News Release

Dec. 23, 2022

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

JCR Affirmed A (fp) Fund Portfolio Rating on Renewable Trust

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

JCR Assigned Green 1(F) to Green Finance Framework of SRE Holdings

Dec. 22, 2022

NIPPON STEEL Plans to Make NIPPON STEEL TRADING a Consolidated Subsidiary - Limited Impact on Rating

JCR Placed Rating on NIPPON STEEL TRADING under Credit Monitor #A+/Positive and #J-1/Positive

JCR Assigned AA/Stable Long-term Issuer Rating to Nomura Real Estate Private REIT

JCR Upgraded Rating on COSMO ENERGY HD to A-/Stable and J-1

JCR Upgraded Long-term Issuer Rating on JA MITSUI LEASING to A+/Stable; Affirmed J-1 on CP

JCR Upgraded FC Long-term Issuer Rating on Malayan Banking to A+/Stable

JCR Affirmed AA/Positive and J-1+ on Tokyo Electron

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 22-12

JCR Affirmed AA- on Ascent Finance Limited Series 2022-1064

JCR Assigned Green 1(F) to Green Finance Framework of XYMAXREIT Investment

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Nishi-Noppon City Bank to M-Style Japan

Dec. 21, 2022

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

JCR Affirmed AA/Stable and J-1+ on Sekisui House

JCR Affirmed A-/Stable Long-term Issuer Rating on Tokyo Star Bank

JCR Affirmed AA- on SPIRE SA Series 2020-217

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 22-12

JCR Provided a Third Party Opinion to Positive Impact Finance provided by Mizuho Bank to Fuyo General Lease

JCR Provided a Third Party Opinion to Positive Impact Assessment provided by Sumitomo Mitsui Trust Bank to Mitsui Fudosan

JCR Provided a Third Party Opinion on Sustainability Linked Finance Framework of SUMITOMO CHEMICAL

JCR Provided a Third Party Opinion on Sustainability Linked Loan Conducted by The Norinchukin Bank to SUMITOMO CHEMICAL

JCR Provided a Third Party Opinion on Sustainability Linked Loan Conducted by Sumitomo Mitsui Trust Bank to SUMITOMO CHEMICAL

Dec. 20, 2022

JCR Assigned AA/Stable FC Long-term Issuer Rating to Aflac Re Bermuda

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

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

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

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

JCR Assigned A- Rating to Bonds of Mizuho Financial Group

[ Asset Securitization Products ] JCR Affirmed AAA on Hayabusa 2

[ Asset Securitization Products ] JCR Affirmed AAA on Hayabusa 3

[ Asset Securitization Products ] JCR Affirmed AAA on Hayabusa 4

JCR Provided a Third Party Opinion to Positive Impact Assessment provided by Sumitomo Mitsui Trust Bank to Kawasaki Heavy Industries

Dec. 19, 2022

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

JCR Affirmed A-/Stable and J-1 on ASAHI SHINKIN BANK

[ Asset Securitization Products ] JCR Assigned A to BEP Senior Beneficial Interest/ABL 202211

Dec. 16, 2022

JCR Affirmed A Long-term Issuer Rating on Kiyo Bank; Revised Outlook to Stable

JCR Affirmed A- FC Long-term Issuer Rating on Thai Union Group; Revised Outlook to Positive

JCR Affirmed A+/Stable Long-term Issuer Rating on FUKUYAMA TRANSPORTING

JCR Affirmed A/Stable (FC/LC) on Italy

JCR Assigned AA Rating to Bonds of GLP J-REIT

JCR Assigned AA- Rating to Ascent Finance Limited Series 2022-1065

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

JCR Provided a Post-execution Verification Report to Sustainability Linked Loan Executed by West Japan Railway

JCR Assigned Green 1(F) to Green Finance Framework of Sekisui House Reit

JCR Reviewed Transition Loan Borrowed by Kawasaki Kisen

Dec. 15, 2022

Takeda Pharmaceutical Acquires New Drug Candidate for USD 4 Billion - Limited Impact on Rating

JCR Assigned AAA/Stable Long-term Issuer Rating to Hokkaido University

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

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

JCR Affirmed AA/Stable Long-term Issuer Rating on JAPAN POST INSURANCE

JCR Affirmed AA- on Ascent Finance Limited Series 2021-1027

[ Asset Securitization Products ] JCR Affirmed AA- on Ascent Finance Limited Series 2021-1023

