News Release

Jul. 13, 2007

Assigned J-1 to healthcare fees receivable ABL07-07 (Tokachinomori)

Assigned J-1+ to Takeda Gen. Hospital Trust Certificates 07-07

Assigned A-/Stable to sr.debts of Prospect Residential Investment

Affirmed AAp/Stable on sr.debts of Sharp Corporation

Affirmed AA-/Stable on senior debts of Advantest

Affirmed A+/Stable on senior debts of Nidec

Jul. 12, 2007

Assigned J-1 to Healthcare Fees Receivable ABL07-07 (Ishii HP)

Assigned pre. A- to bonds of Sumitomo Life Fund Securitization II

Assigned AA- to bonds of Odakyu Electric Railway

Jul. 11, 2007

Assigned A- to Samurai bonds of Telefonica Europe B.V.

Assigned AAA to bonds of Tokyo Electric Power Company

Affirmed BBB/Stable on sr.debts of Gifu Bank

Jul. 10, 2007

Assigned preliminary A to shelf registration of Acom

Assigned A- to bonds of Hankyu Hanshin Holdings

Affirmed BBB/Stable on senior debts of Culture Convenience Club

Assigned A to bonds of Takashimaya

Jul. 09, 2007

Assigned J-1 to Nohara Bills Receivable ABL07-07

Assigned preliminary AA to shelf of JFE Holdings

Assigned preliminary A rating to shelf of Marubeni

Affirmed AAA on sr.debts of Development Bank of Japan and Revised outlook to Stable

Affirmed AAA on sr.debts of Development Bank of Japan and Revised outlook to Stable

Jul. 06, 2007

Assigned A/Stable to sr.debts of Daido Fire & Marine

Assigned preliminary A- to shelf of Sumitomo Osaka Cement

Assigned AAA/Stable to sr.debts of Hitotsubashi University

Jul. 05, 2007

Assigned BBB+ to bonds of Pocket Card

Assigned preliminary AA- to shelf registration of Orix

Withdrawn #A+/Positive on shelf of Sumitomo Wiring Systems

Assigned AAA to bonds of National Life Finance

Assigned AAA to bonds of Chugoku Electric Power

Jul. 04, 2007

Affirmed A- for Hyundai Capital Services and Revised outlook to Positive

Affirmed BBB+ for Aomori Shinkin Bank & Revised outlook to Negative

Upgraded sr.debts of Akebono Brake Industry to A-/Stable from BBB+

Assigned preliminary AAA to shelf of Electric Power Development Company

Jul. 03, 2007

Upgraded sr.debts of Keiyo to BBB- and Revised outlook to Stable

Jun. 29, 2007

Assigned J-1 to Aso Shoji Bills Receivable ABL07-06

Assigned J-1+ to Teral Kyokuto Bills Receivable ABL07-06

Assigned J-1 to Hayakawa Rubber Bills Receivable ABL07-06

Assigned J-1 to Molten Bills Receivable ABL07-06

Assigned J-1+ to Nippei Toyama Bills Receivable ABL07-06

Assigned J-1 to Toda Kogyo Bills Receivable ABL07-06

Withdrawn J-1 rating on CP program of Itochu Finance

Removed CM and affirmed A/Stable on sr.debts of TIS

Assigned A- to bonds of Nippon Tochi-Tatemono

Removed CM and downgraded Sanki Engineering to BBB+/Stable

Upgraded LT and ST sr.debts of kabu.com Securities to A+ and J-1

Jun. 28, 2007

Assigned J-1 to Bills Receivable ABL07-06 (B Corporation in Mie)

Assigned J-1+ to Kimura Bills Receivable Certificates/ABL07-06

Assigned J-1 to MoonStar Bills Receivable ABL07-06

Assigned J-1+ to JUTEC Bills Receivable ABL07-06

JCR Affirmed A- and BBB+ for Tokyo Tomin Bank and Revised outlook to Positive
JCR Affirmed BBB+ and BBB for Tokyo Tomin Finance (Cayman)

