News Release

Aug. 22, 2023: JCR Affirmed Ap/Stable Long-term Issuer Rating on TOYO INK SC HD; JCR Affirmed A/Stable and J-1 on HEIWADO; JCR Affirmed A-/Stable Long-term Issuer Rating on YOKOREI; JCR Affirmed A/Stable Long-term Issuer Rating on Anicom HD and Anicom Insurance; JCR Assigned AA to Libra A Limited Series C039; [ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 23-08; [ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (Kyokuhoukai Medical Association, Asahikawa Sanai Hospital)

Aug. 21, 2023: JCR Affirmed AA- and J-1+ on Mori Trust HD; Revised Outlook to Positive; JCR Affirmed AA+/Stable and J-1+ on ITOCHU; Assigned Preliminary AA+ to Shelf Registration; JCR Affirmed J-1+ Rating on CP of ITOCHU Treasury; JCR Affirmed AA+ Rating on EMTN Program of ITOCHU and ITOCHU Treasury Centre Europe; JCR Affirmed AA-/Stable and J-1+ on Mitsubishi Heavy Industries; JCR Affirmed AA-/Stable and J-1+ on POCKET CARD; JCR Reviewed Green Finance Framework of Nagano Prefecture

Aug. 18, 2023: JCR Assigned BBB+/Stable Long-term Issuer Rating to APA HD; JCR Assigned A+/Stable FC Long-term Issuer Rating to GAW Capital Partners; JCR Assigned A-/Stable FC Long-term Issuer Rating to FORVIA; JCR Affirmed BBB+ Long-term Issuer Rating on HEIWA REAL ESTATE; Revised Outlook to Positive; JCR Affirmed A-/Stable (FC) and A+/Stable (LC) on Mexico; JCR Assigned Preliminary A+ Rating to Bonds (Tier 2 with loss absorption clause) of Mitsubishi UFJ Financial Group

Aug. 17, 2023: JCR Assigned AAA/Stable Long-term Issuer Rating to Arab Bank for Economic Development in Africa; JCR Affirmed A/Stable Long-term Issuer Rating on Canadian Solar Infrastructure Fund; JCR Reviewed the Securitized Green Equity Trust 1 Trust Beneficiary Rights of Canadian Solar; JCR Reviewed Investment Bonds of Canadian Solar Infrastructure Fund; JCR Reviewed Long-term Loan(2021) Borrowed by Canadian Solar Infrastructure Fund; JCR Reviewed Long-term Loan(2017) Borrowed by Canadian Solar Infrastructure Fund; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Hokkaido Bank to Yoshikawafoods

Aug. 15, 2023: DAIKEN Expresses Consent to a Tender Offer by ITOCHU - Outcome, Concrete Support Details, Etc. to Be Watched; JCR Affirmed A/Stable Long-term Issuer Rating on TOC; JCR Affirmed A/Stable Long-term Issuer Rating on TOMONY HD

Aug. 14, 2023: JCR Assigned A/Stable FC Long-term Issuer Rating to Hanwha Solutions; JCR Upgraded KUREHA to A+/Stable; Affirmed J-1 on CP; JCR Affirmed A+/Positive Long-term Issuer Rating on TOSOH; JCR Affirmed A-/Stable FC Long-term Issuer Rating on Security Bank

Aug. 10, 2023: JCR Affirmed BBB+ and J-2 on ICHINEN HD; Revised Outlook to Positive; JCR Affirmed A Long-term Issuer Rating on Japan Airlines; Revised Outlook to Stable; JCR Affirmed BBB/Stable Long-term Issuer Rating on RENOVA; JCR Affirmed A+/Stable Long-term Issuer Rating on Daishi Hokuetsu Financial Group and Daishi Hokuetsu Bank; JCR Assigned Preliminary A Rating to Subordinated Bonds of ENEOS HD; JCR Assigned Preliminary A+ Rating to Subordinated Bonds of JAPAN POST INSURANCE; JCR Assigned AAA Rating to Bonds of Central Nippon Expressway; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to KATSURAYAMA TECHNOLOGY; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Hokkaido Bank to NISEKO ENVIRONMENT

