News Release

Nov. 18, 2008

Affirmed A/Stable and A on sr.debts and bonds of Hokuetsu Paper Mills

Nov. 17, 2008

Assigned J-1 to Kurashiki Medical Center Trust Certificates 08-11

Assigned J-1 to healthcare fees receivable ABL08-11 (Shuyukai)

JCR Affirmed AA-/Stable on Mitsui O.S.K. Lines

Affirmed A/Stable and J-1 on sr.debts and CP of Kawasaki Kisen

Affirmed A/Stable on senior debts of Calsonic Kansei

JCR Assigned AA- to euroyen notes of Mitsui O.S.K. Finance Plc

JCR Affirmed AA- on EMTN of Mitsui O.S.K. Lines
JCR Affirmed AA- on EMTN of Euromol

Affirmed BBB/Positive on Chiba Kogyo Bank

Affirmed A on Aomori Bank; Revised outlook to Negative

Removed CM (Negative) and affirmed BBB-/Stable on Towa Bank

Nov. 14, 2008

Assigned J-1 to healthcare fees receivable ABL08-11 (A Hospital)

Assigned J-1 to healthcare fees receivable ABL08-11 (Kyowakai)

Affirmed A+/Stable on sr.debts of Yokogawa Electric

Placed rating on Aozora Bank under Credit Monitor Negative

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

Assigned AAA to bonds of Chugoku Electric Power

Assigned AA+ to bonds of Japan Student Services Organization

Nov. 13, 2008

Assigned J-1+ to Takeda Gen. Hospital Trust Certificates 08-11

Assigned AA to bonds of Urban Renaissance Agency

Affirmed A-/Stable on senior debts of Hokuto

Nov. 12, 2008

Affirmed BBB+/Stable and J-2 on Showa Sangyo

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

Affirmed A-/Stable on sr.debts of Nippon Flour Mills

Assigned AA+ to bonds of Osaka (City of)

Affirmed AA-/Stable on Sumitomo Mitsui Finance and Leasing

Affirmed A/Stable and J-1 on sr.debts and CP of Takara Holdings

Nov. 11, 2008

Assigned J-1 to healthcare fees receivable ABL08-11 (B Hospital)

Affirmed A+/Stable and J-1 on sr.debts and CP of JFE Shoji Trade

Affirmed BBB/Stable on senior debts of Toyo Logistics

Affirmed AA/Stable and J-1+ on Mitsubishi Logistics

Affirmed A+/Stable on sr.debts of JFE Shoji Holdings

Placed ratings on Mitsubishi Rayon under Credit Monitor Negative

Nov. 10, 2008

Assigned J-1 to Hayakawa Rubber Bills Receivable ABL08-11

Affirmed A+/Stable on senior debts of Hekikai Shinkin Bank

Affirmed J-1+ on CP of Tokyo Electric Power Company

Nov. 07, 2008

Assigned J-1 to Nohara Bills Receivable ABL08-11

Affirmed A/Stable on senior debts of Kyowa Exeo

Affirmed A-/Stable on senior debts of Commuture

Affirmed A-/Stable on sr.debts of Daimei Telecom Engineering

Affirmed A+/Stable and J-1 on Tokyu Corporation

JCR Affirmed BBB/Stable on senior debts of Tobu Railway
JCR Affirmed BB+ on TR Preferred Capital

