News Release

Jul. 30, 2007

Affirmed A/Stable and J-1 on sr.debts and CP of Yokohama Rubber

Affirmed A+/Stable and J-1 on sr.debts and CP of Sumitomo Rubber

Assigned A+/Stable and J-1 to sr.debts and CP of JFE Shoji Trade

Jul. 27, 2007

JCR has assigned a J-1 rating to limited recourse asset-backed loan (ABL) backed by bills receivable.

Affirmed A-/Negative and J-1 on senior debts and CP of UCS

JCR Removed CM: JCR Affirmed Mizuho Securities AA- and J-1+
JCR Removed CM: JCR Affirmed Shinko Securities AA- and J-1+

Jul. 26, 2007

Assigned J-1 to SEIBUKIZAI Bills Receivable ABL07-07

JCR Placed Sanyo Shinpan under CM with Positive
JCR Placed Pocket Card under CM with Positive

Affirmed A+/Stable and J-1 on sr.debts and CP of Gunze

Jul. 25, 2007

Assigned J-1 to healthcare fees ABL07-07 (Asahikawa Sanai HP)

Assigned J-1+ to MSNW Trust Certificate Series 07070

Affirmed A- for Kato Sangyo and Revised Outlook to Negative

Jul. 24, 2007

Assigned J-1 to Bills Receivable ABL07-07 (A Corporation in Aichi)

Assigned J-1 to Fuji Shokai Bills Receivable ABL07-07

Assigned J-1 to healthcare fees receivable ABL07-07 (C Hospital)

Withdrawn BBB- rating on sr.debts of CIJ

Assigned A to bonds of Sumitomo Realty & Development

Assigned AA and AA- to bonds and sub.bonds of Bank of Tokyo-Mitsubishi UFJ

Jul. 23, 2007

Assigned J-1 to healthcare fees receivable ABL07-07 (A Hospital)

Assigned J-1 to healthcare fees ABL07-07 (D Hospital)

Assigned BBB- to euroyen FRN of Urban Corporation

Affirmed Ap/Stable on sr.debts of Nishimatsu Construction

Jul. 20, 2007

Assigned J-1 to healthcare fees ABL07-07 (E Hospital)

Assigned AA- to bonds of NGK Spark Plug

Assigned BBB to bonds of Sojitz

Affirmed AA-p/Stable on sr.debts of FamilyMart

Assigned AAA to bonds of Kansai Electric Power Company

Assigned A- to bonds of Tokyu Land

Affirms AAA/AAA(FC)/(LC) Ratings on Export Development Canada; Outlook Stable

JCR Removed CM and upgraded Nikko Cordial Corporation to AA and J-1+
JCR Removed CM and upgraded Nikko Cordial Securities to AA and J-1+
JCR Removed CM and upgraded NikkoCiti Trust and Banking to AA and J-1+

Jul. 19, 2007

Assigned J-1 to healthcare fees ABL07-07 (Heiwa & Konbu Onsen)

Assigned A- to subordinated bonds of Shikoku Bank

Assigned A+ to bonds of Meiji Seika

Assigned AA- to bonds of Mizuho Corporate Bank

Assigned A+ to bonds of Sumitomo Mitsui Banking

Affirmed A/Stable on sr.debts of Nissan Chemical

Affirmed A- for Kita-Nippon Bank and Revised Outlook to Positive

Jul. 18, 2007

Assigned preliminary AA- to shelf registration of NGK Spark Plug

Assigned AA/Stable to sr.debts of Nomura Real Estate Residential Fund

Affirmed A- on sr.debts of Arisawa Mfg. and Revised Outlook to Negative

Assigned AA- to bonds of Orix

Assigned BBB to bonds of Joint Corporation

Jul. 17, 2007

Affirmed A-/Stable on sr.debts of Gifu Shinkin Bank

Affirmed BBB+/Stable on senior debts of Accordia Golf

Jul. 13, 2007

Assigned J-1 to healthcare fees receivable ABL07-07 (B Hospital)

Assigned J-1 to healthcare fees receivable ABL07-07 (Tokachinomori)

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

Assigned A-/Stable to sr.debts of Prospect Residential Investment

Affirmed AAp/Stable on sr.debts of Sharp Corporation

Affirmed AA-/Stable on senior debts of Advantest

Affirmed A+/Stable on senior debts of Nidec

Jul. 12, 2007

Assigned J-1 to Healthcare Fees Receivable ABL07-07 (Ishii HP)

Assigned pre. A- to bonds of Sumitomo Life Fund Securitization II

Assigned AA- to bonds of Odakyu Electric Railway

Jul. 11, 2007

Assigned A- to Samurai bonds of Telefonica Europe B.V.

