News Release

Dec. 03, 2008

Placed the ratings on Thailand under Credit Monitor

Affirmed BBB on Nippon Light Metal; Revised outlook to Negative

Assigns AAA Ratings to The African Development Bank's Senior Notes

Assigned preliminary A+ rating to sub.bonds of Mizuho Bank

Placed rating on AEON Thana Shinsap (Thailand) under Credit Monitor Negative

Dec. 02, 2008

Affirmed AA/Stable on senior debts of SECOM General Insurance

Affirmed A/Stable and J1 on senior debts and CP of Lintec

Assigned preliminary BBB+ to shelf registration of Monex Group

JCR Assigned A+ to bonds of Daiwa Securities Group

Affirmed AA+/Stable on senior debts of SECOM

Dec. 01, 2008

Affirmed A+p/Stable on senior debts of Mitsui Chemicals

Assigned A+ ratings to sub.bonds and shelf of Nomura Holdings

Nov. 28, 2008

Assigned J-1 to Molten Bills Receivable ABL08-11

Assigned J-1+ to JUTEC Bills Receivable ABL08-11

Assigned J-1+ to Teral Kyokuto Bills Receivable ABL08-11

Assigned J-1 to Toda Kogyo Bills Receivable ABL08-11

Assigned preliminary A to shelf registration of Toho Bank

Withdrawn AA/Positive rating on Canon Marketing Japan

Downgraded long-term and CP ratings on UCS to BBB+ and J-2

Affirmed BBB/Stable on senior debts of GEO Corporation

Assigned AA+ to bonds of Japan Water Agency

Nov. 27, 2008

Assigned J-1 to Aso Shoji Bills Receivable ABL08-11

Assigned J-1 to Nippon Tungsten Bills Receivable ABL08-11

Assigned J-1 to SEIBUKIZAI Bills Receivable ABL08-11

Affirmed AA/Stable on senior debts of Toho

Nov. 26, 2008

Assigned J-1 to Osaka Steel Tube Bills Receivable ABL08-11

Assigned J-1 to Bills Receivable ABL08-11 (B Corporation in Mie)

Affirmed AA-/Stable on sr.debts of Nippon Electric Glass

Assigned AA+ to bonds of Osaka (City of)

Assigned AA rating to bonds of Nippon Steel

Assigned AAA to bonds of NTT DoCoMo

Affirms A+ Ratings to Central American Bank for Economic Integration, outlook stable

Affirmed J-1 on CP of Mitsubishi Plastics

Assigned AAA to bonds of Kyushu Electric Power

Upgraded Pacific Holdings to #B/Positive; rating remains under CM

Downgraded rating on Prospect Residential Investment to BBB+/Negative

Nov. 25, 2008

Assigned J-1+ to MSNW Trust Certificate Series 08110

Assigned J-1 to Fuji Shokai Bills Receivable ABL08-11

Assigned preliminary A+ to shelf registration of THK

Affirmed BBB/Stable on senior debts of Namura Shipbuilding

Downgrades GMAC to #CCC/Negative

Affirmed A on EMTN of BOT Lease

JCR Rating on Nikko Citi Holdings still under Credit Monitor #A+/Negative
JCR Rating on Nikko Cordial Securities still under Credit Monitor #A+/Negative
JCR Rating on NikkoCiti Trust and Banking still under Credit Monitor #A+/Negative

Nov. 21, 2008

Assigned J-1 to Bills Receivable ABL08-11 (A Corporation in Aichi)

Affirmed AA on bonds of SCB Securitization

Affirmed BBB/Stable on senior debts of Tokushu Tokai Holdings

Downgraded long-term rating on Elpida Memory to BBB/Negative

Affirmed AA- on Shinkin Guarantee Fund; Revised outlook to Negative

Affirmed AAA on Shinkin Central Bank; Revised outlook to Negative

Assigned AAA to bonds of Tokyo Electric Power Company

Nov. 20, 2008

Assigned J-1 to healthcare fees ABL08-11 (Asahikawa Sanai HP)

Assigned J-1+ to Chudai Jitugyo Bills Receivable ABL08-11

Assigned J-1 to healthcare fees ABL08-11 (D Hospital)

Affirmed A on Nifco; Revised outlook to Stable from Positive

Affirmed J-2 on CP of Mitsubishi Materials

Assigned AAA to bonds of Kansai Electric Power

Placed rating on Vital-Net under Credit Monitor Positive (#BBB)

Assigned AAA to bonds of Kyushu Electric Power

Assigned AA- to bonds of Orix

Nov. 19, 2008

Assigned J-1 to healthcare fees receivable ABL08-11 (C Hospital)

Assigned AAA to bonds of Tokyo Electric Power Company

Nov. 18, 2008

Assigned J-1 to dispensing fees ABL08-11 (sun-kur Corporation)

Assigned J-1 to healthcare fees ABL08-11 (E Hospital)

Assigned J-1 to healthcare fees ABL08-11 (F Hospital)

Affirmed A/Stable and A on sr.debts and bonds of Hokuetsu Paper Mills

Nov. 17, 2008

Assigned J-1 to Kurashiki Medical Center Trust Certificates 08-11

Assigned J-1 to healthcare fees receivable ABL08-11 (Shuyukai)

JCR Affirmed AA-/Stable on Mitsui O.S.K. Lines

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

Affirmed A/Stable on senior debts of Calsonic Kansei

JCR Assigned AA- to euroyen notes of Mitsui O.S.K. Finance Plc

JCR Affirmed AA- on EMTN of Mitsui O.S.K. Lines
JCR Affirmed AA- on EMTN of Euromol

Affirmed BBB/Positive on Chiba Kogyo Bank

Affirmed A on Aomori Bank; Revised outlook to Negative

Removed CM (Negative) and affirmed BBB-/Stable on Towa Bank

Nov. 14, 2008

Assigned J-1 to healthcare fees receivable ABL08-11 (A Hospital)

Assigned J-1 to healthcare fees receivable ABL08-11 (Kyowakai)

Affirmed A+/Stable on sr.debts of Yokogawa Electric

Placed rating on Aozora Bank under Credit Monitor Negative

Affirmed A-/Stable and J-1 on Tsubakimoto Chain

Assigned AAA to bonds of Chugoku Electric Power

Assigned AA+ to bonds of Japan Student Services Organization

Nov. 13, 2008

Assigned J-1+ to Takeda Gen. Hospital Trust Certificates 08-11

Assigned AA to bonds of Urban Renaissance Agency

Affirmed A-/Stable on senior debts of Hokuto

Nov. 12, 2008

Affirmed BBB+/Stable and J-2 on Showa Sangyo

Affirmed A-/Stable and J-1 on Nippon Flour Mills

Affirmed A-/Stable on sr.debts of Nippon Flour Mills

Assigned AA+ to bonds of Osaka (City of)

Affirmed AA-/Stable on Sumitomo Mitsui Finance and Leasing

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

Nov. 11, 2008

Assigned J-1 to healthcare fees receivable ABL08-11 (B Hospital)

Affirmed A+/Stable and J-1 on sr.debts and CP of JFE Shoji Trade

Affirmed BBB/Stable on senior debts of Toyo Logistics

Affirmed AA/Stable and J-1+ on Mitsubishi Logistics

Affirmed A+/Stable on sr.debts of JFE Shoji Holdings

Placed ratings on Mitsubishi Rayon under Credit Monitor Negative

Nov. 10, 2008

Assigned J-1 to Hayakawa Rubber Bills Receivable ABL08-11

Affirmed A+/Stable on senior debts of Hekikai Shinkin Bank

Affirmed J-1+ on CP of Tokyo Electric Power Company