News Release

Mar. 31, 2008: Assigned J-1+ to JUTEC Bills Receivable ABL08-03 (2); Assigned J-1+ to Nippei Toyama Bills Receivable ABL08-03; Assigned J-1 to Hayakawa Rubber Bills Receivable ABL08-03 (2); Assigned J-1 to Toda Kogyo Bills Receivable ABL08-03; Upgraded sr.debts of Ryoden Trading to A-/Stable; Affirmed AA/Stable on sr.debts of Nitto Denko; Upgraded sr.debts of Mitsubishi UFJ Nicos to AA-/Stable; Affirmed BBB-/Stable and BBB- on sr.debts and bonds of Tomy; Affirmed J-1+ on CP of NTT Data; Withdrawn AA- on EMTN of Sumitomo Mitsui Finance and Leasing; Assigned BBB+/Stable to senior debts of IDEC; Upgraded Mitsumi Electric to A/Stable; Affirmed J-1 on CP; Assigns A+ Preliminary Ratings to Kookmin Bank's Inaugural Samurai; Affirmed J-1+ on CP of Nippon Steel; Affirmed BBB-/Stable on sr.debts of Tokyo Lithmatic; Withdrawn J-2 on CP of Mitsui CM Leasing

Mar. 28, 2008: Assigned J-1 to A&D Bills Receivable Trust Certificates; Assigned J-1 to Aso Shoji Bills Receivable ABL08-03; Assigned AAA to San-in Shinpan Installment Sales Receivable Trust; Assigned J-1 to Nippon Tungsten Bills Receivable ABL08-03; Assigned J-1 to Ochisangyo Bills Receivable ABL08-03 (1),(2)&(3); Assigned J-1 to Kimura Bills Receivable ABL08-03; Affirmed A/Stable and A- on sr.debts and sub.bonds of Nanto Bank; Assigned BBB-/Stable to senior debts of Kanematsu Corporation; Assigned preliminary BBB+ to shelf registration of Nippon Sheet Glass; Withdrawn BBB/Stable rating on Daido Metal; Affirmed BBB/Stable and BBB on sr.debts and bonds of Yorozu; Affirmed AA+p/Stable on sr.debts of Astellas Pharma; Downgraded ShinGinko Tokyo to BBB-/Negative and J-2: Removed CM; Downgraded Bank of Ikeda to #A-: Continues CM with Developing

Mar. 27, 2008: Assigned J-1 to Osaka Steel Tube Bills Receivable ABL08-03; Assigned J-1 to Bills Receivable ABL08-03 (B Corporation in Mie); Placed rating on CP Tokyu Store Chain under CM #J-2/Positive

Mar. 26, 2008: Affirmed J-1+ on ABCP of Nexus Asset Funding; Assigned J-1 to SEIBUKIZAI Bills Receivable ABL08-03; Assigned preliminary A- to shelf registration of All Nippon Airways; Affirmed BB+ on Tokura Constuction; Revised outlook to Negative; Upgraded sr.debts of Krosaki Harima to A/Stable from BBB+/Stable; Affirmed J-2 on CP of Ichinen Corporation; Assigned AA- to syndicated loan of Tokyo International Air Terminal; Affirmed A+/Stable and J-1+ on Sumitomo Mitsui Card

Mar. 25, 2008: Assigned preliminary J-1 to A&D Bills Receivable Trust Certificates; Assigned J-1+ to Chudai Jitugyo Bills Receivable ABL08-03; Assigned J-1 to Bills Receivable ABL08-03 (A Corporation in Aichi); Assigned J-1 to Nakagawa Seitaikako Bills Receivable ABL08-03; Assigned J-1+ to MSNW Trust Certificate Series 08030; Affirmed AA+/Stable on sr.debts of Aoyama Gakuin; Affirmed J-1 on CP of Osaka Securities Finance; Withdrawn BBB/Negative on sr.debts of Aomori Shinkin Bank; Affirmed AA-/Stable on sr.debts of Gunma Bank

