News Release

Dec. 17, 2007

Assigned J-1 to Kurashiki Medical Center Trust Certificates 07-12

Assigned J-1 to healthcare fees ABL07-12 (D Hospital)

Affirmed A/Stable on senior debts of Sankei Building

Dec. 14, 2007

Upgraded CP of Seiyu to J-1 from #J-2

Affirmed BBB on Sojitz; Revised outlook to Positive

Placed rating on Towa Real Estate under CM with Positive

Assigned BBB/Stable and J-2 to sr.debts and CP of Risa Partners

Affirmed BBB-/Stable and J-2 on Cosmo Securities

Dec. 13, 2007

Assigned J-1 to healthcare fees receivable ABL07-12 (A Hospital)

Assigned J-1+ to Takeda Gen. Hospital Trust Certificates 07-12

Assigned J-1 to healthcare fees receivable ABL07-12 (Kyowakai)

JCR Placed rating on Intec Holdings under CM with Positive
JCR Placed rating on Intec under CM with Positive

Assigned A+ to sub.bonds of Sumitomo Mitsui Banking

Affirmed BBB-/Negative on sr.debts of Tekken

Placed rating on TIS under Credit Monitor as #A/Negative

Dec. 12, 2007

Assigned J-1 to healthcare fees receivable ABL07-12 (B Hospital)

Dec. 11, 2007

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

Dec. 10, 2007

Assigned J-1 to CP program of NBL

Affirmed BBB/Stable on senior debts of Eiken Chemical

Dec. 07, 2007

Assigned J-1 to Nohara Bills Receivable ABL07-12

Affirmed BBB/Stable on senior debts of Saga Kyoei Bank

Affirmed BBB/Stable on senior debts of Nakamuraya

Affirmed BBB/Positive on senior debts of Daikyo Inc.

Affirmed J-2 on CP program of Shoko

Downgraded sr.debts of Daiko Clearing to BBB+/Stable

Assigned A+ to bonds of Mitsubishi Rayon

Affirmed A/Stable on senior debts of Aozora Bank

Withdrawn preliminary AA- rating on shelf of NGK Spark Plug

Dec. 06, 2007

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

Dec. 05, 2007

Affirmed AA/Stable on sr.debts of SECOM General Insurance

Affirmed AA+/Stable on senior debts of Secom

Assigned AAA to bonds of Development Bank of Japan

Dec. 04, 2007

Assigned preliminary A+ to shelf registration of Sumitomo Rubber Industries

Affirmed AA+/Stable and J-1+ on LT & ST sr.debts of Japan Trustee Services Bank

Affirmed AA+/Stable and J-1+ on LT and ST sr.debts of Master Trust Bank of Japan

Assigned BBB-/Stable to senior debts of Josuikai

Assigned J-1 to CP program of Akebono Brake Industry

Dec. 03, 2007

Assigned J-1 to Hayakawa Rubber Bills Receivable ABL07-12

Affirmed A/Stable and J-1 on senior debts and CP of Lintec

Affirmed BBB+/Stable on senior debts of Okaya & Co.

Nov. 30, 2007

Assigned J-1 to Aso Shoji Bills Receivable ABL07-11

Assigned J-1+ to Teral Kyokuto Bills Receivable ABL07-11

Assigned J-1 to Hayakawa Rubber Bills Receivable ABL07-11(2)

Assigned J-1 to Molten Bills Receivable ABL07-11

Assigned J-1 to Toda Kogyo Bills Receivable ABL07-11

Assigned BBB/Stable to senior debts of Toshiba Housing Loan Service

Nov. 29, 2007

Assigned J-1 to Bills Receivable ABL07-11 (B Corporation in Mie)

