News Release

Sep. 22, 2025

JCR Assigned AA- to Bonds of Zenkyoren 4th Subordinated Loan Securitization Company Limited

Nakamichi Kogyo, THE SHIMIZU BANK: Second Opinion on Positive Impact Finance

J'S CORPORATION, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Sep. 19, 2025

JCR Affirmed BBB/Stable Long-term Issuer Rating on GAKKEN HD

JCR Affirmed AAA/Stable (FC/LC) on Norway

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 25-09

[ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (Kyokuhoukai Medical Association, Asahikawa Sanai Hospital)

MATSUI HONTEN, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

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

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

Sep. 18, 2025

JCR Affirmed A+/Stable and J-1 on Marubeni-Itochu Steel

JCR Affirmed A-/Stable Long-term Issuer Rating on NS UNITED KAIUN

JCR Affirmed AA-/Stable Long-term Issuer Rating on Hulic Private Reit

JCR Assigned AA- to Cypher Limited Series 30113

Kato Light Metal Industry, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Sep. 17, 2025

JCR Affirmed AA+/Stable Long-term Issuer Rating on Recruit HD

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

JCR Affirmed AA+/Stable Long-term Issuer Rating on Nippon Prologis REIT

JCR Affirmed A on Daiwa Green Finance Program Beneficial Interest and Trust ABL (Iwamizawa and Kushiro Solar Power Plants)

JVCKENWOOD: Post-execution Verification Report on Sustainability Linked Loan

ISSYOU METAL, The Joyo Bank: Second Opinion on Positive Impact Finance

Sep. 16, 2025

JCR Affirmed A+/Stable and J-1 on TAIHEIYO CEMENT

[ Asset Securitization Products ] JCR Upgraded US real estate secured loan securitization 2023/2024/2025 to A+

[ Asset Securitization Products ] JCR Assigned Preliminary A to Commitment Line of Trust ABCL (7361)

[ Asset Securitization Products ] JCR Assigned AA- to Ascent Finance Limited Series 2025-1031

Sep. 12, 2025

JCR Upgraded Long-term Issuer Rating on Tokushu Tokai Paper to BBB+/Stable

JCR Affirmed AA/Stable Long-term Issuer Rating on Eurus Energy HD

JCR Assigned A- Rating to Bonds of AIFUL

JCR Assigned AA Rating to Bonds of Sumitomo Mitsui Finance and Leasing

JCR Assigned AA+ Rating to Bonds of Corporacion Andina de Fomento

JCR Assigned Preliminary A+ Rating to Shelf Registration of Pan Pacific International Holdings

Joint Green Bond Issuers (Local Governments): Assigned Green 1 to Joint Local Government Green Bond 5th

MUSASHI corporation, The Joyo Bank: Second Party Opinion on Sustainability Linked Loan

Astec Corporation, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

NISSIN EX, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

Sep. 11, 2025

JCR Affirmed BB- Long-term Issuer Rating on Sharp; Revised Outlook to Stable

JCR Affirmed A-/Stable FC Long-term Issuer Ratings on Tianfeng Securities and TF International Securities Group

JCR Assigned A+ Rating to Bonds of Sojitz

JCR Assigned AA Rating to Bonds of Hankyu Hanshin HD

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Assigned BBB to Securities of STARTS (Ireland) PLC

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

Sep. 10, 2025

JCR Affirmed A Long-term Issuer Rating on Lotte Chemical; Revised Outlook to Negative

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

JCR Affirmed AA-/Stable and J-1+ on POCKET CARD

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

JCR Assigned AA- to Sylph Limited Series 60237

Sep. 09, 2025

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

JCR Affirmed BBB+/Stable Long-term Issuer Rating on OKASAN SECURITIES GROUP and OKASAN SECURITIES

JCR Affirmed BBB+/Stable and J-2 on Tokai Tokyo Financial HD and BBB+/Stable on Tokai Tokyo Securities

JCR Affirmed A/Stable Long-term Issuer Rating on TOMONY HD, TOKUSHIMA TAISHO BANK and KAGAWA BANK

