News Release

Oct. 16, 2008

Affirmed A+/Stable on sr.debts of Kyoei Fire & Marine Insurance

Affirmed BBB+/Stable and J-2 on sr.debts and CP of Ube Industries

Affirmed J-1 on CP of SMBC Finance Service

Affirmed A/Stable on senior debts of Denki Kagaku Kogyo

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

Affirmed AA-/Stable on senior debts of Toyota Tsusho

Oct. 15, 2008

Assigned J-1 to healthcare fees receivable ABL08-10 (A Hospital)

Oct. 14, 2008

Assigned J-1 to healthcare fees receivable ABL08-10 (B Hospital)

Assigned J-1 to healthcare fees receivable ABL08-10 (Kyowakai)

Affirmed A+/Stable and J-1 on sr.debts and CP of Ito En

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

Assigned preliminary BBB+ to shelf of Nippon Sheet Glass

Affirmed BBB+/Stable and J-2 on sr.debts and CP of Toho Zinc

Affirmed AA-/Stable, AA- and J-1+ rating on Ricoh Leasing

Affirmed AA-/Stable and J-1+ on Tokyo Electron

Downgraded rating on Best Denki to BB+/Stable from BBB-/Negative

Affirmed BBB-/Stable on Marubeni Construction Material Lease

Assigned AA-/Stable to sr.debts of Sony Bank

Oct. 10, 2008

Placed rating on Series 4 Synthetic CDO under CM Negative

Affirmed BBB/Stable and BBB on sr.debts and bonds of Nihon Chouzai

Affirmed AA- on EMTN of Sumitomo Mitsui Finance and Leasing

Withdrawn J-1 on CP of Seiyu

Affirmed A+p/Stable on senior debts of NSK

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

Downgraded Yamato Life Insurance to Dp and then withdrawn

Affirmed A on Hyakujushi Bank; Revised outlook to Stable

Oct. 09, 2008

Assigned J-1 to Nohara Bills Receivable ABL08-10

Affirmed A+/Stable and J-1 on JTEKT

Affirmed AA-/Positive and J-1+ on Nippon Steel Engineering

Affirmed BBB/Stable on sr.debts of Kanamoto

Downgraded and placed ratings on Risa Partners under CM Negative

Withdrawn AA/Stable and J-1+ rating of Chugai Pharmaceutical

Assigned AAA to shelf of Kyushu Electric Power Company

Assigned AA to bonds of NTT Finance

Oct. 08, 2008

Assigned AAA to bonds of Chugoku Electric Power Company

Affirmed A-/Stable on sr.debts of Seiren

Assigned preliminary AA- to shelf registration of Asahi Breweries

Assigned AAA to bonds of Tokyo Electric Power Company

Assigned AAA to bonds of Kansai Electric Power Company

Oct. 07, 2008

Affirmed A- on bonds of Sumitomo Life Fund Securitization Special Purpose Company

Affirmed A- on bonds of Sumitomo Life Fund Securitization Special Purpose Company II

Affirmed A+ on bonds of Dai-ichi Life Dai2Kai Tokutei Mokuteki Kaisha

Affirmed A-/Stable and J-1 on Konoike Transportation

Affirmed A/Stable and J-1 on Krosaki Harima

Affirmed BBB+/Stable and J-2 on Resorttrust

Affirmed AA/Positive and J-1+ on Nippon Steel

Oct. 06, 2008

Assigned AA- to trust certificates of PFI

Assigned AA- to loans of PFI

Assigned AA- to loans of PFI

Affirmed BBB/Stable on Yahagi Construction

Affirmed BBB/Stable and BBB on sr.debts and bonds of Daio Paper

Affirmed BBB/Stable on Soken Chemical & Engineering

JCR Removed Credit Monitor; Affirmed A rating on Shinsei Bank Outlook Negative
JCR Removed Credit Monitor; Affirmed A- and J-1 rating on Showa Leasing Outlook Negative
JCR Removed Credit Monitor; Affirmed BBB- and J-2 rating on Shinki Outlook Negative

Affirmed A+ on Sanwa Holdings; Changed Outlook to Negative

Oct. 03, 2008

Affirmed AA- on JS Group Corp.; changed Outlook to Negative

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

Affirmed BBB/Stable on sr.debts of Penta-Ocean Construction

Affirmed AAA/Stable on sr.debts of Okinawa Electric Power Company

Assigned preliminary A to shelf registration of Sankei Building

Oct. 02, 2008

Affirmed A-/Stable on sr.debts of H2O Retailing

Affirmed J-1 on CP of STB Leasing

Upgraded Hanshin Electric Railway to A/Stable

Upgraded rating on Hankyu Realty to A/Stable

Upgraded Hankyu Hanshin Holdings to A/Stable

Affirmed BBB+/Positive and J-2 on Showa Denko

Oct. 01, 2008

Affirmed J-1+ on ABCP of Velocity Funding Corporation

Affirmed J-1+ on ABCP of Nexus Asset Funding Corporation

JCR Affirmed J-1+ on ABCP of Vector Asset Funding Corporation

Affirmed BBB-/Stable on senior debts of Starzen

Withdrawn A-/Stable rating on sr.debts of T.Hasegawa

Assigned AAA/Stable to sr.debts of Development Bank of Japan Inc.

Assigned AAA/Stable to sr.debts of Development Bank of Japan Inc.

Affirmed BBB+/Stable on sr.debts of Tonami Holdings

Affirmed BBB+/Stable and J-2 on senior debts and CP of Hakuto

Affirmed BBB-/Stable on Kyosei Rentemu

Assigned AAA/Stable to sr.debts of Japan Finance Corporation

JCR Placed ratings on Nikko Citi Holdings under Credit Monitor
JCR Placed ratings on Nikko Cordial Securities under Credit Monitor
JCR Placed ratings on NikkoCiti Trust and Banking under Credit Monitor

Sep. 30, 2008

Assigned J-1 to Toda Kogyo Bills Receivable ABL08-09

Assigned J-1+ to JUTEC Bills Receivable ABL08-09

Assigned J-1+ to Teral Kyokuto Bills Receivable ABL08-09

Assigned J-1 to Molten Bills Receivable ABL08-09

Downgraded rating on Pacific Holdings to #B-/Negative; Continues CM

Withdrawn A/Stable rating on sr.debts of Kissei Pharmaceutical

Withdrawn A-/Stable rating on senior debts of CMK

Affirmed J-3 on short-term sr.debts of Money Partners Group

Assigned AA/Stable to Allianz Fire and Marine Insurance Japan

Sep. 29, 2008

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

Assigned J-1+ to Amano Bills Receivable Certificates/08-09

Assigned J-1 to Aso Shoji Bills Receivable ABL08-09

Assigned J-1 to Ochisangyo Bills Receivable ABL08-09 (1),(2)&(3)

Assigned J-1 to Nippon Tungsten Bills Receivable ABL08-09

Placed ratings on Century Leasing and Tokyo Leasing under CM

Affirmed AA to shelf reg. of Asahi Kasei

Assigned preliminary A to shelf registration of Shikoku Bank

Placed ratings on Century Leasing and Tokyo Leasing under CM

Sep. 26, 2008

Assigned J-1 to Kimura Bills Receivable ABL08-09

Assigned J-1 to Bills Receivable ABL08-09 (B Corporation in Mie)

Assigned J-1 to Osaka Steel Tube Bills Receivable ABL08-09

Removed CM and affirmed BBB on Hokuto Bank

Affirms BBB- (FC/LC) Ratings on Republic of the Philippines