News Release

Aug. 28, 2025

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

JCR Assigned AA Rating to Bonds of Mitsubishi Heavy Industries

JCR Assigned A+ Rating to Bonds of JA MITSUI LEASING

JCR Assigned A- to Bonds of Cypher Limited Series 10067

JCR Assigned AA to Libra A Limited Series C100

Aug. 27, 2025

JCR Assigned AA+/Negative Long-term Issuer Rating to Astellas Pharma: Withdraws AA+p

JCR Upgraded Long-term Issuer Rating on TSUBAKIMOTO KOGYO to A-/Stable

JCR Affirmed A-/Stable Long-term Issuer Rating on Japan Medical Alliance

JCR Affirmed BBB/Stable Long-term Issuer Rating on TOYO KANETSU

JCR Affirmed A/Stable Long-term Issuer Rating on Nisshin OilliO Group

JCR Affirmed A-/Stable and J-1 on NIPRO

JCR Affirmed A-/Stable and J-1 on Yanmar HD

JCR Assigned A+ Rating to Bonds of NSK

JCR Assigned Preliminary AA Rating to Shelf Registration of Mitsubishi HC Capital

JA MITSUI LEASING: Post-execution Verification Report on Sustainability Linked Loan/Bond

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

Aug. 26, 2025

JCR Affirmed A-/Stable Long-term Issuer Rating on Hanwha Japan

JCR Affirmed A-/Stable and J-1 on ICHINEN HD

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

JCR Affirmed A/Stable and J-1 on GS Yuasa

JCR Affirmed AA/Stable Long-term Issuer Rating on TOYOTA BOSHOKU

JCR Affirmed BBB+/Positive Long-term Issuer Rating on Ferrotec

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

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

JCR Affirmed AAA/Stable (FC/LC) on United States of America

JCR Assigned Preliminary AA- Rating to Subordinated Loan of National Mutual Insurance Federation of Agricultural Cooperatives

JCR Assigned Preliminary AA- to Bonds of Zenkyoren 4th Subordinated Loan Securitization Company Limited

JCR Affirmed A+ on Beneficial Interest and ABL of Securitization of Loans Receivable

Aug. 25, 2025

JCR Assigned AA/Stable Long-term Issuer Rating to Mitsubishi HC Capital UK

JCR Affirmed BBB+/Stable Long-term Issuer Rating on FIDEA HD, SHONAI BANK and Hokuto Bank

JCR Affirmed AA+/Stable and J-1+ on ITOCHU; Assigned Preliminary AA+ to Shelf Registration

JCR Affirmed A/Stable and J-1 on HEIWADO

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

Mizuho Bank: Evaluation of Conformity of Impact Deposit Framework

Mizuho Bank: Second Opinion on Impact Deposit Framework

Tamagawakousan, The Chiba Bank: Second Opinion on Positive Impact Assessment

Kubota-toso, THE SHIMIZU BANK: Second Opinion on Positive Impact Finance

Aug. 22, 2025

JCR Affirmed AA+p/Stable Long-term Issuer Rating on West Japan Railway

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

JCR Affirmed A-/Stable Long-term Issuer Rating on HEIWA REAL ESTATE

JCR Affirmed AA-/Stable Long-term Issuer Rating on Global One Real Estate Investment Corporation

JCR Assigned A- Rating to Bonds of SKYLARK HD

JCR Assigned BBB+ Rating to Bonds of Premium Water HD

JCR Assigned AA Rating to Bonds (with no financial covenants) of Sumitomo Mitsui Financial Group

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

JCR Affirmed AA (fp) Fund Portfolio Rating on Green J-REIT Trust

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

TOKO.i.tech, The Hokkaido Bank: Second Opinion on Positive Impact Finance

Aug. 21, 2025

JCR Affirmed BBB+ Long-term Issuer Rating on Nippon Yakin Kogyo; Revised Outlook to Stable

JCR Affirmed A-/Stable Long-term Issuer Rating on FOOD & LIFE COMPANIES

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

JCR Affirmed AA/Stable Long-term Issuer Rating on NISSIN FOODS HD

JCR Assigned AA to Oxygen Capital Limited Series 164

JCR Assigned A to SPIRE SA Series 2025-21

JCR Assigned A to SPIRE SA Series 2025-22

JCR Assigned A to SPIRE SA Series 2025-23

Aug. 20, 2025

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 25-08

JCR Removed Credit Monitor; Downgraded Rating on AIN HD to A-; Placed Stable Outlook

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

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

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

JCR Assigned AAA Rating to Bonds of Japan Student Services Organization

Aug. 19, 2025

JCR Affirmed A Long-term Issuer Rating on Anicom HD and Anicom Insurance; Revised Outlook to Positive

Aug. 18, 2025

JCR Assigned Preliminary BBB Rating to Preferred Shares of ZENSHO HD

JCR Assigned Preliminary AA- Rating to Shelf Registration of Sumitomo Metal Mining

JCR Assigned J-1+ to Monthly Clear Receivable Securitization ABCP Program (with Backup Lines)

JCR Assigned J-1+ to Monthly Clear Receivable Securitization ABL Program and ABCP Program (without Backup Lines)

JCR Assigned A to SPIRE SA Series 2025-81

JCR Assigned AA- to SPIRE SA Series 2025-68

JCR Assigned AA- to SPIRE SA Series 2025-414

ARAKAWA CHEMICAL INDUSTRIES: Post-issuance Verification Report on Sustainability Linked Bond

Aug. 15, 2025

JCR Downgraded FC Long-term Issuer Rating on ESR Group to A+/Stable

JCR Upgraded Power Trust Neo ES-CON JAPAN to J-1+

JCR Upgraded Jointly Operated Designated Money Trust N1 (2 years) to AA-

Joint Green Bond issuers (Local Governments): Assigned Green 1(Preliminary) to Joint Local Government Green Bond 5th

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

Aug. 14, 2025

JCR Assigned AA- to Bonds of Cypher Limited Series 30107

Aug. 13, 2025

JCR Assigned Preliminary BBB+ Rating to Subordinated Bonds of SoftBank Group

Aug. 12, 2025

TAISEI Announces Tender Offer for TOYO CONSTRUCTION - Limited Impact on Rating

JCR Affirmed AAA/Stable and J-1+ on NTT FINANCE

JCR Assigned Preliminary AA Rating to Shelf Registration of Marubeni

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

Aug. 08, 2025

JCR Assigned J-2 Rating to CP of GENDA

JCR Upgraded Long-term Issuer Rating on ES-CON JAPAN to AA-/Stable

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

JCR Affirmed A-/Stable Long-term Issuer Rating on KYOEI STEEL

JCR Assigned AA+ Rating to Bonds of Kansai Electric Power

JCR Assigned AA- Rating to Bonds of Hokkaido Electric Power

JCR Assigned A Rating to Bonds of Chuo-Nittochi Group

JCR Assigned AA- Rating to Bonds of Sumitomo Mitsui Auto Service

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Assigned AA- Rating to Ganymede Limited Series 2025-47

JCR Assigned AA- to HARP Issuer PLC Series 465

Kurita Water Industries: Assigned Blue Finance Framework Evaluation: Blue 1(F)

MEIDENSHA: Second Party Opinion on Sustainability Linked Finance Framework

The Hokkaido Bank: Second Opinion on Positive Impact Finance Framework

The Hokuriku Bank: Second Opinion on Positive Impact Finance Framework

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

Aug. 07, 2025

Administrative Disposition Imposed on NEXTAGE—JCR Will Closely Monitor Future Business Development and Impact on Performance

JCR Upgraded Long-term Issuer Rating on APA HD to A-/Stable