JCR Assigned BBB Rating to Preferred Shares of ZENSHO HD

JCR Assigned AA- to Bonds of Kai Limited Series 70741

Sep. 08, 2025

JCR Affirmed BBB Long-term Issuer Rating on RENOVA; Revised Outlook to Positive

JCR Affirmed AA/Stable Long-term Issuer Rating on Mori Trust HD

Sep. 05, 2025

JCR Assigned A-/Stable Long-term Issuer Rating to Tokaido REIT

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

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

JCR Assigned AA+ Rating to Bonds of ITOCHU

JCR Assigned BBB Rating to Subordinated Bonds of ZENSHO HD

JCR Assigned AA+ Rating to Bonds of DAIKIN INDUSTRIES

JCR Assigned AA+ Rating to Bonds of Chubu Electric Power

JCR Assigned A+ Rating to Bonds of DOWA HD

JCR Assigned AAA Rating to Bonds of NTT FINANCE

JCR Assigned AA+ Rating to Bonds of NARITA INTERNATIONAL AIRPORT

JCR Assigned A+ Rating to Bonds of Japan Hotel REIT Investment Corporation

[ Asset Securitization Products ] JCR Assigned AA+ to Whiskey Finance FinCo LLC

JCR Affirmed BBB on Daiwa Green Finance Program Trust Beneficial Interest and Trust ABL (Kumamoto Kikuchi Solar Power Plant)

Kurogane Kosakusho, The Shoko Chukin Bank: Second Opinion on Positive Impact Finance

JCR Withdraws AAA Long-term Issuer Rating on NTT DATA GROUP

Sep. 04, 2025

Change in CP Maximum Amount of KYOKUYO; Affirmed J-2

JCR Affirmed A-/Stable (FC) and A/Stable (LC) on Peru

[ Asset Securitization Products ] JCR Assigned Preliminary A+ to US real estate secured loan securitization 2025-09

Sep. 03, 2025

JCR Affirmed A and J-1 on Kobe Steel; Revised Outlook to Positive

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

JCR Affirmed AAA/Stable (FC/LC) on Australia

Sep. 02, 2025

Niterra Acquires DENSO's Spark Plug Business, etc.-No Immediate Impact on Rating; JCR Will Monitor Synergistic Effects and Impact on Earnings and Financials

JCR Affirmed A- FC Long-term Issuer Rating on Korea Investment & Securities; Revised Outlook to Positive

JCR Affirmed A/Stable Long-term Issuer Rating on KATO SANGYO

JCR Affirmed A-/Stable Long-term Issuer Rating on DAIICHI JITSUGYO

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Central Tanshi FX

Sep. 01, 2025

JCR Affirmed AA-/Stable and J-1+ on ITOCHU ENEX

JCR Affirmed BB/Stable (FC/LC) on Republic of Turkiye

JCR Assigned AA Rating to EMTN Program of Mitsubishi HC Capital, Mitsubishi HC Capital UK, and Mitsubishi HC Finance America

Hokuhoku Financial Group: Second Opinion on Sustainable Deposit Framework

Aug. 29, 2025

JCR Assigned A/Stable (FC/LC) to Champion Real Estate Investment Trust

JCR Affirmed A (FC) on Hanwha Solutions; Revised Outlook to Negative

JCR Affirmed BBB+/Stable Long-term Issuer Rating on DAIKI ALUMINIUM INDUSTRY

JCR Affirmed A+/Stable and J-1 on Nomura Real Estate HD

JCR Assigned A+ Rating to Bonds of Orient Corporation

JCR Assigned A Rating to Bonds of PENTA-OCEAN CONSTRUCTION

JCR Assigned A+ Rating to Bonds of Mitsui O.S.K. Lines

JCR Assigned AA- Rating to Bonds of Sumitomo Metal Mining

JCR Assigned BBB+ Rating to Subordinated Bonds of SoftBank Group

JCR Assigned AA Rating to Bonds of T&D HD

JCR Assigned AAA Rating to Bonds of TOYOTA MOTOR

JCR Assigned Preliminary AA Rating to Shelf Registration of Sumitomo Electric Industries

JCR Withdraws AAA Long-term Issuer Rating on Kobe University

Keikyu: Assigned Green Finance Framework Evaluation: Green 1(F)

Mizuho Leasing: Post-issuance Verification Report on Sustainability Linked Bond