News Release

Mar. 04, 2009

Affirmed AA+p/Stable on senior debts of Mitsubishi Estate

Affirmed AA-/Stable and J-1 on Mitsui Fudosan

Assigned AA+ to bonds of NTT Data

Affirmed A/Stable and J-1 on sr.debts and CP of Sumitomo Realty & Development

Affirmed A-/Stable, A- and J-1 on Tokyu Land

Mar. 03, 2009

Affirmed BBB+/Stable on sr.debts of Settsu Suito Shinkin Bank

Mar. 02, 2009

Affirmed J-1 on CP of MMC Diamond Finance

Affirmed A-/Stable and J-1 on Nisshin Oillio Group

Withdrawn preliminary BB rating on shelf reg. of Takara Leben

Affirmed BBB+/Stable on Sagami Railway

Feb. 27, 2009

Assigned J-1 to Toda Kogyo Bills Receivable ABL09-02

Assigned J-1+ to Teral Bills Receivable ABL09-02

Assigned J-1 to Molten Bills Receivable ABL09-02

Withdraws BBB/Stable rating on sr.debts of Sugimoto & Co.

Downgraded Nissan Financial Services to A; Revised outlook to Negative

Downgrades Ratings on Renault to A- from A; Outlook Negative

Affirmed A/Stable and J-1 on Takashimaya

Assigned preliminary AA- to shelf registration of Daibiru

Revises Rating Outlook of Industrial Bank of Korea to Negative

Revises Rating Outlook of Daejeon Metropolitan City to Negative

Revises Rating Outlook of Republic of Korea to Negative

Downgraded Calsonic Kansei to A-; Revised outlook to Negative

Placed Dainippon Screen Mfg. under Credit Monitor Negative #BBB+

Revises Rating Outlook of Kookmin Bank to Negative

Revises Rating Outlook of Korea Electric Power to Negative

Revises Rating Outlook of Korea Development Bank to Negative

Feb. 26, 2009

Assigned J-1 to SEIBUKIZAI Bills Receivable ABL09-02

Assigned J-1 to Aso Shoji Bills Receivable ABL09-02

Assigned J-1 to Nippon Tungsten Bills Receivable ABL09-02

Affirmed J-1 rating on CP of Tokyo Associates Finance

Affirmed BBB+/Stable on senior debts of Chuo Warehouse

Affirmed BBB+/Stable on senior debts of Yasuda Warehouse

Affirmed BBB-/Stable on senior debts of Goto

JCR Affirmed AA+/Stable and AA+ on Seven & I Holdings
JCR Affirmed AA+/Stable and AA+ on Ito-Yokado

Assigned AA- to bonds of Suntory

Affirmed AA+/Stable on senior debts of Seven-Eleven Japan

Assigned A+ rating to sub.bond of Mizuho Corporate Bank

Affirmed A-/Stable rating on Aica Kogyo

Downgraded NGK Spark Plug to A+ and revised outlook to Negative

JCR Affirmed AA- rating on Euro Note Program of Nomura Global Funding

Feb. 25, 2009

Assigned J-1 to Bills Receivable ABL09-02 (A Corporation in Aichi)

Assigned J-1 to Nakagawa Seitaikako Bills Receivable ABL09-02

Assigned J-1+ to MSNW Trust Certificate Series 09020

Assigned J-1 to Osaka Steel Tube Bills Receivable ABL09-02

Placed rating on Advantest under Credit Monitor Negative #AA-

Affirmed BBB+/Stable and J-1 on Mitsubishi Materials

Affirmed BBB- and J-2 on Furukawa; Revised outlook to Negative

Feb. 24, 2009

Assigned J-1 to Fuji Shokai Bills Receivable ABL09-02

Assigned J-1 to Bills Receivable ABL09-02 (B Corporation in Mie)

