News Release

Nov. 15, 2007: Affirmed A/Stable and A- on sr.debts and sub.bonds of Aomori Bank; JCR Placed Mizuho Securities under CM with Negative
JCR Placed Shinko Securities under CM with Negative

Nov. 14, 2007: Assigned J-1 to healthcare fees receivable ABL07-11 (A Hospital); Affirmed BBB+ for Showa Sangyo; Revised outlook to Stable; Affirmed AA/Stable on senior debts of Nisshin Seifun Group; Affirmed A-/Stable on sr.debts of Nippon Flour Mills; Assigned AA- to bonds of Orix; Continues CM on NIS Group; Downgrades CP to NJ (from #J-3); Continues CM on NIS Group; Downgrades CP to NJ (from #J-3)

Nov. 13, 2007: Withdrawn BBB-/Negative rating on Kyokuto Boeki; Affirmed BBB/Stable on senior debts of Shinnihon Corp.

Nov. 12, 2007: Assigned J-1 to healthcare fees receivable ABL07-11 (B Hospital); Assigned AAA to bonds of Electric Power Development Company

Nov. 09, 2007: Assigned J-1 to Nohara Bills Receivable ABL07-11; Affirmed A for Shimizu Bank; Revised outlook to Negative; Affirmed A-/Stable on senior debts of Amagasaki Shinkin Bank; Affirmed BBB for Hikari Tsushin; Revised outlook to Stable; Affirmed A on sr.debts of Nifco; Revised outlook to Positive; Affirmed A/Stable and A on sr.debts and bonds of Hokuetsu Paper Mills; Assigned BBB+ to bonds of Showa Denko; Withdrawn BB/Stable on senior debts of Car Mate; Assigned A+ to bonds of Nisshin Steel; Assigned AA- to bonds of Sumitomo Metal Industries; Assigned A- to bonds of Tokyo Tatemono; Assigned A+ to bonds of Itochu

Nov. 08, 2007: JCR Affirmed J-1 on euro CP programme of Yamaha Motor Europe
JCR Affirmed J-1 on euro CP programme of Yamaha Motor Finance (Europe); Affirmed A+/Stable and J-1 on sr.debts and CP of Yamaha Motor; Assigned AAA to bonds of Development Bank of Japan; Assigned AA- to sub.bonds of Bank of Tokyo-Mitsubishi UFJ; Assigned AA to bonds of Urban Renaissance Agency

Nov. 07, 2007: Affirmed J-2 on CP of Furukawa Electric; Assigned BBB+/Stable to senior debts of Yamazen; Affirmed BBB+/Stable on senior debts of Ome Shinkin Bank; Assigned AAA to bonds of Kyushu Electric Power Company; Assigned AAA to bonds of Kansai Electric Power Company; Assigned A- to bonds of Hankyu Hanshin Holdings; Assigned AA to bonds of JFE Holdings; Assigned AA- to bonds of Sumitomo Mitsui Banking; JCR Downgraded Nikko Cordial Corporation to AA-/Negative from AA/Stable
JCR Downgraded Nikko Cordial Securities to AA-/Negative from AA/Stable
JCR Downgraded NikkoCiti Trust and Banking to AA-/Negative from AA/Stable

Nov. 06, 2007: JCR Affirmed AA- on EMTN of Sumitomo Chemical
JCR Affirmed AA- on EMTN of Sumitomo Chemical (U.K.)
JCR Affirmed AA- on EMTN of Sumitomo Chemical Capital America; Affirmed AA-/Stable on senior debts of Sumitomo Chemical; Affirmed A+p/Stable on senior debts of Kansai Paint; Affirmed BBB/Stable on senior debts of Nippon Light Metal; Affirmed A+p/Stable on senior debts of Mitsui Chemicals; Assigned AAA to bonds of Tokyo Electric Power Company; Assigned AAA to bonds of Chugoku Electric Power Company; Upgraded Fuji Life Insurance to A/Stable; Upgraded Fuji Fire & Marine Insurance to A+/Stable

