News Release

Feb. 26, 2008: Assigned J-1 to SEIBUKIZAI Bills Receivable ABL08-02; JCR Upgraded sr.debts of Hokuhoku Financial Group to A-/Positive
JCR Upgraded sr.debts of Hopkuriku Bank to A-/Positive
JCR Upgraded sr.debts of Hokkaido Bank to A-/Positive; Affirmed A-/Stable and J-1 on sr.debts and CP of Keihan Electric Railway; Downgrades GMAC to #BB-/Negative; Assigned BBB to preferred stock (Hybrid) of Mori Building

Feb. 25, 2008: Assigned J-1 to Bills Receivable ABL08-02 (A Corporation in Aichi); Assigned J-1 to Nakagawa Seitaikako Bills Receivable ABL08-02; Assigned J-1+ to MSNW Trust Certificate Series 08020; Affirmed A-/Positive on senior debts of Okamura Corporation; Upgraded sr.debts of Organization for Small & Medium Enterprises and Regional Innovation to AA/Stable from AA-/Stable; Affirmed A- on Aderans; Revised outlook to Negative

Feb. 22, 2008: Assigned J-1 to Toyoshima Bills Receivable ABL08-02; Assigned J-1 to Fuji Shokai Bills Receivable ABL08-02; Affirmed A-/Stable and A- on sr.debts and bonds of Senko; Assigned preliminary A to shelf of Denki Kagaku Kogyo; Rating on Ikeda Bank still under Credit Monitor #A/Negative; Affirmed BBB+/Positive on sr.debts of Hiroshimashi Credit Cooperative; Affirmed A-/Stable on sr.debts; Assigned A- to bonds of Nipro

Feb. 21, 2008: Assigned J-1 to healthcare fees ABL08-02 (Asahikawa Sanai HP); Affirmed A-/Stable on senior debts of Ariake Japan; Assigned BBB to bonds of Pacific Management; Assigned preliminary A- to shelf registration of Orient Corporation

Feb. 20, 2008: Assigned J-1 of healthcare fees receivable ABL08-02 (C Hospital); Affirmed A/Stable and J-1 on senior debts and CP of JGC; Downgraded senior debts of Uny to A/Stable from A+/Negative; Affirmed A- for Aica Kogyo; Revised outlook to Stable; Affirmed AA/Stable on senior debts of 77 Bank; Withdrawn BBB+/Negative rating on senior debts of U.Store

Feb. 19, 2008: Assigned J-1 to Kurashiki Medical Center Trust Certificates 08-02; Assigned BBB+ to perpetual subordinated loan (Hybrid) of Sumitomo Realty & Development; Affirmed BBB-/Stable on senior debts of Goto; Affirmed A- for Minami-Nippon Bank; Revised outlook to Negative; Affirmed BBB- on Mitsubishi Paper Mills; Revised outlook to Stable

Feb. 18, 2008: Assigned J-1 to healthcare fees ABL08-02 (E Hospital); Assigned J-1 to healthcare fees ABL08-02 (D Hospital); Assigned J-1 to healthcare fees receivable ABL08-02 (Kyowakai); Assigns BBB+ Ratings to LS Cable; Assigned preliminary A+ to shelf registration of Towa Real Estate Development; Revised Rating outlook for Mitsui Life Insurance Company

Feb. 15, 2008: Assigned J-1+ to Takeda Gen. Hospital Trust Certificates 08-02; Assigned preliminary A to shelf registration of Promise; Affirmed A and J-1 for Daido Steel; Revised outlook to Stable

Feb. 13, 2008: Assigned J-1 to healthcare fees receivable ABL08-02 (A Hospital); Assigned J-1 to healthcare fees receivable ABL08-02 (B Hospital); Placed Toyama Chemical under CM with Positive; Assigned AA to bonds of Bank of Tokyo-Mitsubishi UFJ; Affirmed AA-/Stable and AA- on sr.debts and bonds of Kuraray