Assigned AAA to bonds of Tokyo Electric Power Company

Affirmed BBB/Stable on sr.debts of Gifu Bank

Jul. 10, 2007

Assigned preliminary A to shelf registration of Acom

Assigned A- to bonds of Hankyu Hanshin Holdings

Affirmed BBB/Stable on senior debts of Culture Convenience Club

Assigned A to bonds of Takashimaya

Jul. 09, 2007

Assigned J-1 to Nohara Bills Receivable ABL07-07

Assigned preliminary AA to shelf of JFE Holdings

Assigned preliminary A rating to shelf of Marubeni

Affirmed AAA on sr.debts of Development Bank of Japan and Revised outlook to Stable

Affirmed AAA on sr.debts of Development Bank of Japan and Revised outlook to Stable

Jul. 06, 2007

Assigned A/Stable to sr.debts of Daido Fire & Marine

Assigned preliminary A- to shelf of Sumitomo Osaka Cement

Assigned AAA/Stable to sr.debts of Hitotsubashi University

Jul. 05, 2007

Assigned BBB+ to bonds of Pocket Card

Assigned preliminary AA- to shelf registration of Orix

Withdrawn #A+/Positive on shelf of Sumitomo Wiring Systems

Assigned AAA to bonds of National Life Finance

Assigned AAA to bonds of Chugoku Electric Power

Jul. 04, 2007

Affirmed A- for Hyundai Capital Services and Revised outlook to Positive

Affirmed BBB+ for Aomori Shinkin Bank & Revised outlook to Negative

Upgraded sr.debts of Akebono Brake Industry to A-/Stable from BBB+

Assigned preliminary AAA to shelf of Electric Power Development Company

Jul. 03, 2007

Upgraded sr.debts of Keiyo to BBB- and Revised outlook to Stable

Jun. 29, 2007

Assigned J-1 to Aso Shoji Bills Receivable ABL07-06

Assigned J-1+ to Teral Kyokuto Bills Receivable ABL07-06

Assigned J-1 to Hayakawa Rubber Bills Receivable ABL07-06

Assigned J-1 to Molten Bills Receivable ABL07-06

Assigned J-1+ to Nippei Toyama Bills Receivable ABL07-06

Assigned J-1 to Toda Kogyo Bills Receivable ABL07-06

Withdrawn J-1 rating on CP program of Itochu Finance

Removed CM and affirmed A/Stable on sr.debts of TIS

Assigned A- to bonds of Nippon Tochi-Tatemono

Removed CM and downgraded Sanki Engineering to BBB+/Stable

Upgraded LT and ST sr.debts of kabu.com Securities to A+ and J-1

Jun. 28, 2007

Assigned J-1 to Bills Receivable ABL07-06 (B Corporation in Mie)

Assigned J-1+ to Kimura Bills Receivable Certificates/ABL07-06

Assigned J-1 to MoonStar Bills Receivable ABL07-06

Assigned J-1+ to JUTEC Bills Receivable ABL07-06

JCR Affirmed A- and BBB+ for Tokyo Tomin Bank and Revised outlook to Positive
JCR Affirmed BBB+ and BBB for Tokyo Tomin Finance (Cayman)

Affirmed AA+/Stable on sr.debts of Japan Water Agency

Upgraded sr.debts of Kagome to A/Stable from A-/Positive

Assigned A+ to bonds of Aeon Credit Service

Jun. 27, 2007

Assigned J-1 to SEIBUKIZAI Bills Receivable ABL07-06

Assigned J-1 to Osaka Steel Tube Bills Receivable ABL07-06