News Release

Mar. 28, 2025: NIPPON REIT Investment Corporation: Reviewed Green Finance Framework Evaluation: Green 1(F); The Keiyo Bank: Second Opinion on Positive Impact Finance Framework; Fuyo General Lease, Mizuho Bank: Second Opinion on Positive Impact Finance; NPR-RIKEN , Mizuho Bank: Second Opinion on Positive Impact Finance; Mitsubishi Steel Mfg., MUFG Bank: Second Opinion on Positive Impact Finance; ITOHAM YONEKYU HOLDINGS, MUFG Bank: Second Opinion on Positive Impact Finance; Smart Power System, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; Taiko, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; FUSO KASEI, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; Ichikawa Syokai, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; YAMAZAKI HAGURUMA SEISAKUSHO, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; HITOYOSHI, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; Kanazuru Shokuhin Seika, THE SAITAMAKEN SHINKIN BANK: Second Opinion on Positive Impact Finance; Waseda Health Sciences Education, THE SAITAMAKEN SHINKIN BANK: Second Opinion on Positive Impact Finance; Koun Truck, The Juhachi-Shinwa Bank: Second Opinion on Positive Impact Finance; Aief Holdings, The Ashikaga Bank: Second Opinion on Positive Impact Finance; Hotel Mikazuki, The Chiba Bank: Second Opinion on Positive Impact Assessment

Mar. 27, 2025: KONICA MINOLTA Announces Recording of Operating Loss Due to Change in Consolidated Subsidiaries—JCR Will Pay Close Attention to Future Performance Trends; JCR Upgraded Long-term Issuer Rating on NICHIAS to A+/Stable; JCR Affirmed AA/Stable and J-1+ on Mitsubishi HC Capital; JCR Affirmed BBB-/Stable Long-term Issuer Rating on HOWA BANK; JCR Assigned BBB Rating to Subordinated Loan of UACJ; [ Asset Securitization Products ] JCR Affirmed A+ rating on Triangulum Occident; [ Asset Securitization Products ] JCR Affirmed J-1 on Dispensing Fees Receivable ABL Program (Nanba Pharmacy); JCR Assigned A to SPIRE SA Series 2025-287; Mercari: Second Party Opinion on Sustainability Linked Loan Framework; Mizuho Leasing, Mizuho Bank: Second Opinion on Positive Impact Finance; Shimamoto Die casting, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; WORD, San ju San Bank: Second Opinion on Positive Impact Finance; TECHNICAL STEEL, The Yamanashi Chuo Bank: Second Opinion on Positive Impact Finance; LEMONKAI, The Nanto Bank: Second Opinion on Positive Impact Finance; ZENKEI, The Kumamoto Bank: Second Opinion on Positive Impact Finance

Mar. 26, 2025: JCR Assigned BBB-/Stable FC Long-term Issuer Rating to Banco do Brasil; JCR Affirmed BBB and J-2 on Financial Partners Group; Revised Outlook to Positive; JCR Affirmed A-/Stable Long-term Issuer Rating on Seiwa Building; JCR Affirmed AAA/Stable Long-term Issuer Rating on International Bank for Reconstruction and Development; JCR Affirmed A-/Stable (FC) and A/Stable (LC) on Hungary and National Bank of Hungary; JCR Affirmed A/Stable (FC) and A+/Stable (LC) on Poland; [ Asset Securitization Products ] JCR Affirmed A on BEP Senior Beneficial Interest/ABL 202203; [ Asset Securitization Products ] JCR Affirmed A on BEP Senior Beneficial Interest/ABL 202211; [ Asset Securitization Products ] JCR Affirmed A on BEP Senior Beneficial Interest/ABL 202311; JCR Withdraws BBB Long-term Issuer Rating on NAGATANIEN HD; TOKYO SUISAN TERMINAL: Assigned Green Loan Framework Evaluation: Green 1(F); Fukuoka REIT Corporation: Reviewed Green Finance Framework Evaluation: Green 1(F); SBS holdings, MUFG Bank: Second Opinion on Positive Impact Finance; KITAKANTOU BUTSURYU, The Joyo Bank: Second Party Opinion on Sustainability Linked Loan

Mar. 25, 2025: JCR Affirmed A+/Stable and J-1 on Mortgage Corporation of Japan; JCR Affirmed BBB/Stable FC Long-term Issuer Rating on Indomarco Prismatama; JCR Affirmed AA-/Stable FC Long-term Issuer Rating on KKR & Co.; JCR Assigned Preliminary AA- Rating to Shelf Registration of TAISEI; JCR Upgraded Clean Energy Connect Non-FIT Virtual PPA Low-voltage Solar Power Plant Green Project Bond Trust Trust ABL to BBB+; JCR Assigned AA- to Sylph Limited Series 50933; IWATANI: Reviewed Sustainability Bond Framework Evaluation: SU 1(F),Green 1(T)(F); The Hachijuni Bank: Reviewed Sustainability Bond Framework Evaluation: SU 1(F); SBI Shinsei Bank: Evaluation of Conformity of Sustainability Finance Framework; MINEBEA MITSUMI, Sumitomo Mitsui Trust Bank: Second Opinion on Positive Impact Assessment; EBISAWA SEIKI SEISAKUSYO, The Joyo Bank: Second Party Opinion on Sustainability Linked Loan; AKATSUKI EAZIMA, The Joyo Bank: Second Opinion on Positive Impact Finance; NISHINIPPON KOGYO, The Juhachi-Shinwa Bank: Second Opinion on Positive Impact Finance; Tenboshi Seiyu, THE SHIZUOKA BANK: Second Opinion on Positive Impact Finance; IWATAYA FOOD, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; ACE SYSTEM, The Nanto Bank: Second Opinion on Positive Impact Finance; Manyo-Biso, The Nanto Bank: Second Opinion on Positive Impact Finance

Mar. 24, 2025: JCR Removed Credit Monitor; Upgraded Ratings on Sanyo Special Steel to AA/Stable and J-1+; JCR Affirmed AAA/Stable and J-1+ on NTT DATA GROUP; JCR Affirmed AA+/Stable Long-term Issuer Rating on SECOM; JCR Affirmed AA+/Stable Long-term Issuer Rating on SECOM GENERAL INSURANCE; JCR Affirmed AAA/Stable (FC/LC) on Export Development Canada; JCR Affirmed AA+/Stable Long-term Issuer Rating on Kanagawa Prefectural Housing Supply Corporation; JCR Assigned Preliminary A+ Rating to Subordinated Bonds of DAIWA HOUSE INDUSTRY; Mipox, Mizuho Bank: Second Opinion on Positive Impact Finance

Mar. 21, 2025: SoftBank Group Announces Acquisition of US Semiconductor Design Company—No Immediate Impact on Rating; T&D Life Group Invests in German Closed-Book Business—No Immediate Impact on Rating; JCR Upgraded Long-term Issuer Rating on MIRAI to AA-/Stable; Mizuho Bank: Second Party Opinion on Sustainable Shipping Impact Finance Framework; SAIKON, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; Sumiron, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; MANAGEMENT TOTAL SYSTEM, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance; Fumotoppara, THE SHIZUOKA BANK: Second Opinion on Positive Impact Finance; Nakazono, THE BANK OF FUKUOKA: Second Opinion on Positive Impact Finance; ENTOWA, The Juhachi-Shinwa Bank: Second Opinion on Positive Impact Finance; SS Trust, The Hachijuni Bank: Second Opinion on Positive Impact Finance; EIGHT, The Hachijuni Bank: Second Opinion on Positive Impact Finance