Affirmed BBBp/Stable on senior debts of Nippon Denwa Shisetsu

Affirmed A-/Stable on Keisei Electric Railway

Affirmed AA/Stable and J-1+ on Keio Corporation

Affirmed AA-/Stable and J-1+ on Odakyu Electric Railway

Affirmed A+/Stable and J-1 on Keihin Electric Express Railway

Affirmed A rating on Okazaki Shinkin Bank; Revised outlook to Stable

Affirmed A-/Stable on senior debts of Amagasaki Shinkin Bank

Affirmed A-/Stable on senior debts of Maruzen Showa Unyu

Upgraded rating on Jowa Holdings to BBB+

Downgraded Bank of Ikeda to #BBB+: Continues CM with Developing

Downgrades GMAC to #B-/Negative

Nov. 06, 2008

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

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

Affirmed J-2 on CP of Sumitomo Light Metal Industries

Affirmed A+p/Stable on senior debts of Mitsubishi Tanabe Pharma

Nov. 05, 2008

Affirmed A-/Stable on senior debts of Taiho Kogyo

Placed ratings on Daikyo Inc. under Credit Monitor Negative

Nov. 04, 2008

Affirmed BBB+/Stable on senior debts of Yamazen

Affirmed AA- on EMTN of Mitsubishi UFJ Lease & Finance

Affirmed A/Stable on senior debts of Noritake

Oct. 31, 2008

Assigned J-1+ to Teral Kyokuto Bills Receivable ABL08-10

Assigned J-1 to Molten Bills Receivable ABL08-10

Assigned J-1 to Toda Kogyo Bills Receivable ABL08-10

Affirmed AAA/Stable on Tokio Marine Financial Solutions

Downgraded senior debts of Sendai Bank to BBB/Stable

Downgraded sr.debts of Nishimatsu Construction to A-p/Stable

Downgraded rating on Belluna to BBB/Negative from BBB+/Stable

Affirmed J-1 on CP of UC Card

Oct. 30, 2008

Assigned J-1 to Nippon Tungsten Bills Receivable ABL08-10

Assigned J-1 to Aso Shoji Bills Receivable ABL08-10

Removed CM; Downgraded ratings on TIS to A-

Assigned A-/Stable to sr.debts of IT Holdings Corporation

Assigned preliminary A rating to shelf of Ogaki Kyoritsu Bank

JCR Removed CM; Upgraded ratings on Intec Holdings to A-
JCR Removed CM; Upgraded ratings on Intec to A-

Affirmed J-2 on CP of Kokusai Pulp & Paper

Affirmed A-/Stable on senior debts of Shizuoka Shinkin Bank

Oct. 29, 2008

Assigned J-1 to Bills Receivable ABL08-10 (B Corporation in Mie)

Assigned J-1 to Osaka Steel Tube Bills Receivable ABL08-10

Affirmed A+/Stable on senior debts of Obayashi

Affirmed A-/Stable and J-1 on sr.debts and CP of Daiichikosho

Affirmed A+p/Stable on senior debts of Shimizu Corp.

Withdrawn D rating on CP Program of Credia

Affirmed BBB+/Stable on senior debts of Tohoku Bank

Assigned AA to bonds of URA

JCR Downgraded rating on Nikko city holdings to #A+ ;Maintains Credit Monitor
JCR Downgraded rating on Nikko Cordial Securities to #A+ ;Maintains Credit Monitor
JCR Downgraded rating on NikkoCiti Trust and Banking to #A+ ;Maintains Credit Monitor

Affirmed AA+/Stable and J-1+ on sr.debts and CP of NTT Data

Oct. 28, 2008

Assigned J-1 to SEIBUKIZAI Bills Receivable ABL08-10

Affirmed A+/Stable on senior debts of Akita Bank

Affirmed A+/Positive on sr.debts of Yamada Denki

Assigned A+ to sr.debts of Nippon Steel Logistics; Affirmed J-1

JCR Downgraded rating on Nomura Holdings to AA-; Removed rating from CM
JCR Downgraded rating on Nomura Securities to AA-,A+; Removed rating from CM
JCR Removed Credit Monitor; Affirmed AA- on Nomura Trust and Banking
JCR Downgraded rating on Nomura Europe Finance to AA-; Removed rating from CM
JCR Downgraded rating on Nomura Global Funding to AA-; Removed rating from CM
JCR Downgraded rating on Nomura Bank International to AA-; Removed rating from CM

Oct. 27, 2008

Assigned J-1 to Bills Receivable ABL08-10 (A Corporation in Aichi)

Assigned J-1 to Nakagawa Seitaikako Bills Receivable ABL08-10

Assigned J-1+ to MSNW Trust Certificate Series 08100

Affirmed A/Stable and J-1 on Fuyo General Lease

Assigned BBB/Stable and J-2 to sr.debts and CP of DYNAM

Affirmed BBB+/Stable and J-2 on Yasuda Real Estate

Affirmed A-/Stable on senior debts of Fukuyama Transporting