Affirmed AA+/Stable on sr.debts of Japan Water Agency

Upgraded sr.debts of Kagome to A/Stable from A-/Positive

Assigned A+ to bonds of Aeon Credit Service

Jun. 27, 2007

Assigned J-1 to SEIBUKIZAI Bills Receivable ABL07-06

Assigned J-1 to Osaka Steel Tube Bills Receivable ABL07-06

Jun. 26, 2007

Upgraded sr.debts and CP of Tokyu Land to A-/Stable and J-1

Assigned A to bonds of Horiba

Jun. 25, 2007

Assigned J-1+ to MSNW Trust Certificate Series 07060

Withdrawn preliminary AAA rating on shelf of Electric Power Development

Jun. 22, 2007

Assigned J-1 to healthcare fees receivable ABL07-06 (C Hospital)

Assigned J-1 to healthcare fees ABL07-06 (D Hospital)

Assigned J-1 to Bills Receivable ABL07-06 (A Corporation in Aichi)

Assigned J-1 to healthcare fees ABL07-06 (Asahikawa Sanai HP)

Assigned A- to bonds of PTT

Affirmed A-/Stable on sr.debts of Seishin Shinkin Bank

Jun. 21, 2007

Assigned J-1 to Fuji Shokai Bills Receivable ABL07-06

Assigned A-/Stable to sr.debts of Tono Shinkin Bank

Assigned preliminary A and A to shelf and bonds of Sumitomo Realty & Development

Assigned A+ to bonds of Sumitomo Rubber

Assigned BBB+ to bonds of Sapporo Holdings

Assigned AA+ to bonds of Japan Student Services Organization

Placed Jaccs under Credit Monitor with Positive direction

Removed CM and upgraded Nosan to A/Stable

Affirmed J-2 on CP of Saiyu

Affirmed BBB+/Stable on sr.debts of Matsui Securities

Jun. 20, 2007

Assigned J-1 to healthcare fees ABL07-06 (E Hospital)

Assigned J-1 to Molten Bills Receivable ABL08-06

Assigned AAA to bonds of Kyushu Electric Power Company

Assigned BBB+/Stable to sr.debts of Tohokusoshin

Assigned BBB- to bonds of ES-CON Japan

Affirmed A/Stable on senior debts of Taiko Bank

Affirmed AA-/Stable on sr.debts of Futaba Industrial

Removed CM & affirmed BBB+ on sr.debts of Sanyo Electric

Jun. 19, 2007

Assigned BBB- to bonds of Towa Real Estate Development

Affirmed A-/Stable on sr.debts of Sapporo Shinkin Bank

Jun. 18, 2007

Assigned J-1 to healthcare fees receivable ABL07-06 (A Hospital)

Assigned J-1 to healthcare fees ABL07-06 (Heiwa & Konbu Onsen)

Assigned preliminary A rating to shelf registration of SUMCO

Jun. 15, 2007

Affirmed A-/Stable on sr.debts of Saitamaken Shinkin Bank

Affirmed AA+ on sr.debts of Japan Student Services Organization

Affirmed BBB+/Stable on sr.debts of ASKA Pharmaceutical

Assigned preliminary A+ to shelf registration of Sumitomo Metal

Jun. 14, 2007

Assigned J-1+ to Takeda Gen. Hospital Trust Certificates 07-06

Assigned J-1 to healthcare fees receivable ABL07-06 (Tokachinomori)

Assigned AA to bonds of NTT Finance

Affirmed AAA/Stable and AAA on sr.debts and bonds of National Life Finance

Jun. 13, 2007

Assigned J-1 to Healthcare Fees Receivable ABL07-06 (Ishii HP)

Assigned J-1 to healthcare fees receivable ABL07-06 (B Hospital)

Affirmed A- on sr.debts of Nippon Tochi-Tatemono

Assigned AA- to bonds of Mitsubishi UFJ Lease & Finance