News Release

Mar. 13, 2025

JCR Assigned A+/Stable (FC/LC) to BPPA (EXAU) Master HD
JCR Assigned A+/Stable (FC/LC) to Australia Core Property

Kawasaki City: Second Party Opinion on Kawasaki Port CNP Green/Transition Finance Framework

Mar. 12, 2025

JCR Upgraded Long-term Issuer Rating on Namura Shipbuilding to BBB/Stable

JCR Affirmed J-3 Short-term Issuer Rating on INV Inc.

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Beneficial Interest of unus202503

Sasebo Harbor Transport, The Juhachi-Shinwa Bank: Second Opinion on Positive Impact Finance

Mar. 11, 2025

JCR Affirmed AA/Stable Long-term Issuer Rating on Kanagawa University

JCR Affirmed A-/Stable Long-term Issuer Rating on Tokyo Shinkin Bank

JCR Affirmed AAA/Stable Long-term Issuer Rating on National Institution for Academic Degrees and Quality Enhancement of Higher Education

JCR Assigned A- Rating to Bonds of GMO Financial HD

Japan Finance Corporation: Assigned Social Bond Evaluation: Social 1

Mar. 10, 2025

JCR Affirmed A-/Stable Long-term Issuer Rating on Osaka Shoko Shinkin Bank; Assigned J-1 to Short-term Issuer Rating

JCR Upgraded Long-term Issuer Rating on Kintetsu Group HD to A-/Stable

JCR Affirmed A+/Stable Long-term Issuer Rating on Hoshino Resorts REIT

TM Processing, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Mar. 07, 2025

SBI Shinsei Bank Reached Agreement with the Government on Repayment Scheme for Public Funds—No Impact on Rating

Seven & i HD Transfers SST Business Group including Ito-Yokado—No Immediate Impact on Rating

JCR Affirmed A- on Asahi Mutual Life Insurance; Outlook Positive

JCR Affirmed A/Stable Long-term Issuer Rating on Mitsui DM Sugar HD

JCR Affirmed AA+/Stable and J-1+ on Master Trust Bank of Japan

JCR Affirmed AA+/Stable and J-1+ on Custody Bank of Japan

JCR Affirmed AAA/Stable Long-term Issuer Rating on Asian Development Bank

JCR Affirmed A/Stable (FC/LC) on Italy

JCR Assigned A- Rating to Subordinated Bonds of Tokyu Fudosan HD

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

JCR Assigned AA Rating to Bonds of Chubu Electric Power

JCR Assigned A+ Rating to Bonds of MITSUI-SOKO HD

JCR Upgraded SPIRE SA Series 2024-179, 2024-181, 2024-228, 2024-367, 2024-392 and 2025-198 to A+

[ Asset Securitization Products ] JCR Upgraded Notes of Earls Four Limited Series 1081 to A+

JCR Upgraded Earls Four Limited Series 843 and 859 to A

JCR Upgraded Earls Eight Limited Series 845 and 846 to A+

JCR Upgraded Neon Capital Limited Series 781 to A-

[ Asset Securitization Products ] JCR Upgraded Notes of Cypher Limited Series 534 to A+

[ Asset Securitization Products ] JCR Affirmed AAA and A+ on Class A and Class B Beneficial Interests on Jupiter Investment Purpose Condominium Loan Backed Beneficial Interests 2013

[ Asset Securitization Products ] JCR Affirmed AAA and A+ on Class A and Class B Beneficial Interests on Sakura Investment Purpose Condominium Loan Securitization Series 1

Results of Review of Structured Finance Products (Excluding Those to Which Credit Ratings Are Assigned) February 2025

FASHION CLOTH FURUSHIMA, THE SAITAMAKEN SHINKIN BANK: Second Opinion on Positive Impact Finance

Mar. 06, 2025

JCR Assigned A+/Stable FC Long-term Issuer Rating to Total Engine Asset Management

JCR Upgraded Long-term Issuer Rating on SEIBU HD to A/Stable

JCR Affirmed A+ and J-1 on JGC HD; Revised Outlook to Negative

JCR Affirmed A+/Stable Long-term Issuer Rating on SUNDRUG

JCR Affirmed A-/Stable FC Long-term Issuer Rating on Far East Horizon

JCR Affirmed AA/Stable Long-term Issuer Rating on DREAM Private REIT

JCR Assigned A Rating to Bonds of Shibusawa Logistics

JCR Assigned A+ Rating to Bonds of SCSK

JCR Assigned AA Rating to Bonds of TOKYU

JCR Assigned A+ Rating to Subordinated Loan of Tokyo Century

JCR Assigned AA- to Notes of HARP Issuer PLC Series 401

MIRARTH HOLDINGS: Second Party Opinion on Sustainability Linked Loan Framework

OKUTAMA KOGYO, The Hokuriku Bank: Second Opinion on Positive Impact Finance

Mar. 05, 2025

JCR Assigned A-/Stable FC Long-term Issuer Rating to Ayala Corporation

JCR Upgraded FC Long-term Issuer Rating on Deutsche Bank to A+p/Stable

JCR Affirmed AAA/Stable Long-term Issuer Rating on New Development Bank

JCR Assigned BBB Rating to Bonds of GAKKEN HD

APRE, The Hokuriku Bank: Second Opinion on Positive Impact Finance

Kuwabara Motors, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Fresh Logistics, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Mar. 04, 2025

