News Release

May. 16, 2012

JCR Assigned A+ Rating to Bonds of Kobe Steel

JCR Affirmed BBB- Ratings on Philippines with positive outlook

May. 15, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-05 (K Hospital)

JCR Affirmed AA-/Stable Rating on Senior Debts of Nomura Trust and Banking

JCR Affirmed AA-/Stable and A+ on Nomura Holdings
JCR Affirmed AA-/Stable and A+ on Nomura Securities
JCR Affirmed AA- on Nomura Bank International
JCR Affirmed AA- on Nomura Europe Finance

JCR Affirmed A/Stable, A and J-1 Rating on Daido Steel

JCR Assigned A Rating to Bonds of Itochu Enex

JCR Assigned A- Preliminary Ratings to JPY Bonds of Mexico

May. 14, 2012

JCR Upgraded Rating on Nagatanien from BBB/Positive to BBB+/Stable

Highlights of Major Blast Furnace Steel Manufacturers' Financial Results for Business Year Ended March 2012

May. 11, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-05 (B Hospital)

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Kurashiki Medical Center Beneficial Interest 12-05

JCR Assigned A- Rating to JPY Bonds of Poland

JCR Affirmed J-1 Rating on CP of MMC Diamond Finance

JCR Assigned AAA Ratings to AfDB's Notes

May. 10, 2012

JCR Assigned AAA Rating to Bonds of DBJ

JCR Assigned AA-/Stable Rating to Senior Debts of Activia Properties

May. 09, 2012

[ Asset Securitization Products ] JCR Assigned J-1+ to JUTEC Bills Receivable ABL12-05

JCR Affirmed J-1 Rating on CP of SMBC Finance Service

JCR Affirmed A+/Stable Rating on Senior Debts of Yamagata Bank

JCR Affirmed AA-/Stable, AA-, Pre. AA- & J-1+ on Mitsubishi UFJ Lease & Finance

May. 08, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-05 (D Hospital)

JCR Affirmed A-/Stable, A- Rating on Okamura Corporation

JCR Affirmed BBB/Stable and BBB- on Minami-Nippon Bank

May. 07, 2012

JCR Assigned J-1 Rating to CP of T&D Lease

May. 02, 2012

JCR Affirmed AA+/Stable, Preliminary AA+ and J-1+ Rating on NTT Finance

May. 01, 2012

[ Asset Securitization Products ] JCR Affirmed A+ Rating on ABL of PORT SATORI, LLC

JCR Affirmed A-/Stable Rating on Senior Debts of Saitamaken Shinkin Bank

JCR Affirmed A-/Stable Rating on Senior debts of Ariake Japan Co., Ltd.

JCR Affirmed A/Stable Rating on Senior Debts of Aica Kogyo

JCR Affirmed A/Stable, A- and Preliminary A on Miyazaki Bank

JCR Affirmed BBB/Stable Rating on Senior Debts of Tokushu Tokai Paper

JCR Assigned A- Preliminary Rating to JPY Bonds of Poland

Apr. 27, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Nohara Bills Receivable ABL12-04

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills Receivable ABL12-04

[ Asset Securitization Products ] JCR Assigned J-1 to Hayakawa Rubber Bills Receivable ABL12-04

[ Asset Securitization Products ] JCR Assigned J-1 to Molten Bills Receivable ABL12-04

JCR Affirmed A/Stable and A- Rating on Bank of The Ryukyus

JCR Affirmed AA-/Stable Rating on Senior debts of Kokushikan

JCR Affirmed A+/Stable Rating on Senior Debts of Bank of Okinawa

JCR Affirmed AAA/Stable and AAA Rating on Tokio Marine Financial Solutions

JCR Affirmed AAA/Stable Rating on Tokio Marine Holdings
JCR Affirmed AAA/Stable Rating on Tokio Marine & Nichido Fire Insurance

JCR Assigned AA/Negative, AA and Pre. AA to Tohoku Electric Power; Withdraws AA+p

JCR Assigned A- Rating to Subordinated Bonds of Chukyo Bank

JCR Affirmed J-1 Rating on CP of NBL

Apr. 26, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Hyakugo Bank B Corporation Bills Receivable ABL12-04

JCR Affirmed AA-/Stable Rating on Senior debts of Fukuoka REIT Corporation

JCR Affirmed A+/Stable, A+, Pre. A+ and J-1 Rating on Marubeni

JCR Affirmed A+ Rating on EMTN of Marubeni
JCR Affirmed A+ Rating on EMTN of Marubeni Europe
JCR Affirmed A+ Rating on EMTN of Marubeni Finance Holland

JCR Affirmed A/Stable, A and J-1 Rating on Itochu Enex

JCR Affirmed AA-/Stable, Preliminary AA- and J-1+ Rating on ITOCHU

JCR Affirmed AA- Rating on EMTN of ITOCHU
JCR Affirmed AA- Rating on EMTN of Itochu Treasury Center America
JCR Affirmed AA- Rating on EMTN of Itochu Treasury Centre Europe
JCR Affirmed AA- Rating on EMTN of Itochu Treasury Centre Asia

Apr. 25, 2012

JCR Affirmed AAA/Stable on TOKYO GAS

[ Asset Securitization Products ]JCR Assigned J-1+ to MSNW Trust Certificate Series 12040

[ Asset Securitization Products ] JCR Assigned J-1+ to Bills Receivable Beneficial Interest 12-04 (A Corp.)

