News Release

Dec. 24, 2008

Affirmed BBB on Shinnihon Corporation ; Revised outlook to Negative

Dec. 22, 2008

Assigned J-1 to healthcare fees ABL08-12 (D Hospital)

Assigned J-1 to healthcare fees ABL08-12 (Asahikawa Sanai HP)

Assigned J-1 to Fuji Shokai Bills Receivable ABL08-12

Withdraws AA/Stable rating on SMRJDecember 22, 2008

Dec. 19, 2008

Assigned J-1 to healthcare fees receivable ABL08-12 (C Hospital)

Affirmed A- on Daisan Bank; Revised outlook to Negative

Affirmed A+p/Stable on senior debts of Kansai Paint

Affirmed AA on Mitsubishi UFJ Securities

Assigned preliminary AAA to bonds of Aichi Prefecture

Upgraded rating on OMC Card to A-/Stable from BBB/Positive

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

Affirmed A-/Stable and J-1 on Central Finance

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

Placed Sanyo Electric rating under Credit Monitor Positive

Placed Tohcello rating under Credit Monitor Positive

Dec. 18, 2008

Assigned J-1 to dispensing fees ABL08-12 (sun-kur Corporation)

Assigned J-1+ to JUTEC Bills Receivable ABL08-12

Assigned J-1 to Nishiken Bills Receivable ABL08-12

Assigned AA- to subordinated bonds of Bank of Yokohama

Dec. 17, 2008

Assigned J-1 to healthcare fees ABL08-12 (F Hospital)

Assigned J-1 to healthcare fees receivable ABL08-12 (A Hospital)

Assigned J-1 to Kurashiki Medical Center Trust Certificates 08-12

Assigned J-1 to healthcare fees ABL08-12 (E Hospital)

Downgrade Aozora Bank rating to A-; Removed it from Credit Monitor

Affirmed BBB- for Saison Automobile & Fire Insurance; Revised outlook to Stable

Downgraded Minami-Nippon Bank rating to BBB+/Stable

Downgraded rating on Ome Shinkin Bank to BBB from BBB+

Revised direction to Credit Monitor to Positive for NikkoCiti Trust and Banking

JCR Upgraded Rating on Telefonica from A-/Stable to A/Stable
JCR Upgraded Rating on Telefonica Europe from A- to A

Affirms A Ratings on Renault's FC and Samurai Bonds;Outlook Negative

Dec. 16, 2008

Assigned J-1 to healthcare fees receivable ABL08-12 (Shuyukai)

Affirmed J-1+ on CP of Tokio Marine & Nichido Fire Insurance

Affirmed BBB/Stable on senior debts of Softbank Telecom

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

Downgrades Bulgaria to BBB/BBB+ (FC/LC)

Affirms A-/A (FC/LC) Ratings to Poland, revises outlook to stable

Affirmed A-/Stable on senior debts of Tomakomai Shinkin Bank

Dec. 15, 2008

Assigned J-1+ to Takeda Gen. Hospital Trust Certificates 08-12

Dec. 12, 2008

Assigned J-1 to healthcare fees receivable ABL08-12 (Kyowakai)

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

Assigned AA- to bonds of Mitsui O.S.K. Lines

Assigned A+ to bonds of Kobe Steel

Assigned AA+ to bonds of Osaka (City of)

Affirmed AA/Stable on sr.debts of Nomura Real Estate Residential Fund

Affirmed A-/Stable and J-1 on Don Quijote

Affirmed BBB/Stable on senior debts of Toyo Logistics

Assigns A Rating on France Telecom; Outlook Stable

Dec. 11, 2008

Assigned J-1 to healthcare fees receivable ABL08-12 (B Hospital)

Assigned AA- to bonds of Odakyu Electric Railway

Affirmed J-1 on CP of Nissay Leasing

Affirmed BBB/Stable on senior debts of Eiken Chemical

Assigned A+ rating to sub.bonds of Nomura Holdings

Assigned AAA to bonds of Tokyo Electric Power Company

Assigned AA- to bonds of Sumitomo Chemical

Assigned AA- to bonds of Sumitomo Metal Industries

Dec. 10, 2008

Assigned J-1 to Hayakawa Rubber Bills Receivable ABL08-12

Assigned A+ rating to sub.bonds of Mizuho Bank

Affirmed AA+/Stable and J-1+ on Japan Trustee Services Bank

Affirmed AA+/Stable and J-1+ on LT and ST sr.debts of Master Trust Bank of Japan

Placed Futaba Industrial ratings under Credit Monitor Negative

Assigned J-1 rating to short-term sr.debts of Shinsei Bank

Assigned AA to bonds of Sumitomo Electric Industries

Dec. 09, 2008

Assigned J-1 to Nohara Bills Receivable ABL08-12

Affirmed A-/Stable and J-1 rating on Kobelco Construction

Dec. 08, 2008

Affirmed BBB+/Stable and J-2 on San-Ai Oil

Assigned preliminary A to shelf reg. of Chuo Mitsui Trust and Banking

Downgraded ratings on Anabuki Construction to BB+ and J-3

Dec. 05, 2008

JCR Affirmed BBB/Stable on Okasan Securities Group
JCR Affirmed BBB/Stable on Okasan Securities

Affirmed BBB and J-2 on Sojitz; revised outlook to Stable

Affirmed J-2 on CP program of Shoko

Affirmed BBB/Stable and J-2 on sr.debts and CP of Joshin Denki

Affirmed BBB+/Stable and J-2 on Cosmo Oil

Affirmed AA-/Stable on Mori Hills REIT Investment

Assigned AAA to bonds of Chugoku Electric Power

Downgraded Japan Asia Investment rating to BB+; Removed CM Negative

Dec. 04, 2008

Assigned AAA to bonds of Development Bank of Japan Inc.

Assigned AA- rating to bonds of Mizuho Corporate Bank

Affirmed A-/Stable and J-1 for Parco

Assigned AA+ to bonds of NTT Data

Removed from CM; Affirmed A/Stable on Nippon Car Solutions

Placed the ratings on PTT Exploration and Production Public Company under Credit Monitor

Placed the ratings on PTT Public Company under Credit Monitor

Assigned AAA to bonds of Electric Power Development

Placed rating on Nippon Mining Holdings under Credit Monitor Positive

Dec. 03, 2008

Assigned AA+ to bonds of Osaka (City of)

Assigned AA+ to bonds of Osaka (City of)

Affirmed A+/Stable on senior debts of Yamagata Bank

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