Assigned J-1 to A&D Bills Receivable Trust Certificates

Affirmed A-/Stable on senior debts of Ariake Japan

Affirmed A-/Stable and BBB on Mori Building; Assigned J-1 to CP

Affirmed BBB+/Stable and J-2 rating on Mitsubishi Electric Credit

Feb. 23, 2009

Assigned J-1 to healthcare fees ABL09-02 (D Hospital)

Assigned preliminary A rating to shelf of Takara Holdings

Assigned AA- rating to bonds of Mizuho Corporate Bank

Assigned AA- rating to subordinated bonds of Bank of Yokohama

Feb. 20, 2009

Affirmed A- on bonds of Sumitomo Life Fund Securitization SPC II

Affirmed A- on bonds of Sumitomo Life Fund Securitization SPC

Assigned J-1 to healthcare fees ABL09-02 (Asahikawa Sanai HP)

Assigned J-1 to healthcare fees receivable ABL09-02 (C Hospital)

Affirmed A+ on bonds of Dai-ichi Life Dai2Kai TMK

Upgraded Japan Medical Alliance rating to BBB+; outlook Stable

Assigns AAA Rating to Export Development Canada's JPY Floating Rate Bonds

Assigned AA- rating to sub.bonds of Bank of Tokyo-Mitsubishi UFJ

Downgraded Hokkoku Bank rating to A+/Stable and A

Assigned preliminary A rating to shelf of Hiroshima Gas

Assigned AA to bonds of Urban Renaissance Agency

Feb. 19, 2009

Affirmed A+ on bonds of Dai-ichi Life Dai2Kai TMK

Affirmed BBB/Stable on senior debts of Saikyo Bank

Feb. 18, 2009

Assigned J-1 to dispensing fees ABL09-02 (sun-kur Corporation)

Assigned J-1 to healthcare fees ABL09-02 (E Hospital)

Assigned J-1 to Kurashiki Medical Center Trust Certificates 09-02

Assigned J-1 to healthcare fees ABL09-02 (F Hospital)

Affirmed BBB/Stable on San Holdings

Withdrawn D rating on sr.debts and bonds of Zephyr

Assigned AAA to bonds of Tokyo Electric Power Company

Assigned AA+ to bonds of Osaka (City of)

Feb. 17, 2009

Assigned J-1 to healthcare fees receivable ABL09-02 (A Hospital)

Assigned J-1 to healthcare fees receivable ABL09-02 (Shuyukai)

Affirmed A+ on bonds of Dai-ichi Life Dai2Kai TMK

Affirmed AA/Stable and AA on sr.debts and bonds of Urban Renaissance Agency

Affirmed AA/Stable and AA- on Bank of Yokohama

Assigned A+ to subordinated bonds of Sumitomo Mitsui Banking

Feb. 16, 2009

Assigned J-1+ to Takeda Gen. Hospital Trust Certificates 09-02

Assigned J-1 to healthcare fees receivable ABL09-02 (Kyowakai)

Affirmed AA on Sumitomo Electric Industries; Revised outlook to Negative

Affirmed AA on Sumitomo Wiring Systems; Revised outlook to Negative

Assigned BBB to Preferred Sec.of TC Preferred Capital

Affirmed A/Stable and J-1 on senior debts and CP of JGC

Feb. 13, 2009

Withdraws A/Positive rating on Konami Sports & Life

Affirmed A/Positive and A on Konami; outlook Positive

Assigned J-1+ to domestic CP program of Japan Finance Corporation

Affirmed A rating on Tokyo Star Bank; Revised outlook to Negative

Assigned AA- to sub.bonds of Mitsubishi UFJ Trust & Banking

Affirmed A and J-1 rating on Sumitomo Heavy Industries; Revised outlook to Stable

Assigned AAA to bonds of Aichi Prefecture

Revised rating outlook for Fuji Electric Holdings to Negative

Affirmed A/Stable on senior debts of Wakkanai Shinkin Bank

Downgraded ES-CON Japan to #BB-/Negative, #B+/Negative and NJ; Credit Monitor