Mar. 24, 2008: Assigned J-1 to Kyushu Caterpillar Mitsubishi Bills ABL08-03; Affirmed AAA on Octave Synthetic CDO Series 3 Classes A-1/A-2/B; Assigned J-1 to Fuji Shokai Bills Receivable ABL08-03; Affirmed BBB+/Stable on sr.debts of Takayama Shinkin Bank; Affirmed AA/Stable on sr.debts of Kokugakuin University

Mar. 21, 2008: Assigned J-1 to healthcare fees ABL08-03 (Asahikawa Sanai HP); Removed CM; Downgraded rating on Nichias to BBB/Stable; Affirmed J-2 on CP program of Dainippon Screen; Affirmed A/Stable and J-1 on sr.debts and CP of Takara Holdings; Withdrawn BBB-/Stable rating on Arysta LifeScience; Withdrew Ford Motor Credit' B+ rating

Mar. 19, 2008: Assigned J-1 to healthcare fees receivable ABL08-03 (C Hospital); Assigned preliminary A- to shelf registration of Kintetsu; Removed CM; Upgraded rating on Toyama Chemical to A/Stable; Withdrawn AA- rating on EMTN of Ricoh Leasing; Affirmed A/Stable, A-, BBB+ and J-1 on Kansai Urban Bank; Affirmed J-2 on CP of Yuasa Funashoku; Assigned preliminary AA-/A+ to shelf registration of Sumitomo Trust & Banking

Mar. 17, 2008: Assigned J-1 to healthcare fees ABL08-03 (E Hospital); Assigned J-1 to Kurashiki Medical Center Trust Certificates 08-03; Assigned J-1 to healthcare fees ABL08-03 (D Hospital); Assigned AA- to bonds of Orix; Assigned BBB/Stable to senior debts of Daiken Corporation; Affirms AAA/AAA (FC/LC) Ratings on Kingdom of Norway; Outlook Stable; Placed Bear Stearns' #AA- under Monitor Developing

Mar. 14, 2008: Assigned J-1 to healthcare fees receivable ABL08-03 (A Hospital); Affirmed AA on bonds of SCB Securitization; Affirmed BBB+/Stable on sr.debts of Mitsubishi Electric Credit; Affirmed BBB/Stable and J-2 on sr.debts and CP of Okabe; Affirmed BBB-/Stable on senior debts of Nakabayashi

Mar. 13, 2008: Assigned J-1+ to Takeda Gen. Hospital Trust Certificates 08-03; Assigned J-1 to healthcare fees receivable ABL08-03 (Kyowakai); Assigned J-1 to healthcare fees receivable ABL08-03 (B Hospital); Assigned BB+/Stable to senior debts of Takeei; Affirmed AA+ for AIG Edison Life Insurance; Revised outlook to Negative

Mar. 12, 2008: Assigned A+ to bonds of Shimadzu Corporation; Affirmed BBB/Stable on senior debts of Tokyo Derica; Affirmed AA-/Stable on sr.debts of Shinkin Guarantee Fund; Affirmed AAA/Stable on sr.debts of Shinkin Central Bank

Mar. 11, 2008: Affirmed A/Stable rating on senior debts of Shinsei Bank; Affirmed A+/Stable and A on Musashino Bank; Assigned AA- to subordinated bonds of Nomura Securities; Downgraded senior debts of Touei Housing to BBB-/Negative

Mar. 10, 2008: Affirmed A on Hamamatsu Photonics; Revised outlook to Positive; Affirmed A/Stable and A on sr.debts and bonds of Kureha; Affirmed AA+p/Stable on senior debts of Shin-Etsu Chemical; Affirmed BBB+/Stable and BBB+ on sr.debts and bonds of Belluna; Removed CM: Affirmed A+/Stable on senior debts of TOC; Affirmed A/Stable and A- on sr.debts and sub.bonds of Chukyo Bank

Release Information: News Release; Issuer Reports; Reports relating to Issuer; JCR News