News Release

Oct. 31, 2025

SHINMIRAI, The Hokkoku Bank: Second Opinion on Positive Impact Finance

Oct. 30, 2025

DAIWA HOUSE INDUSTRY Announces Tender Offer to Make SUMITOMO DENSETSU a Wholly Owned Subsidiary—Confirming Performance and Financial Direction to Reflect in Rating

Sumitomo Electric Industries Announces Tender Offer for Sumitomo Riko—No Immediate Impact on Rating

JCR Placed Rating on Sumitomo Riko under Credit Monitor #A/Positive and #J-1/Positive

NEC Acquires Software Company for Telecom/Broadband Operators - No Immediate Impact on Rating

Central Japan Railway Announces Approximately 4 Trillion Yen Increase in Total Construction Cost for Chuo Shinkansen—No Immediate Impact on Rating, but Construction Process Needs to be Monitored

JCR Affirmed A/Stable Long-term Issuer Rating on Daiwa Hotel Private Investment Corporation

JCR Assigned A+ Rating to Bonds of HIKARI TSUSHIN

JA MITSUI LEASING: Reviewed Green Finance Framework Evaluation: Green 1(F), Second Party Opinion on Sustainability Linked Finance Framework

Hulic: Post-issuance Verification Report on Sustainability Linked Bond (Bonds no. 10)

YAMATE-SIGN, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Oct. 29, 2025

JCR Assigned A/Stable (FC/LC) to Gulf Development

JCR Upgraded Long-term Issuer Rating on IHI to A/Positive; Affirmed J-1 on CP

JCR Affirmed A Long-term Issuer Rating on Kawasaki Heavy Industries; Revised Outlook to Positive

JCR Affirmed A/Stable FC Long-term Issuer Rating on CPF (Thailand)

JCR Affirmed A/Stable and J-1 on NEC Capital Solutions

JCR Affirmed AA/Stable Long-term Issuer Rating on Mitsui Fudosan Private REIT

Fuyo General Lease: Post-issuance Verification Report on Sustainability Linked Bond

Oct. 28, 2025

TAIHEIYO CEMENT Acquires U.S. Vulcan's Ready-Mixed Concrete Business Assets, etc. - Limited Impact on Rating

JCR Assigned J-1 Short-term Issuer Rating to Aozora Bank

JCR Affirmed A/Stable Long-term Issuer Rating on Open Up Group

JCR Affirmed BBB/Stable and J-2 on Taiyo Oil

JCR Affirmed AA+/Stable Long-term Issuer Rating on JAPAN POST HD

JCR Affirmed AA/Stable Long-term Issuer Rating on JAPAN POST INSURANCE

JCR Affirmed A/Stable Long-term Issuer Rating on Aichi Financial Group and Aichi Bank

JCR Assigned Preliminary A Rating to Shelf Registration of SoftBank Group

JCR Assigned A to SPIRE SA Series 2025-508

Oct. 27, 2025

JCR Assigned AA- to SPIRE SA Series 2025-415

JCR Assigned AA- to SPIRE SA Series 2025-93

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Senior Beneficial Interest/ABL of Senior Beneficial Interest 202511 (Contract No. 93-08004)

Nippon Chuo Koutsu, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Oct. 24, 2025

Fuyo General Lease Revised Earnings Forecasts Downward Due to Losses from Renewable Energy Projects—Limited Impact on Rating

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

JCR Affirmed BBB/Stable Long-term Issuer Rating on AIRTECH JAPAN

JCR Affirmed BBB/Stable and J-2 on Mitsubishi Paper Mills

JCR Assigned BBB+ Rating to Bonds of Ichigo

JCR Assigned AA Rating to Bonds of Marubeni

JCR Assigned AA Rating to Bonds of Tokyo Century

JCR Assigned Preliminary AA- Rating to Shelf Registration of Mitsui Chemicals

Oct. 23, 2025

JCR Upgraded Long-term Issuer Rating on TSUBAKIMOTO CHAIN to A+/Stable; Affirmed J-1 on CP

JCR Affirmed AA/Stable Long-term Issuer Rating on ASAHI KASEI

JCR Affirmed A/Stable and J-1 on GUNZE

JCR Affirmed A+/Stable FC Long-term Issuer Rating on GAW Capital Partners

JCR Affirmed A- on JRE Mega Solar Project Bond Trust 1 Class A Beneficial Interest and Class A Trust ABL

JCR Affirmed A on JRE Mega Solar Project Bond Trust 1 Class B Beneficial Interest and Class B Trust ABL

