News Release

Jul. 03, 2008

Affirmed A/Stable on senior debts of OSG Corporation

Jul. 01, 2008

Assigned preliminary AA+ to shelf registration of NTT Data

Affirmed J-1+ rating on CP program of NTT Finance

Downgraded Arisawa from A-/Negative to BBB+/Stable

JCR Withdrawn J-1+ ratings on CP of NTT DoCoMo's regional subsidiaries

Jun. 30, 2008

Assigned AA- to loans/leases receivable from Softbank Mobile

Assigned J-1+ to Teral Kyokuto Bills Receivable ABL08-06

Assigned J-1 to Toda Kogyo Bills Receivable ABL08-06

Assigned J-1 to Hayakawa Rubber Bills Receivable ABL08-06 (2)

Downgraded sr.debts of Paris Miki to A-/Stable from A/Stable

Withdrawn J-1+ on CP of Keio

Assigned preliminary AA-/A+/A to shelf of Sumitomo Mitsui Banking

Jun. 27, 2008

Assigned J-1 to Aso Shoji Bills Receivable ABL08-06

Assigned J-1 to Kimura Bills Receivable ABL08-06

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

Assigned J-1 to Nippon Tungsten Bills Receivable ABL08-06

Withdrawn preliminary #B+ rating on shelf reg. of Zephyr

Jun. 26, 2008

Assigned J-1 to Osaka Steel Tube Bills Receivable ABL08-06

Assigned J-1 to Bills Receivable ABL08-06 (B Corporation in Mie)

Assigned J-1 to SEIBUKIZAI Bills Receivable ABL08-06

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

Downgraded sr.debts of Daido Fire & Marine Insurance to A-/Stable

Jun. 25, 2008

Assigned pre. AA-/AAA to trust certificates of PFI

Assigned J-1+ to MSNW Trust Certificate Series 08060

Assigned J-1 to Bills Receivable ABL08-06 (A Corporation in Aichi)

Assigned pre. AA-/AAA to loans of PFI

Assigned J-1 to Nakagawa Seitaikako Bills Receivable ABL08-06

Assigned AA+ to bonds of Japan Student Services

Jun. 24, 2008

Affirmed A-/Stable rating on sr.debts of Ehime Bank

Assigned J-2 to CP of Shinsho Corporation

Downgraded ratings on Suruga to D

Jun. 23, 2008

Assigned J-1 to healthcare fees ABL08-06 (Asahikawa Sanai HP)

Assigned J-1 to Fuji Shokai Bills Receivable ABL08-06

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

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

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

Jun. 20, 2008

Assigned J-1 to healthcare fees receivable ABL08-06 (C Hospital)

Assigned pre. J-1 to A&D Bills Receivable 08-06 Trust Certificates

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

Affirmed A-/Positive on Yokohama Shinkin Bank

Jun. 19, 2008

Assigned AAA to bonds of JBIC

JCR Affirmed A-/A (FC/LC) Ratings on PTT

Jun. 18, 2008

Assigned J-1 to healthcare fees ABL08-06 (D Hospital)

Assigned J-1 to healthcare fees ABL08-06 (E Hospital)

Jun. 17, 2008

Assigned J-1 to healthcare fees ABL08-06 (F Hospital)

Assigned J-1 to healthcare fees receivable ABL08-06 (Shuyukai)

Assigned J-1 to Kurashiki Medical Center Trust Certificates 08-06

Affirmed AA+/Stable on sr.debts of Shoko Chukin Bank

Jun. 13, 2008

Assigned J-1 to healthcare fees receivable ABL08-06 (A Hospital)

Assigned J-1+ to Takeda Gen. Hospital Trust Certificates 08-06

Assigned J-1 to healthcare fees receivable ABL08-06 (Kyowakai)

Affirmed BBB+ on EMTN of Monex Beans Holdings

Places Ratings of LS Cable under Credit Monitor/Negative

Assigned A to bonds of Daido Steel

Jun. 12, 2008

Affirmed BBB-/Stable on sr.debts of Yamada Servicer Synthetic Office

Assigned A+ to bonds of Sumitomo Rubber; Affirmed A+/Stable

Assigned A- to subordinated bonds of Eighteenth Bank

Assigned AA to bonds of NTT Finance

Affirmed S3 Servicer Rating on Yamada Servicer Synthetic Office

Jun. 11, 2008

Assigned J-1 to healthcare fees receivable ABL08-06 (B Hospital)

Assigned A to bonds of Acom

Assigned AA- to bonds of Hitachi Capital

Assigned A+ to bonds of Itochu

Jun. 10, 2008

Assigned J-1 to Hayakawa Rubber Bills Receivable ABL08-06

Assigned AA+/stable Rating on Banco Bilbao Vizcaya Argentaria SA

Assigned AA- to bonds of Orix

Assigned A rating to bonds of Kureha

Assigned pre. BBB+, BBB+ to shelf registration & bonds of Shibusawa Warehouse

Jun. 09, 2008

Downgraded Goodwill to #BBB-/Negative with CM continued

Affirmed A-/Stable and A- on sr.debts and bonds of SSP

Assigned BBB/Stable to sr.debts of Clarke Gakuen

Jun. 06, 2008

Assigned J-1+ to JUTEC Bills Receivable ABL08-06

Assigned A- ratings to bonds of Nippon Mining Holdings

Assigned AAA to bonds of Kyushu Electric Power Company

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

Withdrawn BB/Negative for NIS Group and Nissin Servicer

Withdrawn BB/Negative for NIS Group and Nissin Servicer

Jun. 05, 2008

Assigned A- to bonds of Mazda Motor

Assigned AA to bonds of Mitsubishi Logistics

Assigned AA+ to bonds of Osaka (City of)

Assigned AAA to bonds of Japan Finance Corporation for Small and Medium Enterprise

Assigned AAA to bonds of Development Bank of Japan

Assigned AAA to bonds of Kansai Electric Power Company

Jun. 04, 2008

Assigned A to bonds of Denki Kagaku Kogyo

Assigned A-/Stable and J-1 to sr.debts and CP of Idemitsu Credit

Assigned AAA to bonds of NTT DoCoMo

Assigned AAA to bonds of Tokyo Electric Power Company

Assigned AA+ to bonds of Osaka (City of)

Withdrawn BBB rating on Iida Home Max

Placed Urban Corporation under CM; Downgraded rating to #BB+/Negative

Jun. 03, 2008

Affirmed BBB/Stable and J-2 on Pacific Holdings

Jun. 02, 2008

Withdrew Bear Stearns' #AA-/Developing rating

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

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

Downgraded Issuer: Goodwill Group to #BB-/Negative; Continues CM

May. 30, 2008

Assigned J-1+ to Teral Kyokuto Bills Receivable ABL08-05

Assigned J-1 to Toda Kogyo Bills Receivable ABL08-05

Assigned J-1 to Molten Bills Receivable ABL08-05

Affirmed BBB+/Stable on sr.debts of Chubu Shiryo

Affirmed A/Stable on sr.debts of Nosan Corporation