News Release

Jul. 15, 2009

Assigned AAA to bonds of Kansai Electric Power

Affirms AAA ratings on Australia: Outlook Stable

Jul. 14, 2009

Assigned AA- to bonds of Mitsui Fudosan

Assigned AA- and A+ to bonds and subordinated bonds of Sumitomo Mitsui Banking

Assigned A to bonds of Mitsui-Soko

Jul. 13, 2009

Assigned J-1 to Medical Fees Receivable ABL09-07 (B Hospital)

Jul. 10, 2009

Assigned J-1 to Hayakawa Rubber Bills Receivable ABL09-07

Assigned AA- to bonds of Odakyu Electric Railway

Assigned A rating to bonds of Marubeni

Affirmed BBB+ rating and Stable outlook on Accordia Golf

Assigned AA- rating to subordinated bonds of Bank of Yokohama

Affirmed A/Stable and A- rating for Nishi-Nippon City Bank

Downgraded rating on Paris Miki Holdings to BBB+; Outlook Stable

Affirmed BBB+/Stable on Pacific Golf Group International

Jul. 09, 2009

Assigned preliminary AA rating to bond of Foundation fund of Nippon Life Insurance

Assigned J-1 to Nohara Bills Receivable ABL09-07

Affirmed BBB+/Stable and J-2 on Nankai Electric Railway

Assigned preliminary BBB+ rating to shelf of Heiwa Real Estate

Assigned preliminary A rating to shelf registration of Marubeni

Assigned AA ratings to bonds of Bank of Tokyo-Mitsubishi UFJ

Assigned AA- to bonds of Asahi Breweries

Jul. 08, 2009

Affirmed BBB and BBB- ratings on Bank of Kochi; Revised outlook to Negative

Assigned AAA to bonds of Tokyo Electric Power Company

Assigned AAA to bonds of Chugoku Electric Power

Jul. 07, 2009

Affirmed BBB on Royal Holdings; Revised Outlook to Negative

Assigned preliminary AA rating to shelf reg. of JFE Holdings

Upgrades Ratings on Republic of Indonesia to BB+/BBB- (FC/LC)

Jul. 06, 2009

Assigned J-1 to Kurashiki Medical Center Trust Certificates 08-07

Downgraded ratings on Fuji Electric Holdings to BBB+ and J-2

Withdraws J-2 rating on domestic CP program of Fukuda Corporation

Assigned preliminary AAA to shelf registration of Electric Power Development

Jul. 03, 2009

JCR Withdraws J-3 on CP program and BB- on MTN Program of Mitsubishi Motors
JCR Withdraws BB- on MTN program of Mitsubishi Motors Credit of America
JCR Withdraws BB- on MTN program of MMC International Finance Netherlands

Downgraded rating on Taiheiyo Cement to BBBp from BBB+p

Assigned preliminary A- rating to shelf of Sumitomo Osaka Cement

Assigned AA+ rating to bonds of Osaka (City of)