Assigned J-1 to Nippon Tungsten Bills Receivable ABL07-11

Assigned J-1+ to JUTEC Bills Receivable ABL07-11

Upgraded rating on Namura Shipbuilding to BBB/Stable

JCR Affirmed AAp Rating on Deutsche Bank

Nov. 28, 2007

Assigned J-1 to Osaka Steel Tube Bills Receivable ABL07-11

Affirmed A+/Stable Yamagata Bank

Affirmed A/Stable and A- on sr.debts and sub.bond of Shonai Bank

Affirmed BBBp/Stable on senior debts of Nippon Denwa Shisetsu

Upgraded sr.debts of Daimei Telecom Engineering to A-/Stable

Affirmed A-/Stable on senior debts of Commuture

Revises Rating Outlook of Korea Electric Power to Positive

Revises Rating Outlook of Korea Development Bank to Positive

JCR Removed CM and upgraded Sanyo Shinpan to A- and J-1
JCR Removed CM and upgraded Pocket Card to A- and J-1

Assigned AAA to bonds of Kansai Electric Power Company

Affirms A+/AA- (FC/LC) on Daejeon Met. City; Outlook Positive

Assigned AAA to bonds of Kyushu Electric Power Company

Nov. 27, 2007

Assigned J-1 to SEIBUKIZAI Bills Receivable ABL07-11

Affirmed A-/Stable on senior debts of Takeda General Hospital

JCR Upgraded EMTN of Mitsui O.S.K. Lines to AA- from A+
JCR Upgraded EMTN of Euromol to AA- from A+
JCR Upgraded EMTN of Mitsui O.S.K. Finance to AA- from A+

JCR Upgraded rating on Mitsui O.S.K. Lines to AA-/Stable from A+/Positive

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

Affirmed A/Stable on senior debts of Tokyo Star Bank

Assigned A to bonds of Meiji Dairies

Affirmed J-2 on CP of Tokyo Associates Finance

Nov. 26, 2007

Assigned J-1+ to MSNW Trust Certificate Series 07110

Assigned J-1 to Nakagawa Seitaikako Bills Receivable ABL07-11

Assigned preliminary A+ to shelf registration of Mitsubishi Chemical

Assigned preliminary A to shelf registration of Meiji Dairies

Affirmed A on EMTN of BOT Lease

Upgraded sr.debts and CP of Don Quijote to A-/Stable and J-1

Nov. 22, 2007

JCR Affirmed BBB on Okasan Holdings Revised outlook to Stable
JCR Affirmed BBB on Okasan Securities Revised outlook to Stable

Assigned preliminary AA and AA to shelf registration and bonds of Keio Corporation

Revised direction to CM for Katokichi to Positive from Negative

Assigned AA- to bodns of Mori Hills REIT Investment

Affirmed BBB/Stable on senior debts of Toyo Logistics

Assigned BBB+ to bonds of Elpida Memory

Nov. 21, 2007

Assigned J-1 to Fuji Shokai Bills Receivable ABL07-11

Assigned J-1 to Bills Receivable ABL07-11 (A Corporation in Aichi)

Assigned A+ to bonds of Hiroshima Bank

Assigned AA to bonds of Nippon Steel

Upgraded sr.debts of Cosmo Oil to BBB+/Stable from BBB/Stable

Placed ratings on Bank of Ikeda under Credit Monitor

Nov. 20, 2007

Assigned J-1 to healthcare fees ABL07-11 (Asahikawa Sanai HP)

Assigned J-1 to healthcare fees receivable ABL07-11 (C Hospital)

Affirmed AA/Stable on senior debts of Mitsubishi Logistics

Affirmed BBB/Stable on senior debts of Softbank Telecom

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

Removed CM and upgraded Jaccs to A-/Stable from #BBB+/Positive

Affirmed AAp/Stable on senior debts of Nippon Express

Nov. 19, 2007

Assigned J-1 to Kurashiki Medical Center Trust Certificates 07-11

Upgraded sr.debts of Tsubakimoto Chain to A-/Stable

Assigned A/Stable to senior debts of OSG Corporation

Assigned preliminary AA- to shelf registration of Sumitomo Trust & Banking