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to BANK OF FUKUOKA C Corporation Bills & Electronically Recorded Receivable ABL 22-12

JCR Assigned Preliminary AA- to Securitization of Leases Receivable from SB 202212

JCR Assigned Preliminary AA- to Securitization of Loans Receivable from SB 202212

JCR Provided a Third Party Opinion to Positive Impact Assessment Provided by Sumitomo Mitsui Trust Bank to Hitachi Construction Machinery

JCR Provided a Third Party Opinion to Positive Impact Assessment Provided by Sumitomo Mitsui Trust Bank to ORIX JREIT

Dec. 14, 2022

JCR Affirmed A+ Long-term Issuer Rating on AKITA BANK; Revised Outlook to Negative

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

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

[ Asset Securitization Products ] JCR Affirmed A on Ganymede Limited Series 2021-122

JCR Affirmed A+ on Ganymede Limited Series 2021-166

JCR Provided a Third Party Opinion to Sustainability Linked Finance Framework of EXEO Group

JCR Provided a Third Party Opinion on Sustainability Linked Loan to EXEO Group Conducted by Syndicated Loan Group (Arranger / Agent: Sumitomo Mitsui Trust Bank)

JCR Provided a Third Party Opinion on Sustainability Linked Loan Conducted by Sumitomo Mitsui Banking to EXEO Group

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to KANSAI TRANS WAY

JCR Provided a Third Party Opinion to Sustainability Linked Loan Framework of Ajinomoto Co., Inc.

Dec. 13, 2022

JCR Assigned A-/Stable Long-term Issuer Rating to marimo Regional Revitalization REIT

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

Change in CP Maximum Amount of DAIBIRU; Affirmed J-1

JCR Affirmed A-/Stable Long-term Issuer Rating on Southern TOHOKU Research Institute for Neuroscience

JCR Assigned A+ Rating to Bonds (Tier 2 with loss absorption clause) of Sumitomo Mitsui Trust HD

JCR Assigned AA Rating to Bonds of Activia Properties

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

JCR Assigned SU 1(F) to Sustainability Bond Framework of Tohoku University

Dec. 12, 2022

[ Asset Securitization Products ] JCR Affirmed J-1+ on 3rd Trust Beneficial Interest

JCR Affirmed A FC Long-term Issuer Rating on Lotte Shopping; Revised Outlook to Stable

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 BBB+/Stable Long-term Issuer Rating on BELLUNA

[ Asset Securitization Products ] JCR Affirmed J-1+ on Monthly Clear Receivables 20 ABCP Programs(Super Trust 1 through 20, LLCs)

JCR Assigned BBB+ to Clean Energy Connect Non-FIT Low-voltage Solar Power Plant Green Project Bond Trust Trust ABL

JCR Assigned Green 1 to Clean Energy Connect Non-FIT Low-voltage Solar Power Plant Green Project Bond Trust Trust ABL

JCR Provided a Third Party Opinion to Sustainability Linked Finance Framework and Assigned Green 1(F) to Green Finance Framework of JA MITSUI LEASING

JCR Provided a Third Party Opinion to Positive Impact Assessment Provided by Sumitomo Mitsui Trust Bank to LOTTE

Dec. 09, 2022

JCR Assigned A+/Stable FC Long-term Issuer Rating to Lotte Chemical Corporation

JCR Affirmed BBB-/Stable FC Long-term Issuer Rating on Moya Holdings Asia

JCR Affirmed AA/Stable and J-1+ on Sumitomo Mitsui Finance and Leasing

Change in CP Maximum Amount of Sumitomo Mitsui Trust Loan & Finance; Affirmed J-1+

JCR Assigned A Rating to Subordinated Bonds of JERA

JCR Assigned AA Rating to Bonds of TOYOTA BOSHOKU

JCR Assigned A+ Rating to Bonds of Nagoya Railroad

JCR Assigned AA- Rating to Bonds of Hankyu Hanshin HD

JCR Assigned A- Rating to Subordinated Bonds of Fuyo General Lease

JCR Assigned A Rating to Bonds of Samty Residential Investment Corporation

JCR Assigned AA Rating to Bonds of Industrial & Infrastructure Fund Investment Corporation