News Release

Nov. 26, 2025

JCR Assigned A Rating to Bonds of NEC Capital Solutions

JCR Assigned AA to Oxygen Capital Limited Series 183-2

JCR Assigned AA to Oxygen Capital Limited Series 183-3

Luup: Assigned Green Loan Framework Evaluation: Green 1(F)

Nov. 25, 2025

JCR Affirmed A/Stable Long-term Issuer Rating on Ezaki Glico

JCR Assigned A to SPIRE SA Series 2025-533

JCR Assigned A to SPIRE SA Series 2025-80

JCR Assigned AA- to SPIRE SA Series 2025-598

Sumitomo Mitsui Trust Panasonic Finance: Second Party Opinion on Sustainability Linked Loan

Kurumefudousansystem, The Kumamoto Bank: Second Opinion on Positive Impact Finance

Tachihi Holdings, The Yamanashi Chuo Bank: Second Opinion on Positive Impact Finance

Nov. 21, 2025

JCR Assigned AA/Stable and J-1+ to Resona Leasing

JCR Affirmed A- Long-term Issuer Rating on TAKASAGO INTERNATIONAL; Revised Outlook to Positive

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

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

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

JCR Affirmed AA-/Stable and J-1+ on Shimadzu

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

JCR Affirmed A/Stable Long-term Issuer Rating on Nishimatsu Construction

JCR Affirmed AA/Stable Long-term Issuer Rating on Iyogin HD and Iyo Bank

JCR Assigned BBB+ Rating to Preferred Shares of ANA HD

JCR Assigned AA- Rating to Bonds of JERA

JCR Assigned AA- Rating to Bonds of SoftBank

JCR Assigned AA+ Rating to Bonds of Electric Power Development

JCR Assigned A Rating to Bonds of Resonac HD

JCR Assigned A- Rating to Bonds of GMO Financial HD

JCR Withdraws Preliminary A- Rating on Bonds of Far East Horizon

[ Asset Securitization Products ] JCR Assigned Preliminary A to Facility 25-12 ABL

JFE Holdings: Reviewed Green / Transition Finance Framework Evaluation: Green 1(T)(F)

SAKAI　Denki, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Meat　Crest, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

DAISEI LOG, THE SAITAMAKEN SHINKIN BANK: Second Opinion on Positive Impact Finance

MK, THE KYOTO CHUO SHINKIN BANK: Second Opinion on Positive Impact Finance

Nov. 20, 2025

JCR Assigned AA Rating to Bonds of Golomt Bank

JCR Affirmed A/Stable and J-1 on Konoike Transport

JCR Affirmed AA/Stable Long-term Issuer Rating on Industrial & Infrastructure Fund Investment Corporation

JCR Assigned AA- Rating to Bonds of ACOM

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Assigned A to SPIRE SA Series 2025-416

JCR Assigned AA- to SPIRE SA Series 2025-597

JCR Assigned A+ to SPIRE SA Series 2025-608

The Bank of Kyoto: Second Party Opinion on Impact Finance Framework

Nov. 19, 2025

JCR Affirmed A-/Stable Long-term Issuer Rating on IDEC

JCR Affirmed A/Stable Long-term Issuer Rating on SHIP HEALTHCARE HD

JCR Affirmed A+/Stable on TIS and INTEC

JCR Affirmed A+/Stable and J-1 on Nabtesco

JCR Affirmed #A+/Positive on Daishi Hokuetsu Financial Group and Daishi Hokuetsu Bank; Continues Credit Monitor

JCR Assigned BBB+ Rating to Bonds of IDOM

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 25-11

JCR Affirmed BBB+ on Clean Energy Connect Non-FIT Low-voltage Solar Power Plant Green Project Bond Trust Trust ABL

JCR Affirmed BBB+ on Clean Energy Connect Non-FIT Virtual PPA Low-voltage Solar Power Plant Green Project Bond Trust Trust ABL

JCR Affirmed BBB+ on Clean Energy Connect Non-FIT Virtual PPA Low-voltage Solar Power Plant Green Project Bond Trust 2024 Trust ABL