JCR Affirmed A-/Stable Rating on Sapporo Hokuyo Holdings
JCR Affirmed A-/Stable Rating on North Pacific Bank

JCR Affirmed A-/Stable Rating on KITZ Corporation

JCR Affirmed BBB/Stable and J-2 Rating on Daiei Real Estate & Development

JCR Affirmed AA-/Stable, AA-, Pre. AA- and J-1+ Rating on Saibu Gas

JCR Affirmed A-/Stable Rating on Senior Debts of Chubu Gas

JCR Affirmed A-/Stable and J-1 Rating on Tsubakimoto Chain

JCR Affirmed AA+p/Stable Rating on Senior Debts of Toho Gas

JCR Affirmed A/Stable, A, Pre. A and J-1 Rating on Hokkaido Gas

JCR Affirmed A/Stable, A and J-1 Rating on Hiroshima Gas

JCR Affirmed AA+p/Stable Rating on Senior Debts of Osaka Gas

Apr. 24, 2012

JCR Affirmed AA-/Stable Rating on Senior Debts of Toyota Boshoku

JCR Affirmed AA/Stable Rating on Senior Debts of Gunma Bank

JCR Affirmed AA- Rating on Mori Hills REIT Investment; Revised Outlook from Negative to Stable

Apr. 23, 2012

[ Asset Securitization Products ] JCR Assigned J-3 to Monthly Clear Card Shopping Receivable ABL12-04

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-04 (Asahikawa Sanai HP)

[ Asset Securitization Products ] JCR Assigned Pre. J-1 to Hyakugo Bank B Corporation Bills Receivable ABL12-04

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL12-04

JCR Upgraded Rating on NICHIAS from BBB/Stable to BBB+/Stable

JCR Affirmed CCC/Negative and CCC on Aiful

JCR Affirmed A-/Stable Rating on Senior debts of Nittetsu Mining

JCR Affirmed BBB/Stable Rating on Senior Debts of Tokyo Derica

JCR Downgraded Rating on Mitsui Sumitomo Insurance from AAA/Negative to AA+/Stable
JCR Affirmed AA+ Rating on Aioi Nissay Dowa Insurance; Revised Outlook from Negative to Stable

JCR Affirmed A/Stable Rating on Senior Debts of Air Water

Apr. 20, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-04 (C Hospital)

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-04 (G Hospital)

JCR Upgraded Rating on Saikyo Bank from BBB/Positive to BBB+/Stable

JCR Assigned A Rating to Bonds of Century Tokyo Leasing

JCR Upgraded Rating on Sumitomo Mitsui Card from A+/Positive to AA-/Stable

JCR Affirmed AA-/Stable Rating on Senior Debts of San-in Godo Bank

JCR Assigned A Rating to Bonds of Takara Holdings

JCR Affirmed A/Stable Rating on J. F. Oberlin University and Affiliated Schools

Apr. 19, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-04 (F Hospital)

JCR Upgraded Class B and C and Affirmed Class A3 and D Specified Bonds of Trust Maison TMK

[ Asset Securitization Products ] JCR Upgraded Class B, C, and D and Affirmed Class A2-1 and A2-2 Specified Bonds of Trust Maison Two TMK

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-04 (L Hospital)

JCR Affirmed A-/Stable Rating on Senior Debts of Seto Shinkin Bank

JCR Affirmed BBB+ Rating on Senshu Ikeda Bank; Revised Outlook to Stable

Apr. 18, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-04 (Kyowakai)

[ Asset Securitization Products ]JCR Assigned Preliminary J-1+ to MSNW Trust Certificate Series 12040

[ Asset Securitization Products ] JCR Assigned J-1 to Dispensing Fees Receivable ABL12-04 (sun-kur)

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-04 (I Hospital)

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-04 (E Hospital)

JCR Downgraded Sompo Japan Insurance from AA+/Negative to AA/Stable
JCR Affirmed AAp Nipponkoa Insurance; Revised Outlook from Negative to Stable
JCR Downgraded Saison Automobile and Fire Insurance from A+/Negative to A/Stable

Apr. 17, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Kurashiki Medical Center Beneficial Interest 12-04

JCR Withdraws J-2 Rating on CP of Tokai Tokyo Securities