News Release

Jul. 31, 2023

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

JCR Affirmed A-/Stable and J-1 on Central Glass

JCR Affirmed BBB+/Stable Long-term Issuer Rating on TOWA BANK

JCR Affirmed BBB/Stable Long-term Issuer Rating on Minami-Nippon Bank

[ Asset Securitization Products ] JCR Assigned AAA and A to Beneficial Interest 202307

JCR Assigned Green 1(F) to Green Finance Framework of Takara Leben Real Estate Investment

JCR Assigned Green 1 to Trust Beneficiary Rights 202307 (Contract No. 210327)

JCR Reviewed Bonds no.1 Issued by EXEO Group

JCR Reviewed Bonds no.2 Issued by Takamatsu Construction Group

JCR Provided a Post-issuance Verification Report to Bonds no.2 (Sustainability Linked Green Bonds) Issued by Takamatsu Construction Group

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Hiramatu

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Morita Sansho

Jul. 28, 2023

JCR Placed Rating on CP of Orico Auto Leasing under Credit Monitor #J-1+/Negative

JCR Assigned AA/Stable Long-term Issuer Rating to Nippon Open Ended Real Estate Investment Corporation

JCR Affirmed BB- Long-term Issuer Rating on H.I.S.; Revised Outlook to Positive

JCR Affirmed A-/Stable and J-1 on Chuo-Nittochi Group; Assigned Preliminary A- to Shelf Registration

JCR Affirmed A/Stable Long-term Issuer Rating on TOBU RAILWAY

JCR Affirmed BBB+/Stable Long-term Issuer Rating on HOSOKAWA MICRON

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Tsukuba Bank

[ Asset Securitization Products ] JCR Assigned Preliminary A to Senior Beneficial Interest 7931601 Series 5

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 23-07 (D Hospital)

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL 23-07

JCR Reviewed Green Bond Framework of Hyogo Prefecture, Cities and Towns

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to SG

JCR Provided a Post-issuance Verification Report to 141st unsecured Bonds (Sustainability Linked Bonds) Issued by MITSUBISHI ESTATE

Jul. 27, 2023

JCR Upgraded FC Long-term Issuer Rating on CPF (Thailand) to A with Stable Outlook

JCR's Rating Review of Electric Power Companies

JCR Affirmed A+/Stable Long-term Issuer Rating on Nishi-Nippon Railroad

JCR Assigned A to Sylph Limited Series 50779

Jul. 26, 2023

JCR Upgraded Long-term Issuer Rating on Sojitz to A/Stable; Affirmed J-1 on CP

JCR Affirmed BBB+ Long-term Issuer Rating on FUJIKURA KASEI; Revised Outlook to Negative

JCR Affirmed A/Stable and J-1 on Tokyo Electric Power Company HD
JCR Affirmed A/Stable Long-term Issuer Rating on TEPCO Power Grid
JCR Affirmed A/Stable Long-term Issuer Rating on TEPCO Renewable Power

Jul. 25, 2023

JCR Assigned AA-/Stable Long-term Issuer Rating to Hulic Private Reit

JCR Affirmed A-/Stable Long-term Issuer Rating on SIIX

JCR Affirmed A-/Stable Long-term Issuer Rating on DyDo GROUP HD

JCR Affirmed AAA/Stable and J-1+ on NTT FINANCE

JCR Assigned AA (fp) Fund Portfolio Rating to Green J-REIT Trust

JCR Provided a Third Party Opinion to the Positive Impact Framework of THE KAGOSHIMA BANK

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by THE KAGOSHIMA BANK to Kagoshima Lease

Jul. 24, 2023

JCR Upgraded Long-term Issuer Rating on ISHIHARA SANGYO to BBB+/Stable

JCR Affirmed BB+/Stable Long-term Issuer Rating on YAMADA SERVICER SYNTHETIC OFFICE

JCR Affirmed S3 Special Servicer Rating on YAMADA SERVICER SYNTHETIC OFFICE

JCR Assigned AA to Libra A Limited Series C038

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Dousui Nakatani Suisan

JCR Provided a Post-issuance Verification Report to Bonds no.5 (Sustainability Linked Bonds) Issued by Arakawa Chemical Industries