JCR Affirmed A on Kurimoto Mega Solar Project Bond Trust 1 Beneficial Interest and Trust ABL

JCR Affirmed A on Kurimoto Mega Solar Green Project Bond Trust 2 Beneficial Interest and Trust ABL

MORI BUILDING: Evaluation of Conformity of Bonds no. 27 to Sustainable Finance Framework

Nov. 18, 2025

NIDEC Releases Semi-annual Report and Other Financial Materials for FY2025—Loss Reporting to Have Limited Impact on Finances, Third-party Committee’s Investigation Findings to Be Closely Watched

JCR Affirmed AA-/Stable and J-1+ on Sanwa HD

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

JCR Assigned A- Rating to Bonds of African Export-Import Bank

Nov. 17, 2025

JCR Affirmed A-/Stable Long-term Issuer Rating on Nippon Light Metal HD

JCR Assigned A- to Voyager Limited Series 2017-2488

Nov. 14, 2025

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

JCR Affirmed A-/Stable Long-term Issuer Rating on GIFU SHINKIN BANK

JCR Affirmed AA/Stable Long-term Issuer Rating on Marubeni Private Real Estate Investment Trust

JCR Assigned A Rating to Bonds of JAPAN NUCLEAR FUEL

[ Asset Securitization Products ] JCR Assigned J-1+ to 2nd Trust Beneficial Interest (Class A)

JCR Assigned A to SPIRE SA Series 2025-553

JCR Assigned AA- to SPIRE SA Series 2025-554

TRS, The Ashikaga Bank: Second Opinion on Positive Impact Finance

Nov. 13, 2025

JCR Affirmed A-/Stable Long-term Issuer Rating on ShinMaywa Industries

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

JCR Affirmed BBB+/Stable Long-term Issuer Rating on HARIMA CHEMICALS GROUP

JCR Affirmed AA-/Stable Long-term Issuer Rating on Kenedix Private Investment Corporation

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

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

JCR Assigned A Rating to Bonds of Starts Proceed Investment Corporation

JCR Assigned AA Rating to Bonds of MORI HILLS REIT INVESTMENT CORPORATION

JCR Assigned AA- to SPIRE SA Series 2025-78

Results of Review of Structured Finance Products (Excluding Those to Which Credit Ratings Are Assigned) October 2025

Nov. 12, 2025

JCR Affirmed AA/Stable Long-term Issuer Rating on Seven & i HD and SEVEN-ELEVEN JAPAN

JCR Affirmed AA-/Stable Long-term Issuer Rating on YAMAHA

Mizuho Bank: Second Party Opinion on Sustainability Linked Loan Framework (Review)

Nov. 11, 2025

JCR Upgraded Long-term Issuer Rating on FUTABA INDUSTRIAL to A-/Stable

JCR Affirmed AA/Stable and J-1+ on Mitsubishi Logistics

JCR Affirmed AA/Stable Long-term Issuer Rating on Mitsui Fudosan Logistics Park

Nov. 10, 2025

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

JCR Affirmed J-2 Rating on CP of JALUX

JCR Assigned Preliminary BBB+ Rating to Preferred Shares of ANA HD

[ Asset Securitization Products ] JCR Assigned Preliminary AA+ to Beneficial Interest 202512

Nov. 07, 2025

JCR Affirmed A+/Stable (FC) and AA-/Stable (LC) on Malaysia

JCR Assigned BBB+ Rating to Bonds of GENDA

JCR Assigned A- Rating to Bonds of Renault

JCR Assigned AAA Rating to Bonds of NTT TC Leasing

JCR Assigned AA Rating to Bonds of Shinhan Bank

JCR Assigned A Rating to Notes of Bank of East Asia

JCR Assigned AA- Rating to Bonds of Slovenia

JCR Assigned Preliminary A- Rating to Bonds of African Export-Import Bank

Joint Green Bond Issuers (Local Governments): Assigned Green 1(Preliminary) to Joint Local Government Green Bond 6th

Nov. 06, 2025

JCR Assigned A-/Stable Long-term Issuer Rating to AZ-COM MARUWA HD

JCR Assigned A-/Stable Long-term Issuer Rating to SATO