Nov. 05, 2007: Assigned J-1 to Hayakawa Rubber Bills Receivable ABL07-11; 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 AAA on EMTN of Tokio Marine Financial; Assigned preliminary #BBB+/Positive to shelf of Jaccs; Affirmed BBB/Stable and J-2 on sr.debts and CP of Joshin Denki; Assigned preliminary BBB+ to shelf registration of Elpida Memory; Upgraded sr.debts of San-Ai Oil to BBB+/Stable from BBB/Stable; Downgraded Rating on GMAC from BBB- to #BB+[Negative]; Placed Rating under Credit Monitor

Nov. 02, 2007: Affirmed A+/Stable on senior debts of Hekikai Shinkin Bank; Assigned #BBB+/Positive to bonds of Pocket Card; Affirmed AA/Stable on senior debts of Toho; Assigns A+ Ratings to IBK's Yen Bonds; Affirmed A/Positive on sr.debts of Okazaki Shinkin Bank

Nov. 01, 2007: Assigned preliminary A- to shelf of Kawasaki Heavy Industries; Assigned A- to subordinated bonds of Taiko Bank

Oct. 31, 2007: Assigned J-1 to Aso Shoji Bills Receivable ABL07-10; Assigned AA- to Softbank Mobile Leases & Loans Securitization; Assigned J-1+ to Teral Kyokuto Bills Receivable ABL07-10; Assigned AA- to Softbank Mobile Leases & Loans Securitization; Assigned J-1 to Toda Kogyo Bills Receivable ABL07-10; Placed Nichias under CM with Negative direction; Affirmed A-/Stable on senior debts of Sumitomo Osaka Cement; Affirmed BBB+p/Stable on senior debts of Taiheiyo Cement; Affirmed BBB+/Stable on senior debts of Daiwabo Information System; Assigned BBB+ to bonds of Accordia Golf; Assigned preliminary AA to shelf registration

Oct. 30, 2007: Assigned J-1 to Nippon Tungsten Bills Receivable ABL07-10; Assigned J-1 to MoonStar Bills Receivable ABL07-10; Assigned preliminary A- to shelf of Nishi-Nippon City Bank　（Corrected）; Affirmed A-/Stable on senior debts of Shizuoka Shinkin Bank

Oct. 29, 2007: Assigned J-1 to Osaka Steel Tube Bills Receivable ABL07-10; Assigned J-1 to Bills Receivable ABL07-10 (B Corporation in Mie); Assigned J-1 to CP program of Nippon Steel Logistics; Affirmed BBB+/Stable and J-2 on senior debts and CP of Hanwa

Oct. 26, 2007: Assigned J-1 to SEIBUKIZAI Bills Receivable ABL07-10; Affirmed A-/Stable on senior debts of Nippon Thompson; Upgraded sr.debts of Tokyu to A+: Revised outlook to Stable; Affirmed A-/Stable on senior debts of Keisei Electric Railway; Affirmed AA/Stable and J-1+ on sr.debts and CP of Keio Corporation; Affirmed BBB+/Stable on senior debts of Sagami Railway; Affirmed BBB/Stable on senior debts of Tobu Railway; Assigned A+/Stable to senior debts of Keihin Electric Express

Oct. 25, 2007: Assigned J-1 to Nakagawa Seitaikako Bills Receivable ABL07-10; Assigned J-1+ to MSNW Trust Certificate Series 07100; Assigned J-1 to Toyoshima Bills Receivable Certificates/ABL07-10; Assigned A- to bonds of Tokyu Land; Assigned AA+ to bonds of Japan Student Services; Assigned AA+ to bonds of Japan Water Agency; Assigned preliminary A- to shelf registration of Fuji Electric Holdings

Oct. 24, 2007: Assigned J-1 to Fuji Shokai Bills Receivable ABL07-10; Assigned J-1 to Bills Receivable ABL07-10 (A Corporation in Aichi); Assigned AAA to bonds of Japan Bank for International

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