News Release

Dec. 12, 2023

JCR Affirmed A-/Stable Long-term Issuer Rating on marimo Regional Revitalization REIT

JCR Assigned AA Rating to Bonds of MORI TRUST REIT

JCR Assigned AA- to Ganymede Limited Series 2023-160

JCR Assigned SU 1 to Bonds of Kyushu Leasing Service

Dec. 11, 2023

OUTSOURCING Gives Its Opinion in Favor of Planned MBO—JCR Will Watch the MBO’s Success or Failure and Its Financial Impact

JCR Assigned A to SPIRE SA Series 2023-359

JCR Provided a Post-issuance Verification Report to Bonds no.18 (Sustainability Linked Bonds) Issued by GLP J‐REIT

Dec. 08, 2023

Dai-ichi Life Group’s Tender Offer for Benefit One—No Impact on Rating

JCR Assigned A-/Stable Long-term Issuer Rating to GMO Financial HD and GMO CLICK Securities

JCR Affirmed A/Stable Long-term Issuer Rating on KAGA ELECTRONICS

JCR Affirmed A+/Stable Long-term Issuer Rating on MIRAIT ONE

JCR Affirmed AA/Stable Long-term Issuer Rating on T&D Insurance Group

JCR Upgraded Rating on CP of T&D Lease to J-1+

Change in CP Maximum Amount of BOT Lease; Affirmed J-1

JCR Assigned A+ Rating to Bonds of ASICS

JCR Assigned A- Rating to Bonds of FOOD & LIFE COMPANIES

JCR Assigned A- Rating to Bonds of GMO internet group

JCR Assigned A+ Rating to Bonds of HASEKO

JCR Assigned A- Rating to Bonds of FORVIA

JCR Assigned AA Rating to Bonds of JCB

JCR Assigned A Rating to Bonds of Invincible Investment Corporation

JCR Assigned A to SPIRE SA Series 2023-373

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by THE HOKURIKU BANK to GOSHU YAKUHIN

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by MUFG Bank to Kurita Water Industries

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

Dec. 07, 2023

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

JCR Affirmed BBB-/Stable and J-2 on Mitsubishi Paper Mills

JCR Affirmed AAA/Stable Long-term Issuer Rating on Development Bank of Japan

JCR Assigned Preliminary A Rating to Shelf Registration of Tokyu Fudosan HD

JCR Upgraded Sylph Limited Series 50779 to A+

Results of Review of Structured Finance Products (Excluding Those to Which Credit Ratings Are Assigned) November 2023

JCR Assigned Preliminary J-1 rating to eDirect Trust N3

JCR Provided a Third Party Opinion on Transition Linked Finance Framework of ENEOS Holdings

Dec. 06, 2023

JCR Affirmed A/Stable and J-1 on NIPPN

JCR Affirmed AA/Stable Long-term Issuer Rating on NISSHIN SEIFUN GROUP

JCR Affirmed A-/Stable and J-1 on Showa Sangyo

JCR Affirmed A-/Stable Long-term Issuer Rating on TAKASAGO INTERNATIONAL

JCR Affirmed A+/Stable Long-term Issuer Rating on North Pacific Bank

JCR Assigned AA- to Bonds and Preliminary AA- to Shelf Registration of Mizuho Leasing

JCR Assigned AA- Rating to Bonds of Japan Excellent

JCR Assigned A- to SPIRE SA Series 2023-113

JCR Assigned J-1 Rating to Proposed Dividend Type Jointly-Management Designated Money Trust (SoftBank Group) Beneficial Interest No. 18, No. 19 and No. 20

JCR Withdraws J-1 Rating on Proposed Dividend Type Jointly-Management Designated Money Trust (SoftBank Group) Beneficial Interest Program

Dec. 05, 2023

JCR Affirmed A-/Stable Long-term Issuer Rating on GMO internet group

JCR Affirmed A+/Stable Long-term Issuer Rating on Keiyo Bank

JCR Affirmed A+/Stable Long-term Issuer Rating on Chuo-Nittochi Private REIT

JCR Assigned BBB+ Rating to Bonds of OKASAN SECURITIES GROUP

JCR Upgraded Rating on Canadian Solar Dual Tenor Green Project Bond Trust (Ibaraki/Hiroshima) Beneficial Interest and Trust ABL to A-