JCR Affirmed BBB+ on JRE Mega Solar Project Bond Trust 1 Class C Beneficial Interest

JCR Affirmed A on JRE Mega Solar Project Bond Trust 2 Beneficial Interest

Oct. 22, 2025

JCR Affirmed A-/Stable and J-1 on KPP GROUP HD

JCR Affirmed J-2 Rating on CP of TOKYO ELECTRON DEVICE

JCR Affirmed BBB+/Stable Long-term Issuer Rating on WARABEYA NICHIYO HD

JCR Affirmed A+/Stable Long-term Issuer Rating on SHIMIZU PRIVATE REIT

JCR Assigned AAA Rating to Bonds of Japan Student Services Organization

[ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (Seiwakai Medical Corporation, Ishii Hospital)

Oct. 21, 2025

SoftBank Group to Issue Hybrid Securities - Equity Content at "Medium" or "50" (Against 100 of a Stock)

JCR Affirmed A- and J-1 on ZENSHO HD; Revised Outlook to Positive

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

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

JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 25-10

Japan: Assigned Climate Transition Bond Evaluation: Green 1(T)

Oct. 20, 2025

JCR Upgraded Long-term Issuer Rating on JX Advanced Metals to A+/Stable; Affirmed J-1 on CP

Oct. 17, 2025

JCR Assigned A/Stable FC Long-term Issuer Rating to Bank of Ayudhya

JCR Affirmed AA-/Stable Long-term Issuer Rating on Kimitsu Cooperative Thermal Power Company

JCR Affirmed AA/Stable Long-term Issuer Rating on Sanyo Special Steel; Withdraws J-1+ Rating on CP

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

JCR Affirmed A+/Stable FC Long-term Issuer Rating on Bank of East Asia

JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Mitsubishi UFJ Financial Group

JCR Assigned AA- Rating to Bonds of JFE HD

JCR Assigned A Rating to Bonds of Nankai Electric Railway

JCR Assigned A Rating to Bonds of Nisshin OilliO Group

JCR Assigned A+ Rating to Bonds of HIKARI TSUSHIN

JCR Assigned BBB Rating to Undated Subordinated Bonds of Rakuten Group

JCR Assigned AA Rating to Bonds of Mitsubishi HC Capital

JCR Assigned AAA Rating to Bonds of Metropolitan Expressway

JCR Assigned A- to SPIRE SA Series 2025-74

Hoshino Resorts REIT: Second Party Opinion on Sustainability Linked Finance Framework

IZUMI CARS・TRANSPORT, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Oct. 16, 2025

JCR Affirmed BBB+/Stable and J-2 on DAIHO

JCR Affirmed A/Stable and J-1 on Tokyo Electric Power Company HD and A/Stable on TEPCO Power Grid, TEPCO Renewable Power and TEPCO Energy Partner

JCR Affirmed A/Stable and J-1 on Nankai Electric Railway

JCR Affirmed AAA/Stable (FC/LC) on Germany

JCR Affirmed A+/Stable Long-term Issuer Rating on Ichigo Office REIT Investment Corporation

JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Mizuho Financial Group

Ishikawa Prefecture: Assigned Sustainability Bond Framework Evaluation: SU 1(F)

Oct. 15, 2025

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

JCR Affirmed A/Stable Long-term Issuer Rating on JAPAN NUCLEAR FUEL

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

JCR Affirmed A-/Stable Long-term Issuer Rating on Procrea HD and Aomori Michinoku Bank

JCR Affirmed AA-/Stable Long-term Issuer Rating on MUFG Private REIT

JCR Assigned AA- Rating to Bonds of RICOH LEASING

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

VALOR HOLDINGS, The Norinchukin Bank: Second Opinion on Positive Impact Finance

Oct. 14, 2025

JA MITSUI LEASING's U.S. Subsidiary Holds Substantial Factoring Receivables Related to Bankrupt Company - No Impact on Rating, but JCR Will Watch Future Developments

JCR Affirmed A+/Stable and J-1 on SUMITOMO CHEMICAL

JCR Affirmed A-/Stable Long-term Issuer Rating on Mazda Motor

JCR Affirmed A-/Stable and J-1 on Mazda Credit

JCR Assigned Preliminary A- Rating to Shelf Registration of HEIWA REAL ESTATE

JCR Affirmed A+ on Notes of Man GPM US Residential Debt Fund

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

Nasushiobara City: Assigned Green Finance Framework Evaluation: Green 1(F), Nature 1(F)

Oct. 10, 2025

JCR's Rating Review of Air Transportation Companies