News Release

Dec. 26, 2013

JCR Affirmed A/Stable, A, Pre. A and J-1 Rating on Takara Holdings

JCR Affirmed A/A+ (FC/LC) Ratings on Malaysia

JCR Assigned A to Shelf Registration of Takata Corporation

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

JCR Affirmed AA-/Stable Long-term Issuer Rating on GLP J-REIT

Dec. 25, 2013

[ Asset Securitization Products ]JCR Assigned J-1+ to MSNW Trust Certificate Series 13120

[ Asset Securitization Products ] JCR Assigned J-1+ and J-2 to Hokuriku Bank C Corporation Bills Receivable ABL13-12

[ Asset Securitization Products ] JCR Assigned J-1 to Kimura Bills Receivable ABL13-12

JCR Affirmed AAA/Stable and AAA on Japan Finance Corporation

JCR Affirmed AAA/AAA (FC/LC) Ratings with Stable Outlook on Japan

JCR Assigned Preliminary A+ Rating to Shelf Registration of Hiroshima Bank

Dec. 24, 2013

[ Asset Securitization Products ] JCR Assigned J-3 to Monthly Clear Card Shopping Receivable ABL 13-12

JCR Affirmed A/Stable and J-1 Rating on Kagome

JCR Affirmed A-/Stable, A-, Preliminary A- and J-1 on ANA Holdings

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

Dec. 20, 2013

[ Asset Securitization Products ] JCR Assigned AA and A- to Sakura Investment Purpose Condominium Loan Securitization Series 1

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Hyakugo Bank B Corporation Bills Receivable ABL13-12

[ Asset Securitization Products ] JCR Assigned AA and A- to Jupiter Investment Purpose Condominium Loan Backed Beneficial Interests 2013

JCR Affirmed AA-/Negative Long-term Issuer Rating on Rohm

JCR Affirmed BBB/Stable and BBB on Monex Group
JCR Affirmed BBB/Stable and J-2 on Monex

JCR Affirmed J-1 Rating on CP of Nippon Car Solutions; Increase in CP Maximum Amount

JCR Affirmed A+/Stable and J-1 Rating on kabu.com Securities

Dec. 19, 2013

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL13-12

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL13-12

JCR Assigned Pre. AA Rating to Shelf Reg. of Bank of Tokyo-Mitsubishi UFJ

JCR's Opinion on Sompo Japan's Acquisition of UK's Canopius

Dec. 18, 2013

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL13-12 (F Hospital)

[ Asset Securitization Products ]JCR Assigned Preliminary J-1+ to MSNW Trust Certificate Series 13120

JCR Affirmed AA+/Stable Long-term Issuer Rating and Ability to Pay Insurance Claims, AA- on Subordinated Bonds and J-1+ on CP for Toa Reinsurance

JCR Affirmed A/Stable(FC) and A Rating on JPY bonds of America Movil

JCR Affirmed BBB-/Stable and BBB- Rating on Nihon Chouzai

JCR Assigned A+ Rating to Bonds of Nidec Corporation

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

JCR's Opinion on TonenGeneral Sekiyu's Acquisition of Shares in MITSUI OIL, etc.

JCR's Opinion on Heiwa Real Estate REIT's Release of Security Interests

Dec. 17, 2013

JCR Affirmed AA-/Stable Long-term Issuer Rating, AA-, Preliminary AA-, and J-1+ Ratings on Asahi Group Holdings

JCR Assigned AA- Rating to Bonds of Fukuoka REIT Corp.

JCR Affirmed AAA Ratings on Netherlands

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

Dec. 16, 2013

JCR Assigned A Rating to Kurimoto Mega Solar Project Bond Trust 1 Beneficial Interest and Trust ABL

JCR Assigned J-1 to Medical Fees Receivable ABL13-12 (D Hospital)

JCR Affirmed A+/Stable Long-term Issuer Rating, A+ and Preliminary A+ Rating on Sankei Building

Dec. 13, 2013

JCR Affirmed BBB/BBB+ (FC/LC) Ratings on Brazil

JCR Affirmed BBB+ Ratings on ICICI Bank; Revised Outlook to Negative

JCR Affirmed BBB+ Ratings on Export-Import Bank of India; Revised Outlook to Negative

