News Release

Jan. 18, 2012

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL12-01

JCR Downgraded FC/LC Ratings on Spain to AA+/Negative from AAA/Stable

JCR Affirmed AAA Ratings on Germany

JCR Affirmed A-/Stable Rating on Senior debts of Japan Rental Housing Investments

JCR Assigned AA-/Stable Rating to Senior debts of Industrial & Infrastructure Fund Investment Corporation

JCR Assigned AAA Rating to Bonds of DBJ

JCR Affirmed A/Stable and J-1 on Nippon Car Solutions

JCR Assigned AAA Rating to Bonds of Aichi Prefecture

JCR Affirmed BBB+/Stable and J-2 on Resorttrust

JCR Affirmed A-/Stable Rating on Maruzen Showa Unyu

JCR Affirmed J-1 Rating on CP of Nissay Leasing

JCR Assigned AA Rating to Bonds of Bank of Tokyo-Mitsubishi UFJ

JCR Assigned AA- Rating to Subordinated Bonds of Bank of Tokyo-Mitsubishi UFJ

JCR Assigned AA- Rating to Bonds of Saibu Gas

Jan. 17, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Kurashiki Medical Center Beneficial Interest 12-01

JCR Affirmed BBB+/Stable on Yachiyo Bank

JCR Downgraded Rating on Covalent Materials from #BBB[Negative] to #BBB-[Negative]; Maintains CM Negative

JCR Assigned AAA Rating to Bonds of Aichi Prefecture

JCR Affirmed A-/Stable Rating on Senior Debts of Seiren

Jan. 16, 2012

JCR Affirmed A/Stable, A and J-1 Rating on Don Quijote

JCR Affirmed A-/Stable and J-1 on All Nippon Airways

JCR Affirmed BBB+/Stable Rating on Senior debts of Fujikura Kasei

Jan. 13, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL Program(N Hospital in Hokkaido)

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-01 (K Hospital)

[ Asset Securitization Products ] JCR Assigned Pre. J-1+ to Bills Receivable Beneficial Interest 12-01 (A Corp.)

[ Asset Securitization Products ] JCR Assigned J-1+ to Takeda General Hospital Beneficial Interest 12-01

JCR Assigned AA- Rating to Bonds of Sumitomo Mitsui Banking Corporation

JCR Affirmed AA/Stable Rating on Senior Debts of Kanagawa University

Jan. 12, 2012

[ Asset Securitization Products ] JCR Assigned Pre. J-1 to Kurashiki Medical Center Beneficial Interest 12-01

JCR Downgraded Rating on Daiwa Securities Group from A+/Stable to A/Stable
JCR Downgraded Rating on Daiwa Securities from A+/Stable to A/Stable
JCR Downgraded Rating on Daiwa Securities Capital Markets from A+/Stable to A/Stable

JCR Assigned BBB+ Rating to Bonds of Tobu Railway

JCR Affirmed A+/Stable and A+ on Daicel

Jan. 11, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-01 (B Hospital)

JCR Affirmed AA/Stable on Senior Debts of Toyo University

JCR Assigned AA- Rating to Bonds of Odakyu Electric Railway

JCR Affirmed A+/Stable on Senior Debts of DISCO Corporation

JCR Affirmed A-/Stable Rating on Senior Debts of Riso Kagaku

Jan. 10, 2012

JCR Maintains Credit Monitor on Covalent Materials; Revised Direction of CM from Developing to Negative

Jan. 06, 2012

[ Asset Securitization Products ] JCR Assigned J-1+ to JUTEC Bills Receivable ABL12-01

JCR Assigned AA- Rating to WILLOW NO.2 (CAYMAN) LIMITED Series 002

Jan. 05, 2012

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Fees Receivable ABL12-01 (D Hospital)

Jan. 04, 2012

JCR Withdraws AA-/Stable Rating on AIG Edison Life Insurance Company

Dec. 29, 2011

JCR Assigned J-1 to Molten Bills Receivable ABL11-12

JCR Assigned A+ Rating to Subordinated Loans of Suntory Holdings

JCR Affirmed AAA/Stable and AAA on Senior Debts and Bonds of NHK

JCR Affirmed A/Stable and A, Withdraws J-1 on CP and A on EMTN of ORIX
JCR Withdraws A on EMTN of ORIX AUSTRALIA (SECURITIES)
JCR Withdraws A on EMTN of ORIX (CARIBBEAN)
JCR Withdraws A on EMTN of ORIX USA

Dec. 28, 2011

JCR Assigned J-1 to Aso Shoji Bills Receivable ABL11-12

JCR Assigned J-1+ to Bills Receivable Beneficial Interest 11-12 (A Corp.)

