News Release

Apr. 27, 2007: Assigned J-1 to Toda Kogyo Bills Receivable ABL07-04; Assigned J-1 to Molten Bills Receivable ABL07-04; Assigned J-1 to Bills Receivable ABL07-04 (B Corporation in Mie); Affirmed BBB+/Negative on senior debts of CAC Corporation; JCR Continues CM on NikkoCiti Trust and Banking with Positive direction
JCR Continues CM on Nikko Cordial Corporation with Positive direction
JCR Continues CM on Nikko Cordial Securities with Positive direction; Assigned BBB- to bonds of ES-CON Japan; Affirmed A on Nishi-Nippon Railroad and revised Outlook to Positive; Placed rating on CP of Central Finance under CM with Positive

Apr. 26, 2007: Assigned J-1 to MoonStar Bills Receivable ABL07-04; Assigned J-1 to Hayakawa Rubber Bills Receivable ABL07-04; Assigned A to bonds of Sumitomo Realty & Development; Assigned A+ to sub.bonds of Sumitomo Trust & Banking; Assigned A+ to bonds of Hiroshima Bank; Upgraded sr.debts of Horiba to A/Stable; Affirmed BBB-/Stable on sr.debts of Kohnan Shoji; Upgraded rating on DC from BBB-/stable to BBB/Stable; Withdrawn BBB+ and J-2 rating on sr.debts and CP of Life; Affirmed A-/Stable and J-1 on LT/ST sr.debts of Kyoto Shinkin Bank

Apr. 25, 2007: Assigned J-1+ to MSNW Trust Certificate Series 07040; Assigned J-1 to Osaka Steel Tube Bills Receivable ABL07-04; Assigned J-1 to healthcare fees ABL07-04 (Asahikawa Sanai HP); Assigned J-1 to healthcare fees ABL07-04 (D Hospital); Assigned J-1 to SEIBUKIZAI Bills Receivable ABL07-04; Assigned BBB+/Stable to sr.debts of Central Tanshi Online Trading

Apr. 24, 2007: Assigned J-1 to Bills Receivable ABL07-04 (A Corporation in Aichi); Affirmed BBB+/Stable on sr.debts of Takayama Shinkin Bank; Upgraded sr.debts of Fujikura Kasei to BBB+/Stable; Assigned BBB/Stable to sr.debts of Simplex Investment Advisors; Assigned preliminary AA to shelf of Kansai International Airport; Assigned A to bonds of Dainippon Ink & Chemicals; Placed rating on Katokichi under Credit Monitor with Negative direction

Apr. 23, 2007: Assigned J-1 to healthcare fees receivable ABL07-04 (C Hospital); Assigned J-1 to Fuji Shokai Bills Receivable ABL07-04; JCR Affirmed A-/Stable and J-1 on LT/ST sr.debts of Ueda Yagi Tanshi
JCR Affirmed A-/Stable and J-1 on LT/ST sr.debts of Central Tanshi
JCR Affirmed A-/Stable and J-1 on LT/ST sr.debts of Tokyo Tanshi; Affirmed A/Stable and A- on sr.debts and sub.bonds of Chukyo Bank; Assigned preliminary A+ and A to shelf registration of Mizuho Bank; Continues placing CM on Howa Bank as #BBB- with Negative direction; Affirmed A/Positive and A+/Positive on forex and local of Czech Republic

Apr. 20, 2007: Assigned J-1+ to ABCP of Dragon Funding Corp.; Assigned J-1 to healthcare fees ABL07-04 (E Hospital); Assigned J-1+ to ABCP of Serpent Funding; Assigned preliminary AA- to Series 4 Class A Synthetic CDO; Assigned A+ to subordinated bonds of Mizuho Bank; Upgraded sr.debts of Kansai International Airport to AA/Stable; Affirmed BBB-/Stable on sr.debts of Kyoritsu Maintenance; Affirmed A+/Stable on sr.debts of Nissan Financial Services; Assigned AAA to bonds of Development Bank of Japan; Affirmed A-/Stable and A- on sr.debts and bonds of T.Hasegawa