JCR Affirmed A on CS Mega Solar Green Project Bond Trust 1 Beneficial Interest and Trust ABL

JCR Affirmed A on Canadian Solar Green Project Bond Trust (Yamaguchi) Beneficial Interest and Trust ABL

JCR Affirmed BBB+ on TRIBAY Low Voltage Solar Power Green Project Bond Trust Trust ABL

Dec. 04, 2023

IWATANI Acquires Stake in COSMO ENERGY HD—Limited Impact on Rating

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

JCR Affirmed A-/Stable and J-1 on Joshin Denki

JCR Affirmed A/Stable Long-term Issuer Rating on SKY Perfect JSAT HD

JCR Affirmed BBB- on JA Solar Green Project Bond Trust (Fukushima) Beneficial Interest and Trust ABL

Dec. 01, 2023

JCR Affirmed A-/Stable and J-1 on TOA; Change in CP Maximum Amount

JCR Affirmed AAA/Stable Long-term Issuer Rating on National University Corporation Tokai National Higher Education and Research System

JCR Affirmed BBB/Stable Long-term Issuer Rating on Mitsubishi Steel Mfg.

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

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Assigned A- Rating to Bonds of Central Glass

JCR Assigned AA- Rating to Bonds of TAISEI

JCR Assigned A+ Rating to Bonds of THK

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Assigned A Rating to Bonds of TOYOBO

JCR Assigned A+ Rating to Bonds of METAWATER

JCR Assigned A- Rating to Bonds (Tier 2 with loss absorption clause) of Bank of Nagoya

JCR Assigned AA+ Rating to Bonds of NEW KANSAI INTERNATIONAL AIRPORT

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

JCR Assigned AAA Rating to EMTN Program of Arab Bank for Economic Development in Africa

JCR Affirmed BBB on Amp Green Project Bond Trust (Gunma) Beneficial Interest and Trust ABL

JCR Affirmed BBB on Amp Green Project Bond Trust (Yamaguchi) Beneficial Interest and Trust ABL

JCR Affirmed BBB on Amp Green Project Bond Trust (Miyazaki) Trust ABL

Nov. 30, 2023

JCR Affirmed A- and J-1 on Konoike Transport; Revised Outlook to Positive

JCR Affirmed A+/Stable and J-1 on ISUZU MOTORS

JCR Affirmed A-/Stable Long-term Issuer Rating on Shiba Shinkin Bank

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

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

JCR Affirmed AAA/Stable Long-term Issuer Rating on Hokkaido University

JCR Assigned BBB+ Rating to Bonds of ICHINEN HD

JCR Assigned AA- Rating to Bonds of JERA

JCR Assigned A+ Rating to Bonds of DAIBIRU

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

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Class A Beneficial Interest 202401

[ Asset Securitization Products ] JCR Assigned J-1+ to Hokuriku Bank A Corporation Bills & Electronically Recorded Receivables ABL 23-11

[ Asset Securitization Products ] JCR Assigned A to BEP Senior Beneficial Interest/ABL 202311

JCR Affirmed A- on JRE Mega Solar Project Bond Trust 1 Class A Beneficial Interest and Class A Trust ABL

JCR Affirmed A on JRE Mega Solar Project Bond Trust 1 Class B Beneficial Interest and Class B Trust ABL

JCR Affirmed BBB+ on JRE Mega Solar Project Bond Trust 1 Class C Beneficial Interest

JCR Affirmed A on JRE Mega Solar Project Bond Trust 2 Beneficial Interest

JCR Assigned SU 1(F), Green 1(T)(F), Blue 1(F) and Provided a Third Party Opinion on suitability for the Sustainability Linked Bond Principles and Sustainability Linked Loan Principles to Sustainable Finance Master Framework of Kawasaki Heavy Industries

JCR Reviewed Bonds no.38 Issued by Ricoh Leasing

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

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

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to takara-butz

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

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

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Yamadai-Foods Processing

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