News Release

Dec. 05, 2008

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Withdrawn AA/Positive rating on Canon Marketing Japan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

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