News Release

May. 12, 2008

Assigns A (FC) Rating to Shinhan Card

Affirmed BB on NIS; Revised outlook to Negative

Affirmed BB on NIS; Revised outlook to Negative

Upgraded Nishi-Nippon City Bank to A/Stable

Affirmed BBB-/Stable on Okaya Electric Industries

May. 09, 2008

Assigned J-1 to Nohara Bills Receivable ABL08-05

Affirmed BBB-/Stable on sr.debts of Nissen Holdings

Affirmed A/Stable and A for Horiba

Assigned preliminary BBB+ to shelf registration of Ube Industries

Affirmed BBB-/Stable and J-2 on ES-CON Japan

Placed rating on AIG Edison Life Insurance under CM with Negative #AA+

Affirmed J-2 on CP of Toyo Tire & Rubber

May. 08, 2008

Assigned A-/Stable to senior debts of Seto Shinkin Bank

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

Assigned preliminary A to shelf registration of Kureha

Assigned preliminary AA+ to bonds to be issued by Osaka (City of)

Assigned preliminary BBB+ to shelf registration of Tonami Transportation

May. 07, 2008

Affirmed BBB/Stable on Southern Tohoku Research Institute for Neuroscience

Affirmed BBB/Stable on sr.debts of Kisoji

Assigned preliminary AA- to shelf registration of Tokai Rubber Industries

May. 02, 2008

Affirmed A-/Stable and J-1 on sr.debts and CP of Central Glass

Affirmed A/Stable and J-1 on Nippon Car Solutions

Affirmed BBB+/Stable and J-2 on sr.debts and CP of Gecoss

Affirmed BBB-/Stable on Kappa Create

May. 01, 2008

Affirmed A+/Stable on sr.debts of Daishi Bank

Affirmed A/Stable and J-1 on Taiyo Nippon Sanso

Affirmed A-/Stable on sr.debts of Yokohama Reito

JCR Assigned AA-/Negative and J-1+ to Nikko Citi Holdings
JCR Affirmed AA-/Negative and J-1+ on Nikko Cordial Securities

Downgrades GMAC to #B+/Negative

Affirmed AA-・Negative on NikkoCiti Trust; Outlook Negative

Apr. 30, 2008

Assigned J-1+ to Teral Kyokuto Bills Receivable ABL08-04

Assigned J-1 to Toda Kogyo Bills Receivable ABL08-04

Assigned J-1 to Hayakawa Rubber Bills Receivable ABL08-04

Assigned J-1 to Molten Bills Receivable ABL08-04

Withdrawn AA+/Stable on Nisshin Fire & Marine Insurance

Apr. 28, 2008

Assigned J-1 to Nippon Tungsten Bills Receivable ABL08-04

Assigned J-1 to Aso Shoji Bills Receivable ABL08-04

Affirmed BBB+/Stable and J-2 on sr.debts and CP of Elpida Memory

Affirmed BBB-/Stable on sr.debts of Kyoritsu Maintenance

Withdrawn shelf registration of Nippon Steel

Apr. 25, 2008

Assigned J-1+ to MSNW Trust Certificate Series 08040

Assigned J-1 to Bills Receivable ABL08-04 (B Corporation in Mie)

Assigned J-1 to Bills Receivable ABL08-04 (A Corporation in Aichi)

Assigned J-1 to Osaka Steel Tube Bills Receivable ABL08-04

Assigned J-1 to SEIBUKIZAI Bills Receivable ABL08-04

Assigned J-1 to Nakagawa Seitaikako Bills Receivable ABL08-04

Upgraded sr.debts of Maruetsu to BBB+/Stable

Affirmed A/Stable and J-1 on sr.debts and CP of DIC

Affirms AAA Ratings on International Bank for Reconstruction and Development; Outlook Stable

Affirms AAA Ratings on Inter-American Development Bank; Outlook Stable

JCR Downgraded Kirayaka Holdings to BBB-/Stable
JCR Downgraded Kirayaka Bank to BBB-/Stable

Revised outlook on Daikyo from Positive to Stable

Apr. 24, 2008

Affirmed AAA/Stable and AAA on sr.debts and bonds of Electric Power Development Company

Affirmed AA/Stable on Sony Life Insurance

Affirmed A-/Stable on Japan Vilene

JCR's Rating Review and View Points of Electric Power Companies

Affirmed AA/Stable on Japan Atomic Power Company

Assigned AA-/Stable to Mizuho Investors Securities; Upgraded CP to J-1+

Assigned A to bonds of Nifco

Affirmed A-/Stable and J-1 on LT/ST sr.debts of Kyoto Shinkin Bank

Apr. 23, 2008

Assigned J-1 to healthcare fees ABL08-04 (Asahikawa Sanai HP)

Assigned J-1 to healthcare fees ABL08-04 (D Hospital)

Assigned J-1 to Fuji Shokai Bills Receivable ABL08-04

Affirmed A+/Stable on sr.debts of Coca-Cola Central Japan

Affirmed AA-/Stable on sr.debts of Maruichi Steel Tube

Assigns AAA Ratings to African Development Bank's Senior Notes

Apr. 22, 2008

Assigned J-1 to healthcare fees receivable ABL08-04 (C Hospital)

Assigned J-3 to short-term sr.debts of Money Partners

Upgraded A for Bank of Okinawa to A+/Stable

Affirmed BBB/Positive on Yamazawa

Affirmed AAp/Stable on senior debts of Hitachi

Downgraded rating on Eighteenth Bank to A/Stable

Apr. 21, 2008

Assigned AA- to bonds of Mizuho Corporate Bank

JCR Withdraws J-1 on euro CP programme of Yamaha Motor Europe
JCR Withdraws J-1 on euro CP programme of Yamaha Motor Finance (Europe)

Affirmed A/Stable on sr.debts of Mie Bank

Apr. 18, 2008

Affirmed AA-/Stable and J-1+ for Mitsubishi UFJ Lease & Finance

Assigned A+ to bonds of Kobe Steel

Downgraded Takara Standard to A/Stable; Assigned pre. A and J-1

JCR's Rating Review of 3 Japan Railway companies

Apr. 17, 2008

Assigned J-1 to Kurashiki Medical Center Trust Certificates 08-04

Affirmed BBB- on Toli; Revised outlook to Negative

Affirmed BBB/Stable on sr.debts of Nagatanien

Assigns A+ Ratings to Kookmin Bank's Inaugural Samurai

Assigned A- to bonds of Fuji Electric Holdings

Affirmed BBB- on Wakachiku Construction; Revised outlook to Negative

Apr. 16, 2008

Assigned J-1 to healthcare fees ABL08-04 (E Hospital)

Assigned J-1 to healthcare fees ABL08-04 (F Hospital)

Assigned J-1 to healthcare fees receivable ABL08-04 (A Hospital)

Assigned preliminary A to shelf registration of Nifco

Upgraded sr.debts of Nikon to A+/Stable

Upgraded sr.debts of Oriental Yeast to A/Stable

Assigned AA- to bonds of Sumitomo Metal Industries

Affirmed BBB/Stable on senior debts of Vital-Net

Affirmed BBB/Stable on sr.debts of Asahi Printing

Assigned AAA to bonds of Electric Power Development Company

Apr. 15, 2008

Assigned J-1+ to Takeda Gen. Hospital Trust Certificates 08-04

Assigned J-1 to healthcare fees receivable ABL08-04 (Kyowakai)

Assigned AAA to bonds of Tokyo Electric Power Company

Affirmed BBB on Royal Holdings; Revised Outlook to Stable

Assigned AA+ to bonds of NTT Data