News Release

Oct. 31, 2007

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

Affirmed AA/Stable on senior debts of Oriental Land

Affirmed AA+/Stable for AIG Edison Life Insurance

Downgraded OMC Card to BBB; Revising outlook to Developing

Oct. 17, 2007

Assigned J-1 to healthcare fees ABL07-10 (Heiwa & Konbu Onsen)

Assigned J-1 to Kurashiki Medical Center Trust Certificates 07-10

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

Affirmed A-/Stable on senior debts of Ikubunkan Yume-Gakuen

Assigned preliminary BBB+ to shelf registration of Matsui Securities

Assigned BBB+/Stable to senior debts of Tohoku Bank

Affirmed A-/Stable on senior debts of Taiho Kogyo

Affirmed A/Stable on senior debts of Fuyo General Lease

Assigned AA- to bonds of Mizuho corporate Bank

Affirmed AA/Stable on senior debts of Asahi Kasei

Oct. 16, 2007

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

Affirmed A+ on bonds of Dai-ichi Life Dai2kai Kikin Ryudouka Tokutei Mokuteki Kaisha

Affirmed A- on bonds of Sumitomo Life Fund Securitization Special Purpose Company

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

Affirmed A+ on bonds of Dai-ichi Life Dai2kai Kikin Ryudouka Tokutei Mokuteki Kaisha

Removed CM: Affirmed BBB- on sr.debts of Toyama Chemical

Affirmed A-/Stable and J-1 on sr.debts and CP of Century Leasing System

Affirmed A/Stable on senior debts of Noritake

Upgraded rating on Kobelco Construction Machinery to A-/Stable and J-1

Oct. 15, 2007

Assigned J-1+ to Takeda Gen. Hospital Trust Certificates 07-10

Affirmed J-1 on CP program of Sumitomo Realty & Development

Oct. 12, 2007

Affirmed BBB/Stable and BBB on sr.debts and bonds of S & B Foods

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

Affirmed J-2 on CP of Marudai Food

Affirmed J-2 on CP of Tsubakimoto Kogyo

Affirmed J-1 on CP of Mizuho Investors Securities

Affirmed A/Stable and A on sr.debts and bonds of Minebea

Placed CM Negative; Downgraded NIS Group to #BB

Placed CM Negative; Downgraded NIS Group to #BB

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

Assigned A rating to bonds of Marubeni

Assigned AAA to bonds of Tokyo Electric Power Company

Assigned preliminary BBB to shelf registration of Cosmo Oil

Downgraded Towa Bank to #BBB-/Negative from #BBB/Negative

Oct. 11, 2007

Assigned J-1 to Healthcare Fees Receivable ABL07-10 (Ishii HP)

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

Affirmed A for Hyakujushi Bank; Revised outlook to Positive

Assigned AA to bonds of Bank of Tokyo-Mitsubishi UFJ

Upgraded Rating on All Nippon Airways to A-/Stable and J-1

Oct. 10, 2007

Upgraded ratings on Tokyo Tatemono to A-/Stable and J-1

Assigned preliminary A to shelf registration of Taiko Bank