News Release

Jul. 28, 2023: 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; JCR Assigned Preliminary A Rating to Shelf Registration of Sumitomo Osaka Cement; JCR Assigned Preliminary A+ Rating to Shelf Registration of NSK

Jul. 10, 2023: JCR Assigned A-/Stable Long-term Issuer Rating to Daiwa Hotel Private Investment Corporation; JCR Affirmed A/Stable and J-1 on DIC; JCR Affirmed A+/Stable Long-term Issuer Rating on Healthcare & Medical Investment Corporation; JCR Affirmed AA/Stable Long-term Issuer Rating on Mitsui Fudosan Logistics Park; JCR Assigned Preliminary A+ Rating to Shelf Registration of ACOM

Jul. 07, 2023: JCR Affirmed A Long-term Issuer Rating on OSG; Revised Outlook to Positive; JCR Affirmed A+/Stable Long-term Issuer Rating on INFRONEER HD; JCR Affirmed A/Stable and J-1 on PENTA-OCEAN CONSTRUCTION; Change in CP Maximum Amount; JCR Assigned AA Rating to Bonds of Sumitomo Electric Industries; JCR Assigned A Rating to Bonds of TEPCO Power Grid; JCR Assigned AA Rating to Bonds of Chugoku Electric Power; JCR Assigned A+ Rating to Bonds of Nagoya Railroad; JCR Assigned AA- Rating to Bonds of Hankyu Hanshin HD; JCR Assigned AA- Rating to Bonds of Marubeni; JCR Assigned A+ Rating to Bonds of Orient Corporation; JCR Assigned AAA Rating to Bonds of Development Bank of Japan; JCR Assigned Preliminary AA- Rating to Shelf Registration of JFE HD; JCR Assigned Preliminary AA+ Rating to Shelf Registration of Electric Power Development; JCR Assigned Preliminary A Rating to Shelf Registration of TOBU RAILWAY; JCR Assigned Preliminary A Rating to Shelf Registration of Japan Airlines; [ Asset Securitization Products ] JCR Affirmed AAA on Beneficial Interest of Hayabusa; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by THE BANK OF FUKUOKA to NRS

Release Information: News Release; Issuer Reports; Reports relating to Issuer; JCR News