News Release

Jan. 15, 2008: Affirmed A+/Stable and J-1 on sr.debts and CP of THK; Upgraded sr.debts of Nippon Yakin Kogyo to BBB/Stable from BBB-/Positive; Upgraded senior debts of TCM to BBB+/Stable from BBB/Stable; Affirms AA Rating on Pohjolan Voima Oy; Outlook Stable; Affirms AA Rating on Teollisuuden Voima Oyj; Outlook Stable; Assigned AA- to bonds of Orix; Assigned J-2 to CP of Pacific Management; JCR Placed rating on SBI Holdings under CM
JCR Placed rating on E*TRADE SECURITTIES under CM
JCR Placed rating on SBI Mortgage under CM

Jan. 11, 2008: Assigned J-1 to healthcare fees receivable ABL08-01 (B Hospital); Assigned preliminary A+ to shelf of Nissan Financial Services; Assigned AA- to bonds of Odakyu Electric Railway ; Affirmed AA-/Stable; Assigned AAA to bonds of National Life Finance; Assigned AA to bonds of Bank of Tokyo-Mitsubishi UFJ; Affirmed A-/Stable on sr.debts of Chikuho Bank; Assigned preliminary A- to shelf registration of Pocket Card

Jan. 10, 2008: Assigned AAA to bonds of Tokyo Electric Power Company; Assigned AAA to bonds of Chugoku Electric Power Company

Jan. 09, 2008: Assigned J-1 to Nohara Bills Receivable ABL08-01; Affirmed J-2 on CP of Meidensha; Affirmed A-/Stable and BBB+ on sr.debts and sub.bond of Daisan Bank; Affirmed BBB for Pacific Industrial; Revised outlook to Positive

Jan. 08, 2008: Assigned preliminary A- to shelf registration of Don Quijote; Removed rating on Towa Real Estate Development from CM and upgraded to A+; Removed CM and upgraded rating on Katokichi to A+/Stable; Assigned preliminary A- to Samurai bonds of Hyundai Capital

Jan. 07, 2008: Affirmed AA/Stable and AA on sr.debts and bonds of NYK; Assigned #A/Negative to bonds of TIS

Jan. 04, 2008: Withdrawn A/Stable rating on senior debts of Matsumotokiyoshi; Assigned A/Stable to sr.debts of Matsumotokiyoshi Holdings; Assigned preliminary AAA to shelf registration of Tokyo Electric Power Company; Affirmed AAA/Stable on senior debts of Japan Broadcasting Corporation

Dec. 28, 2007: Assigned J-1+ to Teral Kyokuto Bills Receivable ABL07-12; Assigned J-1 to Hayakawa Rubber Bills Receivable ABL07-12(2); Assigned J-1 to Toda Kogyo Bills Receivable ABL07-12; Assigned J-1 to Aso Shoji Bills Receivable ABL07-12; Assigned J-1 to Molten Bills Receivable ABL07-12; Affirmed BBB+/Stable on sr.debts of Tomato Bank; Withdrawn AA-/Stable and J-1+ on Sumitomo Mitsui Auto Service; Affirmed J-1 on CP of Nissay Leasing; Affirmed BBB/Stable on senior debts of Kanto Tsukuba Bank; Assigned J-1 to CP of MMC Diamond Finance; Assigned BBB+/Stable to senior debts of Covalent Materials Corp.

Dec. 27, 2007: Assigned J-1 to Bills Receivable ABL07-12 (Kimura); Assigned J-1 to Nippon Tungsten Bills Receivable ABL07-12; Assigned J-1 to SEIBUKIZAI Bills Receivable ABL07-12; Assigned J-1 to Ochisangyo Bills Receivable ABL07-12-(1)(2)(3); Assigned J-1 to MoonStar Bills Receivable ABL07-12; Affirmed BBB+/Stable and J-2 on sr.debts and CP of Sapporo Holdings; Affirmed AA-/Stable and J-1+ on sr.debts and CP of Asahi Breweries; Affirmed J-1+ on CP of Toyota Motor; JCR Affirmed AA- on EMTN of ORIX
JCR Affirmed AA- on EMTN of ORIX AUSTRALIA (SECURITIES)
JCR Affirmed AA- on EMTN of ORIX USA; Affirmed AA-/Stable and J-1+ on sr.debts and CP of Orix; Upgraded senior debts of Quoq to A-/Stable from BBB+/Stable; Assigned preliminary A+ to shelf registration of Hiroshima Bank; Upgraded rating on Mitsui Sugar to BBB+/Stable; Affirmed A+/Stable on Orix Life Insurance; Affirmed A+p/Stable on sr.debts of Showa Shell Sekiyu; Removed CM & upgraded Central Finance to J-1; Assigns A-/Stable to senior debts

