News Release

Aug. 25, 2023: JCR Assigned AAA Rating to Bonds of Japan Student Services Organization; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to MizunoTech; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Leather Tokyo Group

Aug. 24, 2023: JCR Upgraded Long-term Issuer Rating on Japan Medical Alliance to A-/Stable; JCR Affirmed A and J-1 on TAIHEIYO CEMENT; Revised Outlook to Positive; JCR Affirmed A- Long-term Issuer Rating (FC) on CPI Property Group; Revised Outlook to Negative; JCR Affirmed A-/Stable Long-term Issuer Rating on KYOEI STEEL; JCR Assigned AA Rating to Bonds of Chubu Electric Power; JCR Affirmed A-/Stable Long-term Issuer Rating on FOOD & LIFE COMPANIES; JCR Affirmed A/Stable Long-term Issuer Rating on Morinaga; JCR Affirmed BBB/Stable Long-term Issuer Rating on FUKUSHIMA BANK; JCR Assigned Preliminary AA Rating to Shelf Registration of Mitsubishi HC Capital; JCR Affirmed A on ABL 21-06; JCR Affirmed AA- on Securitization of Leases Receivable from SB; JCR Affirmed AA- on Securitization of Loans Receivable from SB; JCR Assigned Green 1(F) to Green Finance Framework of Invincible Investment

Aug. 23, 2023: JCR Upgraded Long-term Issuer Rating on Ferrotec HD to BBB+/Positive; JCR Affirmed A-/Stable and J-1 on Daio Paper; JCR Affirmed AA-/Stable and J-1+ on Meiji HD; JCR Affirmed BBB+/Stable Long-term Issuer Rating on TOMATO BANK; JCR Affirmed AA-/Stable Long-term Issuer Rating on Global One Real Estate Investment Corporation; JCR Assigned A+ Rating to Bonds of HIKARI TSUSHIN; [ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 23-08; JCR Assigned Green 1(F) to Green Finance Framework of MORI HILLS REIT INVESTMENT CORPORATION

Aug. 22, 2023: JCR Assigned A-/Stable Long-term Issuer Rating to ASAX; JCR Affirmed AA-/Stable and J-1+ on SoftBank; JCR Affirmed Ap/Stable Long-term Issuer Rating on TOYO INK SC HD; JCR Affirmed A/Stable and J-1 on HEIWADO; JCR Affirmed A-/Stable Long-term Issuer Rating on YOKOREI; JCR Affirmed A/Stable Long-term Issuer Rating on Anicom HD and Anicom Insurance; JCR Assigned AA to Libra A Limited Series C039; [ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 23-08; [ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (Kyokuhoukai Medical Association, Asahikawa Sanai Hospital)

Aug. 21, 2023: JCR Affirmed AA- and J-1+ on Mori Trust HD; Revised Outlook to Positive; JCR Affirmed AA+/Stable and J-1+ on ITOCHU; Assigned Preliminary AA+ to Shelf Registration; JCR Affirmed J-1+ Rating on CP of ITOCHU Treasury; JCR Affirmed AA+ Rating on EMTN Program of ITOCHU and ITOCHU Treasury Centre Europe; JCR Affirmed AA-/Stable and J-1+ on Mitsubishi Heavy Industries; JCR Affirmed AA-/Stable and J-1+ on POCKET CARD; JCR Reviewed Green Finance Framework of Nagano Prefecture

Aug. 18, 2023: JCR Assigned BBB+/Stable Long-term Issuer Rating to APA HD; JCR Assigned A+/Stable FC Long-term Issuer Rating to GAW Capital Partners; JCR Assigned A-/Stable FC Long-term Issuer Rating to FORVIA; JCR Affirmed BBB+ Long-term Issuer Rating on HEIWA REAL ESTATE; Revised Outlook to Positive; JCR Affirmed A-/Stable (FC) and A+/Stable (LC) on Mexico; JCR Assigned Preliminary A+ Rating to Bonds (Tier 2 with loss absorption clause) of Mitsubishi UFJ Financial Group

Aug. 17, 2023: JCR Assigned AAA/Stable Long-term Issuer Rating to Arab Bank for Economic Development in Africa; JCR Affirmed A/Stable Long-term Issuer Rating on Canadian Solar Infrastructure Fund; JCR Reviewed the Securitized Green Equity Trust 1 Trust Beneficiary Rights of Canadian Solar; JCR Reviewed Investment Bonds of Canadian Solar Infrastructure Fund; JCR Reviewed Long-term Loan(2021) Borrowed by Canadian Solar Infrastructure Fund; JCR Reviewed Long-term Loan(2017) Borrowed by Canadian Solar Infrastructure Fund; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Hokkaido Bank to Yoshikawafoods