News Release

Feb. 02, 2011

Assigned AAA/Stable to sr. debts of Tokyo Gas; Withdraws AAAp

Withdraws BBB/Negative rating on sr. debts of Daisyo Corporation

Affirms FC/LC Ratings of Korea; Outlook Stable

Affirms A+/AA- (FC/LC) Ratings on Korea Electric Power Corporation (KEPCO)

Affirms A+ Ratings on Industrial Bank of Korea (IBK); Outlook Stable

JCR Affirms A+/AA- (FC/LC) on Daejeon City; Outlook Stable
JCR JCR Affirmed A+ Ratings on Bonds of Daejeon Riverside Expressway Funding

Feb. 01, 2011

Affirmed A-/Stable and J-1 on Japan Pulp and Paper Company

Assigned J-1 rating to CP program of J.Front Retailing

Assigned BBB rating to bonds of Hikari Tsushin

Revised rating on Mitsui Chemicals Tohcello from A/Neg to A+/Stable

Affirmed A+, J-1 on Mitsui Chemicals; Revised outlook to Stable

Assigned pre.AA-, A+ & A rating to shelf of Mizuho Corporate Bank

Upgrades Ratings on Brazil to BBB/BBB+ (FC/LC)

Affirmed BBB on Harima Chemicals; Revised outlook to Positive

Jan. 31, 2011

Assigned J-1+ to Teral Bills Receivable ABL11-01

Assigned J-1 to Molten Bills Receivable ABL11-01

Assigned J-1 to Nohara Bills Receivable ABL11-01

Assigned J-3 to Narasaki Stax Accounts Receivable ABL11-01

Revised rating on Ome Shinkin Bank from BBB to BBB+/Stable

Jan. 28, 2011

Assigned J-1 rating to Aso Shoji Bills Receivable ABL11-01

JCR Affirmed AA- rating on MTN Programme of Mizuho Securities
JCR Affirmed AA- rating on MTN Programme of Mizuho International
JCR Affirmed AA- rating on MTN Programme of Mizuho Securities USA

JCR Affirmed A/Stable and J-1 on Fukuoka Financial Group

Revised rating on GS Yuasa from BBB/Positive to BBB+/Stable

Affirmed A+/Stable and A+ rating on NGK Spark Plug

JCR Affirmed A/Stable rating on Shinwa Bank

JCR Affirmed A/Stable and A- on Kumamoto Family Bank

JCR Affirmed A+/Stable on senior debts of Bank of Fukuoka

Assigned BBB- rating to bonds of Daikyo

Jan. 27, 2011

Assigned J-1+ to A&D Bills Receivable Beneficial Int. 11-01

Assigned J-1 to Hyakugo Bank B Co. Bills Receivable ABL11-01

Affirmed A/Stable, A and J-1 on Krosaki Harima

Assigned AA+ rating to bonds of Japan Student Services

Assigned BBB+/Stable rating to sr.debts of SEIBU HOLDINGS

Assigned AA- rating to bonds of Sumitomo Mitsui Finance and Leasing

Withdraws BBB+/Stable rating on sr.debts of ASKA Pharmaceutical

Jan. 26, 2011

Affirmed A+/Stable on Kyoritsu Women's Educational Institution

Affirmed A-/Stable rating on senior debts of J-OIL MILLS

Jan. 25, 2011

Assigned J-1+ to MSNW Trust Certificate Series 11010

Assigned J-1+ and J-2 to C Corporation Bills Receivable ABL11-01

Assigned J-1 to Medical Fees Receivable ABL11-01 (J Hospital)

Affirmed BBB+/Stable rating on PARIS MIKI HOLDING

Affirmed AA rating on Nomura Real Estate Residential Fund; Stable

Revised rating on Hulic from A- to A

Withdraws BBB+, BBB rating on Tokyo Tomin Bank

JCR Affirmed BBB/Stable, J-2 on Tokai Tokyo Financial Holdings
JCR Affirmed BBB/Stable, J-2 on Tokai Tokyo Securities

Assigned BBB+ rating to subordinated bonds of Tokyo Tomin Bank

Assigns A Rating to Busan Bank: Outlook Stable

Jan. 24, 2011

Assigned pre.J-1 to Hyakugo Bank B Co. Bills Receivable ABL11-01

JCR Affirmed BBB/Stable on sr. debts of Okasan Securities Group
JCR Affirmed BBB/Stable on sr. debts of Okasan Securities