Dec. 26, 2007: Assigned J-1 to Osaka Steel Tube Bills Receivable ABL07-12; Upgraded senior debts of Ube Industries to BBB+/Stable; JCR Affirmed A on EMTN of Marubeni
JCR Affirmed A on EMTN of Marubeni Europe
JCR Affirmed A on EMTN of Marubeni Finance Holland; Affirmed A/Stable and J-1 on sr.debts and CP of Marubeni

Dec. 25, 2007: Assigned J-1+ to MSNW Trust Certificate Series 07120; Assigned J-1 to Bills Receivable ABL07-12 (B Corporation in Mie); Assigned J-1 to Bills Receivable ABL07-12 (A Corporation in Aichi); Assigned J-1 to Nakagawa Seitaikako Bills Receivable ABL07-12; Upgraded Isuzu Motors to A-/Stable and J-1; Affirmed AA-/Stable and J-1+ on sr.debts and CP of Daibiru; Affirmed A-/Stable and J-1 for Parco; Affirmed A on Konica Minolta; Revised outlook to Positive; Assigned A-/Stable to senior debts of J-OIL MILLS; Downgraded Bear Stearns' to AA-/Neagative; Affirmed A/Stable and J-1 on Takashimaya; Downgraded Goodwill Group to #BB and placed CM with Negative; Removed CM and upgraded Shinki to BBB-/Negative and J-2

Dec. 21, 2007: Assigned J-1 to Toyoshima Bills Receivable Certificates/ABL07-12; Assigned J-1 to healthcare fees ABL07-12 (Asahikawa Sanai HP); Assigned J-1+ to Chudai Jitugyo Bills Receivable ABL07-12; Assigned J-1 to Fuji Shokai Bills Receivable ABL07-12; Withdrawn A+/Stable rating on senior debts of Disco Corporation; Affirmed BBB-/Stable on senior debts of Starzen

Dec. 20, 2007: Assigned J-1 to Nishiken Bills Receivable ABL ABL07-12; Affirmed A+/Stable and J-1 on Itochu; JCR Affirmed A+ on EMTN of ITOCHU
JCR Affirmed A+ on EMTN of ITOCHU International
JCR Affirmed A+ on EMTN of ITOCHU Finance (Europe)

Dec. 19, 2007: Assigned J-1 to healthcare fees receivable ABL07-12 (C Hospital); Upgraded sr.debts of NEC Tokin to BBB+/Stable from BBB/Stable; Assigned AA to EMTN of Mitsubishi UFJ Securities

Dec. 18, 2007: Assigned J-1 to healthcare fees ABL07-12 (E Hospital); Affirmed A/Stable and A- on sr.debts and sub.bond of Miyazaki Bank; Withdrawn preliminary A+ rating on shelf registration of Mitsubishi Rayon

Dec. 17, 2007: Assigned J-1 to Kurashiki Medical Center Trust Certificates 07-12; Assigned J-1 to healthcare fees ABL07-12 (D Hospital); Affirmed A/Stable on senior debts of Sankei Building

Dec. 14, 2007: Upgraded CP of Seiyu to J-1 from #J-2; Affirmed BBB on Sojitz; Revised outlook to Positive; Placed rating on Towa Real Estate under CM with Positive; Assigned BBB/Stable and J-2 to sr.debts and CP of Risa Partners; Affirmed BBB-/Stable and J-2 on Cosmo Securities

Dec. 13, 2007: Assigned J-1 to healthcare fees receivable ABL07-12 (A Hospital); Assigned J-1+ to Takeda Gen. Hospital Trust Certificates 07-12

Release Information: News Release; Issuer Reports; Reports relating to Issuer; JCR News