JCR Assigned J-1+ to Teral Bills Receivable ABL11-12

JCR Assigned J-1 to Hayakawa Rubber Bills Receivable ABL11-12

JCR Assigned J-1 to Nohara Bills Receivable ABL11-12

JCR Affirmed BBB-/BBB (FC/LC) Ratings on Romania

JCR Affirmed A-, A and J-1 Rating on Citigroup Japan Holdings; Revised Outlook from Stable to Negative

JCR Affirmed A/Stable and J-1 on Dowa Holdings

JCR Downgraded Rating on Yokogawa Electric from A+/Negative to A/Stable

JCR Affirmed AA/Stable on Toho

JCR Affirmed J-2 Rating on CP of Daiko Clearing Services

JCR Affirmed AAp/Stable on Japan Earthquake Reinsurance

Dec. 27, 2011

JCR Assigned J-1 to Hyakugo Bank B Corporation Bills Receivable ABL11-12

JCR Affirmed AA Rating on Teollisuuden Voima Oyj

JCR Affirmed AA Rating on Pohjolan Voima Oy

JCR Affirmed BBB/Stable Rating on Senior Debts of Toyo Logistics

JCR Assigned Preliminary A+ Rating to Shelf Reg. of Hiroshima Bank

JCR Affirmed A-/Stable Rating on Senior debts of IT Holdings
JCR Affirmed A-/Stable Rating on Senior debts of TIS
JCR Affirmed A-/Stable Rating on Senior debts of INTEC

Dec. 26, 2011

JCR Assigned J-1+ to MSNW Trust Certificate Series 11120

JCR Assigned J-1 to Kimura Bills Receivable ABL11-12

JCR Assigned J-1 to Dispensing Fees ABL11-12 (Nanba Pharmacy)

JCR Affirmed A-/Stable on J-OIL MILLS

JCR Affirmed A/Stable Rating on Senior debts of Noritake

JCR Affirmed AA/Stable on Nisshin Seifun Group

JCR Affirmed A-/Stable and J-1 on Showa Sangyo

JCR Affirmed AA-/Stable on Oriental Yeast

JCR Affirmed A/Stable and J-1 on Nippon Flour Mills

JCR Assigned BBB/Stable Rating to Senior Debts of Aderans

Dec. 22, 2011

JCR Assigned J-3 to Monthly Clear Card Shopping Receivable ABL11-12

JCR Affirmed A+/Stable and J-1 Rating on Mitsubishi Plastics

JCR Affirmed A+/Stable and A+ Rating on Mitsubishi Rayon

JCR Affirmed A+p/Stable Rating on Mitsubishi Tanabe Pharma Corporation

JCR Affirmed A+/Stable and A+ on Mitsubishi Chemical Holdings

JCR Affirmed A+/Stable and J-1 on Mitsubishi Chemical Corporation

JCR Downgraded Rating on Nippon Yusen Kabushiki Kaisha from AA-/Stable to A+/Stable

JCR Affirmed BBB/Stable on Shinnihon Corporation

JCR Affirmed AA- and J-1+ Rating on Daibiru; Revised Outlook from Stable to Negative

JCR Affirmed A/Stable on The Japan Net Bank

Dec. 21, 2011

JCR Assigned Pre. J-1 to Hyakugo Bank B Corporation Bills Receivable ABL11-12

JCR Assigned J-1 to Medical Fees Receivable ABL11-12 (M Hospital)

JCR Affirmed A/Stable and A on Nifco

JCR Affirmed AA-/Stable Rating on Senior Debts of Yamada Denki

JCR Affirmed J-1 Rating on CP of UC Card

Dec. 20, 2011

JCR Assigned Pre. J-1 to Aso Shoji Bills Receivable ABL11-12

JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL11-12

JCR Assigned J-1 to Medical Fees Receivable ABL11-12 (C Hospital)

JCR Assigned J-1 to Medical Fees Receivable ABL11-12 (H Hospital)

JCR Assigned J-1 to Medical Fees Receivable ABL11-12 (G Hospital)

JCR Assigned J-1 to Medical Fees Receivable ABL11-12 (Asahikawa Sanai HP)

JCR Downgraded Rating on Rohm from AA/Stable to AA-/Stable

JCR Placed Ratings on Hulic under Credit Monitor #A[Negative]
JCR Placed Ratings on Shoei under Credit Monitor #BBB+[Positive]

JCR Affirmed BBB/Stable and J-2 on Okabe

JCR Affirmed BBB-/Stable and J-2 Rating on Taiyo Oil

Dec. 19, 2011

JCR Assigned J-1 to Kurashiki Medical Center Beneficial Interest 11-12