JCR Assigned AA- Rating to Bonds of LIXIL Group

JCR Affirmed BBB+ (FC/LC) Ratings on India; Revised Outlook to Negative

JCR Affirmed BBB+ (FC/LC) Ratings on IRFC; Revised Outlook to Negative

JCR Assigned AAA Rating to Bonds of Aichi Prefecture

JCR Assigned Preliminary AA- Rating to Shelf Registration of Mori Hills REIT

JCR Assigned A Rating to Bonds of Hokkaido Gas

JCR Assigned A- Rating to Subordinated Bonds of Kiyo Bank

Dec. 12, 2013

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

JCR Affirmed BBB-/Stable Long-term Issuer Rating on Howa Bank

JCR Assigned AA-/Stable Long-term Issuer Rating to Hankyu REIT

JCR Affirmed AAA/Stable, AAA and Pre. AAA Rating on DBJ

Dec. 11, 2013

[ Asset Securitization Products ] JCR Assigned Preliminary J-1+ to Saitama Resona Bank A Corporation Bills Receivable Senior Beneficial Interest 13-12

JCR Assigned AAA Rating to Bonds of Aichi Prefecture

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

JCR Assigned A- Rating to Bonds of Arakawa Chemical Industries

JCR Assigned A Rating to Subordinated Bonds of Musashino Bank

Dec. 10, 2013

JCR Assigned AA+ Rating to Bonds of Electric Power Development

JCR Affirmed A-/Stable Long-term Issuer Rating and J-1 Rating on NIPPON STEEL & SUMIKIN TEXENG.

JCR Upgraded Long-term Issuer Rating on Pacific Industrial from BBB/Stable to BBB+/Stable

Dec. 09, 2013

JCR Affirmed AA-/Stable, AA- and Pre. AA- Rating on Daikin Industries

Dec. 06, 2013

JCR Withdraws A/Stable Long-term Issuer Rating on Advantest

JCR Assigned A Rating to Bonds of Sumitomo Realty & Development

JCR Assigned AA- Rating to Bonds of Odakyu Electric Railway

JCR Affirmed BBB/Stable LT Issuer Rating on Sankyo Tateyama, Inc.

JCR Assigned AA- Rating to Bonds of Saibu Gas

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

JCR Assigned A+ Rating to Bonds of Mitsubishi Chemical Holdings

JCR Assigned A Rating to Bonds of Taisei Corporation

JCR Assigned AA Rating to Bonds of New Kansai International Airport

JCR Assigned A Rating to Bonds of Kawasaki Heavy Industries

JCR Assigned AA- Rating to Bonds of Tohoku Electric Power

JCR Assigned AA- Rating to Bonds of Kansai Electric Power

JCR Affirmed A/Stable, A and J-1 on Nippon Flour Mills

JCR Affirmed AA/Stable Long-term Issuer Rating on Nisshin Seifun Group

JCR Affirmed A-/Stable and J-1 on Showa Sangyo

JCR Assigned BBB+ Rating to Subordinated Bonds of Ehime Bank

Dec. 05, 2013

[ Asset Securitization Products ] JCR Assigned J-1+ to Hokuriku Bank D Corporation Bills Receivable ABL13-12

JCR Upgraded Rating on Showa Leasing from BBB/Positive to BBB+/Stable and Affirmed J-2

JCR Assigned A- Rating to Subordinated Bonds of Nishi-Nippon City Bank

JCR Assigned AAA Rating to Bonds of Aichi Prefecture

JCR Upgraded Rating on Shinsei Bank from BBB/Positive to BBB+/Stable

Dec. 04, 2013

JCR Affirmed A- Rating on Keisei Electric Railway; Revised Outlook to Positive

JCR Assigned Preliminary A+ Rating to Shelf Registration of Sumitomo Rubber Industries

JCR Assigned AA- Ratings to JPY Bonds of POSCO

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

JCR Affirmed AA/Stable, AA, Pre. AA and J-1+ Rating on Keio Corporation

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Sato Holdings Corporation

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

JCR Assigned A+ to Bonds of Keikyu Corporation; Affirmed A+/Stable Long-term Issuer Rating

JCR Affirmed A+/Stable Long-term Issuer Rating on Seino Holdings

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

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

JCR Affirmed A-/Stable Long-term Issuer Rating on Maruzen Showa Unyu

JCR Assigned BBB+ Rating to Subordinated Bonds; Affirmed A-/Stable Long-term Issuer Rating and BBB+ Rating on Sub. Bonds of Michinoku Bank

Dec. 03, 2013

JCR Affirmed BBB+/Stable and BBB+ Rating on Makino Milling Machine