News Release

Mar. 18, 2009

Assigned J-1 to dispensing fees ABL09-03 (sun-kur Corporation)

Assigned J-1 to healthcare fees ABL09-03 (F Hospital)

Affirmed AA-/Stable on sr.debts of Gunma Bank

Downgraded Mitsui Mining & Smelting rating to #A-/Negative

Mar. 17, 2009

Assigned J-1 to healthcare fees receivable ABL09-03 (Shuyukai)

Assigned J-1 to Kurashiki Medical Center Trust Certificates 09-03

Assigned J-1 to healthcare fees ABL09-03 (E Hospital)

Affirmed A+ on Oita Bank; Revised outlook to Negative

Mar. 16, 2009

Assigned J-1 to healthcare fees receivable ABL09-03 (A Hospital)

Assigned J-1 to healthcare fees receivable ABL09-03 (Kyowakai)

Withdrawn #J-2/Developing rating on CP program of Joint Corporation

Downgraded Joint Corporation rating to #BBB-/Negative; CM Remains

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

Withdrawn A+/Stable rating on sr.debts of Katokichi

Mar. 13, 2009

Assigned J-1+ to Takeda Gen. Hospital Trust Certificates 09-03

JCR Affirmed A- on Hokuhoku Financial Group; Outlook remains Positive
JCR Affirmed A- on Hopkuriku Bank; Outlook remains Positive
JCR Affirmed A- on Hokkaido Bank; Outlook remains Positive

Assigned AAA to bonds of Aichi Prefecture

Affirmed A on Hamamatsu Photonics; Revised outlook to Stable

Placed rating on Minami-Nippon Bank under Credit Monitor Negative

Withdrawn BB+/Negative rating on Japan Asia Investment

Affirmed A and A- rating on Shimizu Bank; Outlook remains Negative

JCR Placed ratings on Kansai Urban Bank under CM
JCR Placed ratings on Biwako Bank under CM

Mar. 12, 2009

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

Affirmed A+ and A on Musashino Bank; Revised outlook to Negative

Affirmed BBB+/Stable on senior debts of Nagano Bank

Mar. 11, 2009

Assigned J-1 to healthcare fees receivable ABL09-03 (B Hospital)

Affirmed AA rating on Nitto Denko; Revised outlook to Negative

Mar. 10, 2009

Assigned BBB+ to shelf of Mitsui Engineering & Shipbuilding

Affirmed BBB+ for Valor; outlook remains Positive

Assigned A+ rating to sub.bonds of Mizuho Trust & Banking

Assigned A rating with Stable outlook to Jupiter Telecommunications

Downgraded Pacific HLD ratings to D

Affirmed BB+ on Tohoku Misawa Homes; Revised outlook to Negative

Mar. 09, 2009

Assigned J-1 to Nohara Bills Receivable ABL09-03

Assigned preliminary A to shelf; Affirmed J-1 on Kawasaki Kisen

Affirmed A- on Sanyo Special Steel; Revised outlook to Stable

Affirmed BBB/Stable on sr.debts of Sanyo Electric Railway

Mar. 06, 2009

Assigned AAA to bonds of NTT DoCoMo

Withdrawn A+ and J-1 on Yamaha Motor

Withdrawn BBB-/Stable on sr.debts of Nichiwa Sangyo

JCR Downgraded EMTN of ORIX to A+
JCR Downgraded EMTN of ORIX AUSTRALIA (SECURITIES) to A+
JCR Downgraded EMTN of ORIX (CARIBBEAN) to A+
JCR Downgraded EMTN of ORIX USA to A+

Downgraded Orix rating to A+ and J-1; Revised outlook to Negative

Affirmed A for Ogaki Kyoritsu Bank; Revised outlook to Stable

Downgraded Orix Life Insurance Rating to A; Revised outlook to Negative

Revises Rating Outlook of Hyundai Capital Services to Negative

Mar. 05, 2009

Affirmed A- on Okuma Corp.; Revised outlook to Negative

Affirmed BBB-/Stable rating on Harima-Kyowa

Downgraded Dainippon Screen Mfg. rating to BBB; Removed CM

Assigned AA- to bonds of Toyota Tsusho

Mar. 04, 2009

Affirmed BBB on Hosokawa Micron; Revised outlook to Negative

Revises Rating Outlook of Philippines (Republic of, The) to Stable

JCR Affirmed A/Stable and J-1 on Fukuoka Financial Group
JCR Affirmed A+/Stable on senior debts of Bank of Fukuoka
JCR Affirmed A/Stable and A- on Kumamoto Family Bank
JCR Affirmed A/Stable on Shinwa Bank

Assigned AAA to bonds of Electric Power Development

Affirmed J-1+ on CP of Nippon Telegraph and Telephone West

Affirmed J-1+ on CP of Nippon Telegraph and Telephone East

Affirmed AAA/Stable on senior debts of NTT DoCoMo

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