News Release

May. 27, 2025

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

May. 26, 2025

JCR Affirmed A+ Long-term Issuer Rating on Japan Hotel REIT Investment Corporation; Revised Outlook to Positive

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

JCR Affirmed BBB on Fasanara Securitisation

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

MUGEN ESTATE, The Yamanashi Chuo Bank: Second Opinion on Positive Impact Finance

May. 23, 2025

JCR Affirmed AA-/Stable Long-term Issuer Rating on Maruichi Steel Tube

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

JCR Assigned Preliminary AA- Rating to Shelf Registration of Odakyu Electric Railway

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Assigned A+ Rating to Subordinated Bonds of Suntory HD

JCR Assigned AA- Rating to Bonds of SoftBank

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

JCR Assigned AAA Rating to Bonds of Tokyo Metro

JCR Assigned AA Rating to Bonds of Mitsui Fudosan

JCR Assigned Preliminary A+ Rating to Shelf Registration of Keihan HD

JCR Affirmed AAA and A+ on Class A and B Beneficial Interest of Investment Condominium Loans Trust (220220)

CLTmat, The Hokkaido Bank: Second Opinion on Positive Impact Finance

May. 22, 2025

JCR Assigned A+ Rating to Bonds of J. FRONT RETAILING

JCR Assigned A Rating to Bonds of TEPCO Power Grid

JCR Assigned AA to Libra A Limited Series C097

JCR Assigned A+ to HARP Issuer PLC Series 214

May. 21, 2025

JCR Assigned AAA Rating to Bonds of Japan Student Services Organization

May. 20, 2025

JCR Upgraded Long-term Issuer Rating on Samty Residential Investment Corporation to A+/Stable

JCR Affirmed AA-/Stable Long-term Issuer Rating on Coca-Cola Bottlers Japan HD

Change in CP Maximum Amount of Mitsui Chemicals; Affirmed J-1+

JCR Assigned AA Rating to Bonds of Kansai Electric Power

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

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 25-05

KANEMURA ECO WORKS, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

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

May. 19, 2025

JCR Affirmed AA/Stable Long-term Issuer Rating on Comforia Residential REIT

JCR Assigned Preliminary A+ Rating to Bonds (Tier 2 with loss absorption clause) of Nomura HD

JCR Downgraded Libra A Limited Series C052 to BBB+

JCR Downgraded eDirect Trust NF1 to BBB+

JCR Downgraded eDirect Trust NF2 to BBB+

JCR Downgraded Ganymede Limited Series 2023-83 to BBB+

[ Asset Securitization Products ] JCR Downgraded PERCS-C to J-2

May. 16, 2025

JCR Assigned BBB+/Stable FC Long-term Issuer Rating to Shriram Finance

JCR Affirmed A+/Stable Long-term Issuer Rating on Kajima Private REIT

JCR Assigned AAA Rating to Bonds of African Development Bank

JCR Affirmed AAA/Stable (FC/LC) on United Kingdom

JCR Affirmed BBB-/Stable (FC) and BBB/Stable (LC) on Brazil

JCR Affirmed AAA/Stable Long-term Issuer Rating on Inter-American Development Bank

JCR Assigned AA Rating to Bonds of Kansai Electric Power

JCR Assigned AA Rating to Bonds of Chubu Electric Power

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Assigned A+ Rating to Bonds of Daiwa Securities Group

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

JCR Assigned AA Rating to Bonds of Daiwa House REIT Investment Corporation

May. 15, 2025

INFRONEER HD Announces Plans for a Tender Offer for Sumitomo Mitsui Construction—No Immediate Impact on Rating; JCR Will Monitor Future Financial Leverage

JCR Placed Rating on Sumitomo Mitsui Construction under Credit Monitor #BBB+/Positive

JCR Assigned A-/Stable and J-1 to Mazda Credit

JCR Affirmed AAAp/Stable Long-term Issuer Rating on Shin-Etsu Chemical

JCR Affirmed A+/Stable Long-term Issuer Rating on Hiroshimashi Credit Cooperative

