News Release

Nov. 09, 2007

Assigned A- to bonds of Tokyo Tatemono

Assigned A+ to bonds of Itochu

Nov. 08, 2007

JCR Affirmed J-1 on euro CP programme of Yamaha Motor Europe
JCR Affirmed J-1 on euro CP programme of Yamaha Motor Finance (Europe)

Affirmed A+/Stable and J-1 on sr.debts and CP of Yamaha Motor

Assigned AAA to bonds of Development Bank of Japan

Assigned AA- to sub.bonds of Bank of Tokyo-Mitsubishi UFJ

Assigned AA to bonds of Urban Renaissance Agency

Nov. 07, 2007

Affirmed J-2 on CP of Furukawa Electric

Assigned BBB+/Stable to senior debts of Yamazen

Affirmed BBB+/Stable on senior debts of Ome Shinkin Bank

Assigned AAA to bonds of Kyushu Electric Power Company

Assigned AAA to bonds of Kansai Electric Power Company

Assigned A- to bonds of Hankyu Hanshin Holdings

Assigned AA to bonds of JFE Holdings

Assigned AA- to bonds of Sumitomo Mitsui Banking

JCR Downgraded Nikko Cordial Corporation to AA-/Negative from AA/Stable
JCR Downgraded Nikko Cordial Securities to AA-/Negative from AA/Stable
JCR Downgraded NikkoCiti Trust and Banking to AA-/Negative from AA/Stable

Nov. 06, 2007

JCR Affirmed AA- on EMTN of Sumitomo Chemical
JCR Affirmed AA- on EMTN of Sumitomo Chemical (U.K.)
JCR Affirmed AA- on EMTN of Sumitomo Chemical Capital America

Affirmed AA-/Stable on senior debts of Sumitomo Chemical

Affirmed A+p/Stable on senior debts of Kansai Paint

Affirmed BBB/Stable on senior debts of Nippon Light Metal

Affirmed A+p/Stable on senior debts of Mitsui Chemicals

Assigned AAA to bonds of Tokyo Electric Power Company

Assigned AAA to bonds of Chugoku Electric Power Company

Upgraded Fuji Life Insurance to A/Stable

Upgraded Fuji Fire & Marine Insurance to A+/Stable

Nov. 05, 2007

Assigned J-1 to Hayakawa Rubber Bills Receivable ABL07-11

JCR Affirmed A on EMTN of Marubeni
JCR Affirmed A on EMTN of Marubeni Europe
JCR Affirmed A on EMTN of Marubeni Finance Holland

Affirmed AAA on EMTN of Tokio Marine Financial

Assigned preliminary #BBB+/Positive to shelf of Jaccs

Affirmed BBB/Stable and J-2 on sr.debts and CP of Joshin Denki

Assigned preliminary BBB+ to shelf registration of Elpida Memory

Upgraded sr.debts of San-Ai Oil to BBB+/Stable from BBB/Stable

Downgraded Rating on GMAC from BBB- to #BB+[Negative]; Placed Rating under Credit Monitor

