affirmed AA+/Stable and J-1+ on Toa Reinsurance

JCR Affirmed BBB+/Stable Rating on Settsu Suito Shinkin Bank

JCR Affirmed BBB-/Stable Rating on Senior debts of Harima-Kyowa Co.

JCR Assigned A+ Rating to Subordinated Bonds of Sumitomo Trust and Banking

JCR Assigned AA- Rating to Subordinated Bonds (Hybrid Securities) of Toa Reinsurance

JCR Assigned A+ Rating to Bonds of EXEDY

JCR Assigned Preliminary A+ Rating to Shelf Registration of NSK

JCR Affirmed A-/Stable and J-1 Rating on Mitsui Sugar

JCR Assigned A+ and Preliminary A+ Rating to Bonds and Shelf Reg. of Keikyu Corporation

Mar. 12, 2012

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

JCR Affirmed AA-/Stable, Preliminary AA- and J-1+ Rating on Mitsui Fudosan

JCR Affirmed AA+p/Stable Rating on Senior Debts of Mitsubishi Estate

JCR Affirmed A/Stable, BBB+, Preliminary A and J-1 Rating on Sumitomo Realty & Development

JCR Affirmed A/Stable and A- on Ogaki Kyoritsu Bank

JCR Downgraded Rating on Asahi Mutual Life Insurance from BB/Negative to BB-/Negative

JCR upgraded Rating on Softbank Corp. from A-/Stable to A/Stable
JCR upgraded Rating on Preferred Securities of SFJ Capital Limited from BBB+ to A-

Mar. 09, 2012

JCR Affirms AAA/AAA (FC/LC) Ratings on USA

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

JCR Assigned AA- Rating to Bonds of Tokai Rubber Industries

JCR Affirmed BBB+ Ratings on IRFC

JCR Assigned Preliminary A+ Rating to Shelf Reg. of Tokyu Corporation

Mar. 08, 2012

JCR Affirmed AA+ Ratings on GDF SUEZ

JCR Affirmed AA-/Stable and AA- Rating on Senior debts and bonds of ORIX JREIT Inc.

JCR Affirmed BBB+/Stable, BBB+ and J-2 on Mitsubishi Materials

JCR Affirmed A- Rating on Mitsui Mining & Smelting; Revised Outlook from Positive to Stable

JCR Assigned Preliminary A- Rating to Shelf Registration of Tokyu Land

JCR Downgraded Rating on Tonami Holdings from BBB+/Negative to BBB/Stable

Mar. 07, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-03 (D Hospital)

JCR Upgraded Rating on Sanyo Special Steel from A-/Positive to A/Stable

JCR Affirmed A+/AA- (FC/LC) Ratings on KEPCO

JCR Assigned A-/Stable Rating to Senior debts of Kiyo Holdings
JCR Assigned A-/Stable Rating to Senior debts of Kiyo Bank

JCR Affirmed BBB+/Stable Rating on Senior Debts of Chuo Warehouse

JCR Affirmed AA+ Rating on EDF

Mar. 06, 2012

JCR Affirmed A/Stable Rating on First Bank of Toyama

JCR Assigned A Rating to Subordinated Loan of Musashino Bank

JCR Withdraws J-1 Rating on CP of Promise

Mar. 05, 2012

[ Asset Securitization Products ] JCR Assigned J-1+ to JUTEC Bills Receivable ABL12-03

JCR Affirmed A Rating on Hamamatsu Photonics; Revised Outlook to Positive

JCR Affirmed AA/Stable Rating on Senior Debts of Daiwa House Industry

JCR Upgraded Rating on Harima Chemicals from BBB/Positive to BBB+/Stable

JCR's Opinion on Tokyo Electron's Acquisition of Oerlikon Solar

Mar. 02, 2012

JCR Assigned Preliminary A- Rating to Shelf Registration of Jaccs

JCR Assigned A+ Rating to Subordinated Bonds of SMBC

JCR Assigned AA- Rating to Bonds of Daiwa House Residential Investment Corporation

JCR Assigned Preliminary A+ Rating to Shelf Reg. of Exedy

JCR Assigned A- Rating to Bonds of IHI Corporation

JCR Assigned A Rating to Bonds of Kenedix Realty Investment Corporation

Mar. 01, 2012

JCR Affirmed A+/AA- (FC/LC) Ratings on IBK

JCR Affirmed A Rating on Konami; Revised Outlook to Positive

JCR Affirmed AA/Stable Rating on SECOM General Insurance

Feb. 29, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Molten Bills Receivable ABL12-02

[ Asset Securitization Products ] JCR Assigned J-1 to Nohara Bills Receivable ABL12-02

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills Receivable ABL12-02

JCR Affirmed J-1+ Rating on CP of Nippon Telegraph and Telephone West Corporation

JCR Affirmed AAA/Stable and AAA Rating on NTT DoCoMo

JCR Affirmed J-1+ Rating on CP of Nippon Telegraph and Telephone East Corporation

JCR Upgraded Rating on JGC from A/Positive to A+/Stable; Affirmed J-1 on CP

JCR Assigned BBB Rating to Subordinated Bonds of Tottori Bank

Feb. 28, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Hayakawa Rubber Bills Receivable ABL12-02