Assigns AA+ Ratings to Electricite de France's Inaugural Samurai

Affirmed BBB-/Positive on sr.debts of Keiyo

Affirmed J-1 on CP program of NBL

Placed rating on Saison Auto & Fire Insurance on Credit Monitor Positive

Affirmed BBB on DC; Revised outlook to Negative from Stable

Assigned preliminary A to shelf registration of Acom

Jul. 01, 2009

Affirms AAAp/Stable Rating on European Reconstruction and Development Bank

NikkoCiti Trust A- rating Remain on Credit Monitor Positive

Jun. 30, 2009

Assigned J-1 to Molten Bills Receivable ABL09-06

Assigned J-1 to Toda Kogyo Bills Receivable ABL09-06

Assigned J-1+ to Teral Bills Receivable ABL09-06

Affirmed J-1 on domestic CP program of Taiyo Nippon Sanso

Affirmed A+p/Stable rating on Showa Shell Sekiyu

Assigned preliminary AA- to shelf of Sumitomo Metal Industries

Removed rating for NEC Tokin from Credit Monitor; Affirmed BBB+

Jun. 29, 2009

Assigned J-1 to Aso Shoji Bills Receivable ABL09-06

Assigned J-1 to A&D Bills Receivable Beneficial Int. 09-06

Assigned J-1 to Nippon Tungsten Bills Receivable ABL09-06

Assigned J-1 to Seibukizai Bills Receivable ABL09-06

Assigned J-1+ to JUTEC Bills Receivable ABL09-06

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

Affirmed J-2 on domestic CP program of Yanmar

Jun. 26, 2009

Assigned J-1 to Osaka Steel Tube Bills Receivable ABL09-06

Assigned J-1 to Bills Receivable ABL09-06 (B Corporation in Mie)

Affirmed BBB-/Negative, BB+ and J-2 rating for ShinGinko Tokyo

Affirmed AA+/Stable and J-1+ on Toa Reinsurance

Affirmed AA+p/Stable on sr.debts of Astellas Pharma

Downgraded ES-CON Japan to D

Assigned preliminary A- rating to sub.bonds of Tokyo Star Bank

Withdraws BBB-/Stable rating on Miyoshi Oil & Fat

Affirmed A/Stable and A on sr.debts and bonds of Mitsui-Soko

Jun. 25, 2009

Assigned J-1 to Kimura Bills Receivable ABL09-06

Assigned J-1 to Bills Receivable ABL09-06 (A Corporation in Aichi)

Assigned J-1+ to MSNW Trust Certificate Series 09060

Assigned J-1+ to C Corporation Bills Receivable ABL09-06

Affirmed J-1 rating on domestic CP of Tokyo Tatemono

Assigned AA+ to bonds of Japan Student Services Organization

Jun. 24, 2009

Assigned J-1 to Medical Fees Receivable ABL09-06 (D Hospital)

Affirmed BBB/Stable on sr.debts of Kanto Denka Kogyo

Jun. 23, 2009

Assigned J-1 to Medical Fees Receivable ABL09-06 (Asahikawa Sanai HP)

Assigned A rating to bonds of Jupiter Telecommunications

Assigns AA+ Preliminary Rating to Electricite de France's Samurai

Assigned BBB+ rating to Kowa Real Estate; Affirmed BBB+ on Loans

Jun. 22, 2009

Assigned J-1 to Medical Fees Receivable ABL09-06 (C Hospital)

Assigned J-1 to Fuji Shokai Bills Receivable ABL09-06

Affirmed A-/Stable on sr.debts of Yokohama Reito

Downgraded rating of Mazda Motor to BBB+; Assigned J-2 to CP

Affirmed A-/Stable on sr.debts of Sapporo Shinkin Bank

Affirmed A-/Stable on sr.debts of Seishin Shinkin Bank

Downgraded ES-CON Japan to C; Removed it from Credit Monitor

Affirmed A- for Yokohama Shinkin Bank; Revised outlook to Stable

JCR Downgraded rating for Fuji Fire & Marine Insurance to A; Outlook Stable
JCR Downgraded rating for Fuji Life Insurance to A-; Outlook Stable

Jun. 19, 2009

Assigned J-1 to Medical Fees Receivable ABL09-06 (G Hospital)

Downgraded rating for Aderans Holdings to BBB+/Stable

Downgraded Advantest rating to A+; Removed it from Credit Monitor

Assigned A+ rating to bonds of Sumitomo Rubber Industries

Assigned AA+ rating to bonds of Osaka (City of)

Affirmed A-/Stable on sr.debts of Tono Shinkin Bank

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

Jun. 18, 2009

Assigned J-1 to Medical Fees Receivable ABL09-06 (F Hospital)

Assigned J-1 to Medical Fees Receivable ABL09-06 (H Hospital)

Affirmed A- rating on Japan Vilene; Outlook Remains Stable

Affirmed BBB+/Stable and BBB+ rating for Shoei

Jun. 17, 2009

Assigned J-1 to Kurashiki Medical Center Beneficial Int. 09-06

Assigned preliminary J-1 to A&D Bills Receivable Beneficial Int. 09-06