JCR Affirmed BBB+/Stable (FC/LC) on REC

JCR Assigned AA Rating to Bonds of Mitsubishi HC Capital

JCR Affirmed A on CS Mega Solar Green Project Bond Trust 1 Beneficial Interest and Trust ABL

JCR Affirmed A on Canadian Solar Green Project Bond Trust (Yamaguchi) Beneficial Interest and Trust ABL

JCR Affirmed A- on Canadian Solar Dual Tenor Green Project Bond Trust (Ibaraki/Hiroshima) Beneficial Interest and Trust ABL

Mar. 03, 2025

AEON Begins Discussions to Make AEON Mall a Wholly owned Subsidiary—Impact on Ratings of Both Companies is Limited

JCR Assigned AA+/Stable Long-term Issuer Rating to au Jibun Bank

JCR Affirmed AA-p/Stable Long-term Issuer Rating on Oji HD

JCR Affirmed AA/Stable Long-term Issuer Rating on Sompo Warranty

JCR Affirmed A+/Stable Long-term Issuer Rating on Yokogawa Electric

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Monex Group and J-2 Rating on CP of Monex Finance

JCR Affirmed AA/Stable and J-1+ on Monex

[ Asset Securitization Products ] JCR Assigned AAA to Beneficial Interest 202502 (Contract No. 240148)

Feb. 28, 2025

JCR Assigned A/Stable and J-1 to SAN-AI OBBLI

JCR Assigned A+/Stable Long-term Issuer Rating to SUGI HD

JCR Assigned A-/Stable (FC/LC) to Lee & Man Paper Manufacturing

JCR Assigned A-/Stable Long-term Issuer Rating to Nippon Hotel & Residential Investment Corporation

JCR Upgraded Long-term Issuer Rating on Musashino Bank to A+/Stable

JCR Affirmed A Long-term Issuer Rating on Daiwabo HD; Revised Outlook to Positive

JCR Affirmed A+/Stable and J-1 on DAIBIRU

JCR Affirmed A+/Stable and J-1 on ITO EN

JCR Affirmed AA/Stable Long-term Issuer Rating on KDX Realty Investment Corporation

JCR Assigned A Rating to Subordinated Bonds of Hulic

JCR Assigned A- Rating to Bonds of Mazda Motor

JCR Assigned A- Rating to Bonds of TOA

JCR Assigned AA Rating to Bonds of SONY GROUP

JCR Assigned A- Rating to Bonds of IHI

JCR Affirmed A (fp) Fund Portfolio Rating on Real Estate Non-Recourse Loan Jointly Managed Designated Money Trust Program

JCR Assigned AA- to Sumitomo Mitsui Trust Bank (Revolving Facility (Uncommitted)) Athene Trust ABL Program

[ Asset Securitization Products ] JCR Affirmed J-1+ on Internet communication fee receivable securitization ABL program

JCR Affirmed AA on Long-term Issue Rating of Asagao Credit Service LLC

NIPPON STEEL KOWA REAL ESTATE Private REIT: Assigned Green Loan Framework Evaluation: Green 1

Advance Residence Investment Corporation: Reviewed Green Finance Framework Evaluation: Green 1(F)

Global One Real Estate Investment Corporation: Reviewed Green Finance Framework Evaluation: Green 1(F)

Sony Bank: Reviewed Green Loan Framework Evaluation: Green 1(F)

Japan Metropolitan Fund Investment Corporation: Reviewed Green Finance Framework Evaluation: Green 1(F)

The Shoko Chukin Bank: Reviewed Sustainability Finance Framework Evaluation: SU 1(F),Blue 1(F)

Marubeni Private Real Estate Investment Trust: Reviewed Sustainability Finance Framework Evaluation: SU 1(F)

Sumitomo Mitsui Trust Bank: Second Party Opinion on Nature Impact Finance Framework

Mizuho Bank, Mizuho Research & Technologies: Second Party Opinion on Mizuho Natural Capital Impact Finance -Evaluation Framework-

Eiko Denki Kogyo, The Senshu Ikeda Bank: Second Opinion on Positive Impact Finance

FPF, THE SAITAMAKEN SHINKIN BANK: Second Opinion on Positive Impact Finance

Okada Kinzoku, San ju San Bank: Second Opinion on Positive Impact Finance