Feb. 12, 2008: Affirmed BBB+ for Valor; Revised outlook to Positive from Stable; Affirmed Ap/Stable on senior debts of Fujikura

Feb. 08, 2008: Assigned J-1 to Nohara Bills Receivable ABL08-02; Affirmed BBB for San Holdings; Revised Outlook to Stable; Affirmed A/Stable on senior debts of Kyowa Exeo; Affirmed A/Stable and J-1 on sr.debts and CP of Meiji Dairies Corporation; Assigned BBB+/Stable to senior debts of Nagano Bank; Assigned AAA to bonds of National Life Finance; Affirmed BBB/Stable on senior debts of Harima Chemicals; Affirmed BBB+/Stable on senior debts of Roland; Affirmed A+/Stable on sr.debts of Sumitomo Warehouse; Affirmed BBB/Stable and J-2 on Pacific Management; Assigned A-/Negative to senior debts (FC) of AEON Thana Shinsap (Thailand); Affirmed BBB- for Japan General Estate; Revised outlook to Stable; Assigned A- to bonds of Don Quijote; Continues to place ratings on Bank of Ikeda under Credit Monitor; Assigned AAA to bonds of Tokyo Electric Power Company; Assigned BBB+ to bonds of Covalent Materials Corporation

Feb. 07, 2008: JCR Assigned A+ to bonds of Daiwa Securities Group; Affirmed BBB/Stable on sr.debts of Japan Medical Alliance; Assigned AA to bonds of Bank of Tokyo-Mitsubishi UFJ; Assigned preliminary BBB+ to sub.undated loan (hybrid sec.) of Sumitomo Realty & Development; Assigned AAA to bonds of Kyushu Electric Power Company; Assigned AA to bonds of Kansai International Airport; Assigned AAA to bonds of Tokyo Electric Power Company; Assigned AAA to bonds of Kansai Electric Power Company

Feb. 06, 2008: Affirmed B+p/Stable for Yamato Life Insurance; Affirmed BBB/Stable; Assigned J-2 to CP of Taiyo Oil; Affirmed A/Stable and A on sr.debts and bonds of Aichi Steel; Affirmed BBB+/Stable on sr.debts of Settsu Suito Shinkin Bank; Affirmed A/Stable and J-1 on sr.debts and CP of Sumitomo Realty & Development; Affirmed AA+p/Stable on senior debts of Mitsubishi Estate; Assigned AA-/Stable to sr.debts of Mitsui Fudosan; Withdrawn AA-p; Assigned AAA to bonds of Development Bank of Japan

Feb. 05, 2008: Affirmed A-/Positive and J-1 on Sanyo Special Steel; Affirmed BBB+/Stable on sr.debts of Shibusawa Warehouse; Affirmed A for Ogaki Kyoritsu Bank; Revised outlook to Positive; Affirmed A+/Stable on senior debts of Oita Bank; Affirmed BB-/Stable on senior debts of Medca Japan; Assigned preliminary BBB to shelf registration of Risa Partners

Feb. 04, 2008: Affirmed BBB-/Stable and J-2 on sr.debts and CP of Furukawa; Affirmed BBB-/Stable and J-2 on sr.debts and CP of Takara Leben; Affirmed A/Stable on sr.debts of Kissei Pharmaceutical; Affirmed BBB+/Stable on senior debts of Mitsubishi Materials; Affirmed BBB-/Stable and J-2 on sr.debts and CP of Furukawa; Assigned AA-/Stable & J-1+ to sr.debts and CP of Hitachi Capital

Feb. 01, 2008: Affirmed BBB/Positive on sr.debts of Nippon Fine Chemical; Assigned preliminary A+ to shelf registration of Mitsubishi Rayon; Affirmed A/Stable on senior debts of Air Water; Assigned preliminary AA to bonds of Bank of Tokyo-Mitsubishi UFJ; Assigned preliminary A to shelf registration of Izumi; Assigned A- to bonds of Nagoya Railroad

Release Information: News Release; Issuer Reports; Reports relating to Issuer; JCR News