News Release

Dec. 27, 2023: JCR Affirmed A/Stable and J-1 on Japan Pulp & Paper; JCR Affirmed AAA/Stable (FC/LC) on Japan; JCR Affirmed BBB+/Stable (FC/LC) on India; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to TAITSU; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to SAN-EKI; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Z-LABO; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Bank of Kyoto to Meiwa BM; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Bank of Yokohama to Microbubble Japan

Dec. 26, 2023: JCR Downgraded Long-term Issuer Rating on ARAKAWA CHEMICAL INDUSTRIES to BBB+/Stable; JCR Upgraded Long-term Issuer Rating on AIFUL to A-/Stable; JCR Affirmed A- Long-term Issuer Rating on SEIBU HD; Revised Outlook to Positive; JCR Affirmed AAA/Stable Long-term Issuer Rating on National University Corporation Osaka University; JCR Affirmed AAA/Stable Long-term Issuer Rating on Tokyo Metro; JCR Affirmed BBB/Stable Long-term Issuer Rating on Toyo Logistics; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Kumamoto Bank to KUMAMOTOYAMAHA; JCR Provided a Second Opinion to Positive Impact Finance Provided by HAMAMATSU IWATA SHINKIN BANK to hiramatsu-kenchiku; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Forseasons

Dec. 25, 2023: JCR Affirmed AA-/Stable Long-term Issuer Rating on Nomura HD and Nomura Securities; JCR Affirmed AA-/Stable Long-term Issuer Rating on Nomura Trust and Banking; JCR Affirmed A+/Stable Long-term Issuer Rating on Daiwa Securities Group and Daiwa Securities; JCR Affirmed A-/Stable Long-term Issuer Rating on DAIDO FIRE & MARINE INSURANCE; JCR Affirmed AA/Stable Long-term Issuer Rating on GLP J-REIT; JCR Assigned A- Rating to SPIRE SA Series 2023-405; JCR Assigned Green 1(F) to Green Finance Framework of SALA CORPORATION; JCR Provided a Second Opinion to Positive Impact Finance Provided by 33 Bank to Shiohama Unso; JCR Provided a Second Opinion to Positive Impact Finance Provided by 33 Bank to Tengen Industry; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Cook Foods; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to shouseikai; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to SUMAIS; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to NAGASONO; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Hachijuni Bank to Shin-Etsu Electric Wire

Dec. 22, 2023: JCR Assigned A+/Stable Long-term Issuer Rating to Renesas Electronics; JCR Assigned A+/Stable Long-term Issuer Rating to Kajima Private REIT; JCR Affirmed A+/Stable and J-1 on Fukuoka Financial Group; Affirmed AA-/Stable on BANK OF FUKUOKA, Kumamoto Bank and Juhachi-Shinwa Bank; Assigned AA-/Stable to FUKUOKA CHUO BANK; JCR Affirmed BBB+/Stable Long-term Issuer Rating on Sintokogio; JCR Affirmed A-/Stable Long-term Issuer Rating on Takeda Healthcare Foundation; JCR Affirmed AAA/Stable (FC/LC) on Singapore; JCR Assigned Preliminary AA- Rating to Shelf Registration of SoftBank; JCR Affirmed A- on Ecology Trust Bond 1st Series Fund Trust Bonds and Trust ABL; JCR Affirmed A- on Ecology Trust Bond 2nd Series Fund Trust Bonds and Trust ABL; JCR Affirmed A- on Ecology Trust Bond 3rd Fund Trust Bonds and Trust ABL; JCR Affirmed A- on Ecology Trust Bond Ga 4th Fund Trust Bonds and Trust ABL; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Nishi-Nippon City Bank to Kogasyokuhin; JCR Provided a Second Opinion to Positive Impact Finance Provided by Mizuho Bank to NISHIKAWA; JCR Provided a Second Opinion to Positive Impact Assessment Provided by Sumitomo Mitsui Trust Bank to Kurita Water Industries; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Ashikaga Bank to Mipox

Dec. 21, 2023: JCR Affirmed A+/Stable Long-term Issuer Rating on SANKEI BUILDING; JCR Affirmed A/Stable FC Long-term Issuer Rating on Lotte Shopping; JCR Affirmed A/Stable FC Long-term Issuer Rating on Hotel Lotte; JCR Affirmed AA-/Stable FC Long-term Issuer Rating on KKR & Co.; JCR Affirmed A/Stable Long-term Issuer Rating on Toho Bank; JCR Assigned Preliminary A Rating to Shelf Registration of Gunma Bank; [ Asset Securitization Products ] JCR Assigned AAA to obbligato 202312 Senior Beneficial Interest and ABL; [ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 23-12; [ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 23-12; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Hyakugo Bank to Kawada Feather

Dec. 20, 2023: JCR Affirmed A-/Stable and J-1 on Nojima; JCR Affirmed AA-/Stable Long-term Issuer Rating on DISCO; JCR Affirmed AAA/Stable (FC/LC) on Canada; JCR Affirmed BBB-/Stable (FC) and BBB/Stable (LC) on Brazil; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank & THE BANK OF KOCHI to Mitani kensetsu kogyo; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Joyo Bank to Nanshinjukikogyo; JCR Provided a Second Opinion to Positive Impact Finance Provided by Mizuho Bank to Mitsuhashi; JCR Provided a Post-execution Verification Report to Sustainability Linked Loan executed by JVCKENWOOD

Dec. 19, 2023: NIPPON STEEL Announces Acquisition of U.S. Steel—JCR Will Examine Fulfilment of Closing Conditions and Incorporate the Effects into Rating; TOKYO GAS Acquires U.S. Natural Gas Development and Production Company—No Immediate Impact on Rating; JCR Affirmed AA+ Rating on EMTN Program of ITOCHU; JCR Affirmed A-/Stable Long-term Issuer Rating on Southern TOHOKU Research Institute for Neuroscience; JCR Affirmed A+/Stable FC Long-term Issuer Rating on Banco Santander-Chile

Dec. 18, 2023: JCR Affirmed A+/Stable Long-term Issuer Rating on LIXIL; JCR Affirmed A+/Stable Long-term Issuer Rating on Juroku Financial Group and Juroku Bank; JCR Affirmed A+/Stable Long-term Issuer Rating on Nishi-Nippon Financial HD and NISHI-NIPPON CITY BANK; JCR Affirmed A/Stable Long-term Issuer Rating on KYUSHU LEASING SERVICE; JCR Affirmed AA/Stable Long-term Issuer Rating on Nomura Real Estate Private REIT

Dec. 15, 2023: JCR Affirmed AA/Stable Long-term Issuer Rating on NIDEC; JCR Affirmed AAA/Stable (FC/LC) on Denmark; JCR Assigned BBB+ Rating to Bonds of FURUKAWA; JCR Assigned AA- Rating to Bonds of Sumitomo Realty & Development; JCR Assigned AA- to Securitization of Leases Receivable from SB 202312; JCR Assigned AA- to Securitization of Loans Receivable from SB 202312; JCR assigned Blue 1(F) to Blue Bond Framework of Mitsui O.S.K. Lines; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Kumamoto Bank to MAEDA INDUSTRIAL COMPANY; JCR Provided a Second Opinion to Positive Impact Finance Provided by San ju San Bank to MARUOKA KOUSHOU; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Kitsugi Shouji; JCR Provided a Second Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to tochisyu; JCR provided a post-execution verification report to Sustainability Linked Loan executed by West Japan Railway; JCR provided a post-execution verification report to Sustainability Linked Loan executed by Sumitomo Mitsui Trust Panasonic Finance