News Release

Dec. 12, 2008

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

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