Aug. 09, 2023: Premium Arrangement by Major Non-life Insurers—Limited Impact on Ratings, JCR Will Watch for Progress of Investigation; JCR Upgraded Long-term Issuer Rating on Nomura Real Estate HD to A+/Stable; Affirmed J-1 on CP; JCR Upgraded Long-term Issuer Rating on Shikoku Bank to A/Stable; JCR Affirmed AA+/Stable Long-term Issuer Rating on Toa Reinsurance; JCR Assigned AA- Rating to Bonds of Sumitomo Mitsui Auto Service; JCR Assigned Preliminary A+ Rating to Shelf Registration of HIKARI TSUSHIN

Aug. 08, 2023: JCR Placed Rating on TOSHIBA under Credit Monitor #BBB+/Negative and #J-2/Negative; JCR Assigned A- Rating to Bonds of Chuo-Nittochi Group; JCR Assigned Preliminary BBB+ Rating to Shelf Registration of ZENSHO HD; [ Asset Securitization Products ] JCR Assigned Preliminary AAA to Investment Condominium Loans Trust (7917528); [ Asset Securitization Products ] JCR Assigned Preliminary J-1 to PERCS

Aug. 07, 2023: JCR Affirmed BBB+/Positive Long-term Issuer Rating on KOHNAN SHOJI

Aug. 04, 2023: JCR Downgraded Long-term Issuer Rating on NIPPON CHEMI-CON to BBB-/Negative; JCR Assigned AA Rating to Bonds of Tokyo Waterfront Area Rapid Transit; JCR Assigned A+ Rating to Bonds of YOKOHAMA MINATOMIRAI RAILWAY; JCR Assigned AAA Rating to Bonds of NTT TC Leasing; JCR Assigned AAA Rating to Bonds of Development Bank of Japan; JCR Affirmed A/Stable Long-term Issuer Rating on Tokuyama; JCR Affirmed AA+/Stable Long-term Issuer Rating on Nippon Prologis REIT; JCR Assigned SU1(F) and Blue 1(F) to Sustainability Finance Framework by Chiba Prefecture; JCR Withdraws BBB- Long-term Issuer Rating on Toyoko Inn

Aug. 03, 2023: JCR Affirmed AAA/Stable (FC/LC) on Germany; JCR Assigned Preliminary AA- Rating to Shelf Registration of NIPPON STEEL; JCR Assigned AA to SPIRE SA Series 2023-271

Aug. 02, 2023: JCR Assigned Preliminary A- Rating to Shelf Registration of Nippon Paper Industries; JCR Affirmed AA- on Commitment Line of PASMO

Aug. 01, 2023: Revision of Rating Methodology for Medical Institutions; Establishment of Rating Methodology by Sector "Auto Parts Manufacturers" and Revision of "Automakers"; JCR Affirmed BBB- Long-term Issuer Rating on ROYAL HD; Revised Outlook to Positive; Change in CP Maximum Amount of KPP GROUP HD; Affirmed J-1; JCR Assigned Preliminary AA- Rating to Shelf Registration of Marubeni

Jul. 31, 2023: JCR Affirmed A Long-term Issuer Rating on MITSUI-SOKO HD; Revised Outlook to Positive; JCR Affirmed A-/Stable and J-1 on Central Glass; JCR Affirmed BBB+/Stable Long-term Issuer Rating on TOWA BANK; JCR Affirmed BBB/Stable Long-term Issuer Rating on Minami-Nippon Bank; [ Asset Securitization Products ] JCR Assigned AAA and A to Beneficial Interest 202307; JCR Assigned Green 1(F) to Green Finance Framework of Takara Leben Real Estate Investment; JCR Assigned Green 1 to Trust Beneficiary Rights 202307 (Contract No. 210327); JCR Reviewed Bonds no.1 Issued by EXEO Group; JCR Reviewed Bonds no.2 Issued by Takamatsu Construction Group; JCR Provided a Post-issuance Verification Report to Bonds no.2 (Sustainability Linked Green Bonds) Issued by Takamatsu Construction Group; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Hiramatu; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Morita Sansho