Nov. 02, 2007

Affirmed A+/Stable on senior debts of Hekikai Shinkin Bank

Assigned #BBB+/Positive to bonds of Pocket Card

Affirmed AA/Stable on senior debts of Toho

Assigns A+ Ratings to IBK's Yen Bonds

Affirmed A/Positive on sr.debts of Okazaki Shinkin Bank

Nov. 01, 2007

Assigned preliminary A- to shelf of Kawasaki Heavy Industries

Assigned A- to subordinated bonds of Taiko Bank

Oct. 31, 2007

Assigned J-1 to Aso Shoji Bills Receivable ABL07-10

Assigned AA- to Softbank Mobile Leases & Loans Securitization

Assigned J-1+ to Teral Kyokuto Bills Receivable ABL07-10

Assigned AA- to Softbank Mobile Leases & Loans Securitization

Assigned J-1 to Toda Kogyo Bills Receivable ABL07-10

Placed Nichias under CM with Negative direction

Affirmed A-/Stable on senior debts of Sumitomo Osaka Cement

Affirmed BBB+p/Stable on senior debts of Taiheiyo Cement

Affirmed BBB+/Stable on senior debts of Daiwabo Information System

Assigned BBB+ to bonds of Accordia Golf

Assigned preliminary AA to shelf registration

Oct. 30, 2007

Assigned J-1 to Nippon Tungsten Bills Receivable ABL07-10

Assigned J-1 to MoonStar Bills Receivable ABL07-10

Assigned preliminary A- to shelf of Nishi-Nippon City Bank　（Corrected）

Affirmed A-/Stable on senior debts of Shizuoka Shinkin Bank

Oct. 29, 2007

Assigned J-1 to Osaka Steel Tube Bills Receivable ABL07-10

Assigned J-1 to Bills Receivable ABL07-10 (B Corporation in Mie)

Assigned J-1 to CP program of Nippon Steel Logistics

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

Oct. 26, 2007

Assigned J-1 to SEIBUKIZAI Bills Receivable ABL07-10

Affirmed A-/Stable on senior debts of Nippon Thompson

Upgraded sr.debts of Tokyu to A+: Revised outlook to Stable

Affirmed A-/Stable on senior debts of Keisei Electric Railway

Affirmed AA/Stable and J-1+ on sr.debts and CP of Keio Corporation

Affirmed BBB+/Stable on senior debts of Sagami Railway

Affirmed BBB/Stable on senior debts of Tobu Railway

Assigned A+/Stable to senior debts of Keihin Electric Express

Oct. 25, 2007

Assigned J-1 to Nakagawa Seitaikako Bills Receivable ABL07-10

Assigned J-1+ to MSNW Trust Certificate Series 07100

Assigned J-1 to Toyoshima Bills Receivable Certificates/ABL07-10

Assigned A- to bonds of Tokyu Land

Assigned AA+ to bonds of Japan Student Services

Assigned AA+ to bonds of Japan Water Agency

Assigned preliminary A- to shelf registration of Fuji Electric Holdings

Oct. 24, 2007

Assigned J-1 to Fuji Shokai Bills Receivable ABL07-10

Assigned J-1 to Bills Receivable ABL07-10 (A Corporation in Aichi)

Assigned AAA to bonds of Japan Bank for International

Oct. 23, 2007

Assigned J-1 to healthcare fees ABL07-10 (Asahikawa Sanai HP)

Assigned A+ to bonds of Kobe Steel

Affirmed A+/Stable on senior debts of Obayashi

Affirmed BBB-/Stable on Marubeni Construction Material Lease

Affirmed A+p/Stable on senior debts of Shimizu Corporation

Assigned BBB to bonds of Sojitz

Assigned A to bonds of Sumitomo Realty & Development

Oct. 22, 2007

Assigned J-1 to healthcare fees receivable ABL07-10 (C Hospital)

Assigned AA- to EMTN of Sumitomo Mitsui Finance and Leasing

Removed CM and upgraded rating on Tokai Pulp to BBB

Affirmed A-/Stable on senior debts of Maruzen Showa Unyu

Upgraded sr.debts of BOT Lease to A/Stable and affirmed J-1 on CP

Affirmed A+p/Stable on senior debts of NSK

Placed rating on CP of Seiyu under CM with Positive

Assigned BBB/Stable to senior debts of Tokushu Tokai Holdings

Withdrawn BBB/Stable on senior debts of Tokai Pulp & Paper

Oct. 19, 2007

Affirmed BBB/Negative on senior debts of Hokuto Bank

Assigned AA- to bonds of Mitsubishi UFJ Lease & Finance

Affirmed A-/Stable on senior debts of CMK

Affirmed BBB+/Stable on senior debts of TOA

Assigned BBB/Stable to senior debts of Oenon Holdings

Oct. 18, 2007

Assigned J-1 to healthcare fees ABL07-10 (D Hospital)

Assigned AA to bonds of Kansai International Airport