News Release

Mar. 26, 2009

Affirmed AAA on Octave Synthetic CDO Series 3 Classes A-1/A-2/B

Assigned J-1+ to Chudai Jitugyo Bills Receivable ABL09-03

Assigned AA-/Stable and AA- to Global One Real Estate Investment

Affirmed AA/Stable on sr.debts of Kokugakuin University

Affirmed BBB-/Stable and BBB- on sr.debts and bonds of Tomy

Affirmed J-2 on CP of Furukawa Electric

Mar. 25, 2009

Assigned J-1 to Bills Receivable ABL09-03 (A Corporation in Aichi)

Assigned J-1 to CATERPILLAR Kyushu Bills ABL09-03

Assigned J-1 to Nakagawa Seitaikako Bills Receivable ABL09-03

Assigned J-1+ to MSNW Trust Certificate Series 09030

Assigned J-1 to healthcare fees ABL09-03 (Asahikawa Sanai HP)

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

Affirms AA/AA (FC/LC) Ratings on Slovenia; Outlook Stable

Assigned A/Stable to senior debts of J. F. Oberlin University and Affiliated Schools

Mar. 24, 2009

Assigned J-1 to Fuji Shokai Bills Receivable ABL09-03

Affirmed BBB-/Stable on Kanematsu Corp.; Assigned J-2

Mar. 23, 2009

Assigned J-1 to healthcare fees ABL09-03 (Asahikawa Sanai HP)

Assigned J-1 to Hayakawa Rubber Bills Receivable ABL09-03

Downgrades Ratings of Russian Federation to BBB+/A- (FC/LC); Outlook Negative

Affirmed A/Stable and J-1 on Mitsumi Electric

Mar. 19, 2009

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

Affirmed BBB+/Stable on senior debts of IDEC

Assigned preliminary A rating to shelf of Jupiter Telecommunications

Affirms AAA Ratings on Belgium

Upgraded Ohsho Food Service rating to BBB+; Outlook remains Stable

Assigned preliminary A- to shelf registration of Kintetsu

Upgraded rating for Shinki to BBB+; Removed from CM

Upgraded Century Leasing System to A; Removed from Credit Monitor : Assigned A and J-1 rating anew to Century Tokyo Leasing; Outlook Stable

Upgraded Century Leasing System to A; Removed from Credit Monitor : Assigned A and J-1 rating anew to Century Tokyo Leasing; Outlook Stable

Upgraded Century Leasing System to A; Removed from Credit Monitor : Assigned A and J-1 rating anew to Century Tokyo Leasing; Outlook Stable

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.