Jul. 21, 2023

JCR Assigned A+ Rating to Bonds of Keikyu

JCR Assigned A- Rating to Bonds of NIPPON STEEL KOWA REAL ESTATE

JCR Assigned A Rating to Bonds of KYUSHU LEASING SERVICE

JCR Assigned AA Rating to Bonds of Mitsubishi HC Capital

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

JCR Assigned Preliminary AA Rating to Shelf Registration of Concordia Financial Group

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 23-07

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Leverage

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Hachijuni Bank to KITAYAMA

Jul. 20, 2023

Change in Maximum Amount of EMTN Program of Nomura Europe Finance and Nomura Global Finance; Affirmed AA-

JCR Affirmed AAA/Stable FC Long-term Issuer Rating on Quebec

JCR Assigned A+ Rating to Bonds of SCSK

JCR Assigned A- Rating to Bonds of Mizuho Financial Group

JCR Assigned AA Rating to Bonds of GLP J-REIT

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 23-07

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Senshu Ikeda Bank to SOKEN

Jul. 19, 2023

JCR Upgraded Long-term Issuer Rating on DAIKIN to AA+/Stable

JCR Affirmed A-/Stable and J-1 on NIPPON STEEL KOWA REAL ESTATE

JCR Affirmed AA-/Stable Long-term Issuer Rating on Fukuoka REIT Corporation

JCR Assigned AA Rating to Bonds of Mitsubishi Estate Logistics REIT

Jul. 18, 2023

ZENSHO HD Issues Preferred Shares - "Medium" or "50" JCR's Equity Content Assessment

JCR's Rating Review of Money Market Brokers

JCR Affirmed A-/Positive and J-1 on Mitsui Mining and Smelting

JCR Assigned Preliminary AA Rating to Shelf Registration of Sekisui House

[ Asset Securitization Products ] JCR Assigned Preliminary AAA and Preliminary A to Beneficial Interest 202307

JCR Assigned J-1 to eDirect Trust N2

[ Asset Securitization Products ] JCR Affirmed AAA on Bonds of Clover 2021, LLC.

Highlights of Major General Construction Companies' Financial Results for Fiscal Year Ended March 2023

Jul. 14, 2023

JCR Affirmed BBB+/Stable Long-term Issuer Rating on GREE

JCR Assigned AA- Rating to Bonds of AIR WATER

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Assigned BBB+ Rating to Bonds of Kintetsu Group HD

JCR Assigned A+ Rating to Bonds of Nippon Yusen

JCR Assigned AAA Rating to Bonds of NTT FINANCE

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

JCR Conducted Evaluation of Conformity of Bonds Issued by Meiji Holdings to Sustainability Finance Framework

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Athlete

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by THE HOKURIKU BANK to AROC SANWA

Jul. 13, 2023

JCR Upgraded Long-term Issuer Rating on SBI Shinsei Bank to A/Stable; Affirmed J-1

JCR Upgraded Rating on Showa Leasing to A/Stable; Affirmed J-1

JCR Affirmed A/Stable Long-term Issuer Rating on SBI SECURITIES

JCR Affirmed BBB+/Stable Long-term Issuer Rating on SBI FinTech Solutions

JCR Affirmed A/Stable and J-1 on ARUHI

JCR Assigned AA Rating to Bonds of Kansai Electric Power

JCR Assigned A-/AA Rating to Bonds of Korea Investment & Securities

Jul. 12, 2023

Progress toward Introduction of Economic Value-Based Solvency Regulations

JCR Affirmed BBB+ and J-2 on UACJ; Revised Outlook to Positive

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

JCR Assigned AA- Rating to Bonds of Sumitomo Metal Mining

JCR Assigned A+ Rating to Bonds of SUMITOMO HEAVY INDUSTRIES

Jul. 11, 2023

Niterra Starts Discussions and Considerations Regarding Acquisition of DENSO’s Spark Plug and Other Businesses - JCR Will Watch for Progress of Discussions and Impact on Niterra’s Earnings and Financials

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

JCR Affirmed BBB+/Stable and J-2 on Daiei Real Estate & Development

JCR Affirmed AA-/Stable and J-1+ on Takeda Pharmaceutical

JCR Assigned A+ Rating to Bonds of JACCS