JCR Assigned AA Rating to Bonds of United Urban Investment Corporation

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

May. 14, 2025

JCR Downgraded Long-term Issuer Rating on NISSAN MOTOR to BBB+/Stable

JCR Downgraded Long-term Issuer Rating on NISSAN FINANCIAL SERVICES to BBB+/Stable

JCR Affirmed A/Stable and J-1 on KAGOME

JCR Affirmed A/Stable (FC/LC) on Hongkong and Shanghai Hotels

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Upgraded SPIRE SA Series 2023-113 and SPIRE SA Series 2024-32 to A

May. 13, 2025

JCR Affirmed AA+/Stable Long-term Issuer Rating on National Mutual Insurance Federation of Agricultural Cooperatives

JCR Affirmed AA/Stable and J-1+ on Kyoei Fire and Marine Insurance

JCR Affirmed AA+/Stable Long-term Issuer Rating on NARITA INTERNATIONAL AIRPORT

JCR Affirmed AA+/Stable Long-term Issuer Rating on NEW KANSAI INTERNATIONAL AIRPORT and KANSAI INTERNATIONAL AIRPORT LAND

JCR Assigned Preliminary BBB Rating to Subordinated Bonds of ZENSHO HD

May. 12, 2025

JCR Downgraded Long-term Issuer Rating on Shoko Chukin Bank to AA/Stable

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

JCR Affirmed A+/Stable (FC/LC) on CTF Services

JCR Affirmed AAA/Stable (FC/LC) on the Netherlands

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

Sanu: Assigned Sustainability Loan Framework Evaluation: SU 1(F)

GLP J-REIT: Reviewed Green Finance Framework Evaluation: Green 1(F)

GLP J-REIT: Reviewed Sustainability Finance Framework Evaluation: SU 1(F)

Kasuga Foundation Work: SME Rating: a

May. 09, 2025

NTT DATA GROUP Becomes a Wholly-owned Subsidiary of NIPPON TELEGRAPH AND TELEPHONE—No Immediate Impact on Rating

JCR Assigned A/Stable Long-term Issuer Rating to SHIZUOKA CHUO BANK

JCR Removed Credit Monitor; Affirmed A- on Makino Milling Machine; Placed Stable Outlook

JCR Affirmed A and J-1 on Tokyo Tatemono; Revised Outlook to Positive

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

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

JCR Affirmed A-/Stable (FC/LC) on Daewoo Engineering & Construction

JCR Assigned Preliminary BBB+ Rating to Subordinated Bonds of Tokyo Tatemono

May. 08, 2025

NIPPON TELEGRAPH AND TELEPHONE Makes NTT DATA GROUP a Wholly-owned Subsidiary—No Immediate Impact on Rating; JCR Will Focus on Investment Effects

Major Shareholder of PayPay Card and PayPay Bank Prepares for Initial Public Offering—JCR Will Focus on Changes in Capital Relationships

JCR Assigned AA- Rating to Cypher Limited Series 30087

JCR Assigned AA- Rating to Cypher Limited Series 30088

Treasure One Company, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

May. 07, 2025

JCR Assigned AAA/Stable FC Long-term Issuer Rating to Tokio Marine RSL Re PIC II

JCR Affirmed A+/Stable Long-term Issuer Rating on Okinawa Financial Group and Bank of Okinawa

JCR Affirmed A+/Stable Long-term Issuer Rating on Bank of The Ryukyus

JCR Assigned A Rating to SPIRE SA Series 2025-267

JCR Assigned A+ Rating to SPIRE SA Series 2025-376

May. 02, 2025

[ Asset Securitization Products ] JCR Assigned BBB to General Investments (Cayman) Limited Series 2024-09

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

May. 01, 2025

JCR Affirmed AA/Stable and J-1+ on Tokyo Century, NIPPON CAR SOLUTIONS and FLCS and AA-/Stable and J-1+ on IHI Finance Support

[ Asset Securitization Products ] JCR Affirmed AA on Securitization of Loans Receivable 202203

Apr. 30, 2025

[ Asset Securitization Products ] JCR Assigned Preliminary A to Senior Beneficial Interest 7931601 Series 9