Affirmed AA-/Stable and AA- on Nippon Yusen Kabushiki Kaisha

Affirmed A+/Stable, A+, pre. A+ and J-1 on Nippon Meat Packers

Withdraws BBB rating on subordinated bonds of Tokyo Star Bank

Jan. 21, 2011

Assigned J-1 to dispensing fees ABL11-01 (Nanba Pharmacy)

Assigned J-1 to Medical Fees Receivable ABL11-01 (G Hospital)

Assigned J-1 to Medical Fees Receivable ABL11-01 (Asahikawa Sanai Hospital)

Assigned BBB+ rating to bonds of Mazda Motor

Assigned BBB+ to bonds of Mitsui Engineering & Shipbuilding

Assigned BBB- rating to subordinated bonds of Saga Kyoei Bank

Assigned AA- rating to bonds of ORIX JREIT Inc.

Assigned AA- rating to bonds of Mitsui Fudosan

Assigned BBB- rating to subordinated bonds of Daito Bank

Assigned A+ rating to bonds of Nikon

Withdraws BBB rating on sr. debts of Nakayama Steel Works

JCR Assigned A+/Stable rating to senior debts of Daiwa Securities Capital Markets

Jan. 20, 2011

Assigned preliminary J-1+ to MSNW Trust Certificate Series 11010

Assigned pre. J-1 rating to Aso Shoji Bills Receivable ABL11-01

Assigned J-3 to Monthly Clear Card Shopping Receivable ABL11-01

Assigned J-1 to Medical Fees Receivable ABL11-01 (C Hospital)

Assigned J-1 to Medical Fees Receivable ABL11-01 (I Hospital)

Assigned J-3 to Narasaki Stax Accounts Receivable ABL11-01

Affirmed BBB/Stable on senior debts of Nippon Fine Chemical

Assigned AA- rating to bonds of Saibu Gas

Jan. 19, 2011

Assigned J-1 to Medical Fees Receivable ABL11-01 (H Hospital)

Assigned J-1 to Medical Fees Receivable ABL11-01 (F Hospital)

Assigned J-1 to Medical Fees Receivable ABL11-01 (L Hospital)

Affirmed AA-/Stable rating on senior debts of Benesse Holdings

JCR Withdraws A+/Stable Rating on Cheung Kong (Holdings) Limited

Assigned BBB+ rating to bonds of Softbank

Affirmed BBB/Stable rating on Nihon Chouzai

Affirmed A-/Stable and J-1 rating on Mitsui Sugar

Assigned #BB+/Positive to subordinated bonds of Kirayaka Bank

Jan. 18, 2011

Assigned J-1 to Kurashiki Medical Center Beneficial Interest 11-01

Assigned J-1 to Dispensing Fees Receivable ABL11-01 (sun-kur)

Assigned J-1 to Medical Fees Receivable ABL11-01 (K Hospital)

Assigned J-1 to Medical Fees Receivable ABL11-01 (E Hospital)

Assigned J-1 to Medical Fees Receivable ABL11-01 (Kyowakai)

Affirmed A-/Stable rating on Takasago International Corporation

Jan. 17, 2011

Assigned preliminary BBB+ rating to shelf reg. of Softbank

Assigned BBB rating to subordinated bonds of Tokyo Star Bank

Assigned preliminary A rating to shelf reg. of Taisei Corporation

Affirmed A-/Stable rating on senior debts of Hokuto

Affirmed A-/Stable, preliminary A- and J-1 on Orient Corporation

Affirmed A+/Stable rating on Keiyo Bank

Affirmed AA-/Negative, pre. AA- and AA- on Mori Hills REIT Investment

Jan. 14, 2011

Assigned J-1+ to Takeda Gen. Hospital Beneficial Interest 11-01

Assigned pre. J-1+ to A&D Bills Receivable Beneficial Interest 11-01

Affirmed AA/Stable rating on senior debts of Kanagawa University

Affirmed A+p/Stable rating on senior debts of Kansai Paint

Affirmed A/Stable, A and J-1 on Minebea

Assigned AA- rating to bonds of Mitsubishi UFJ Lease & Finance