News Release

Mar. 28, 2023

JCR Affirmed AA/Stable Long-term Issuer Rating on Frontier Real Estate Investment Corporation

JCR Assigned AA+ Rating to Bonds of Nippon Prologis REIT

[ Asset Securitization Products ] JCR Assigned BB+ to ABL 22-09-02

[ Asset Securitization Products ] JCR Affirmed AAA on Class A Beneficial Interest, AA- on Class B Beneficial Interest and ABL of REIT-2021-001

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by MUFG Bank to SBS Holdings

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Mizuho Bank to SBS Holdings

JCR Provided a Third Party Opinion to the Positive Impact Framework of The Chiba Kogyo Bank

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Chiba Kogyo Bank to Wing

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

Mar. 27, 2023

JCR Upgraded Long-term Issuer Rating on JK HD to BBB+/Stable; Affirmed J-2 on CP

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

JCR Affirmed AA-/Stable Long-term Issuer Rating on Maruichi Steel Tube

Change in CP Maximum Amount of PayPay Card; Affirmed J-1+

JCR Assigned A Rating to Subordinated Loan of JERA

[ Asset Securitization Products ] JCR Affirmed J-1 on Dispensing Fees Receivable ABL Program (Nanba Pharmacy)

JCR Provided a Third Party Opinion to the Positive Impact Framework of Hiroshima Bank

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

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

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by MUFG Bank to Toyoda Gosei

JCR Assigned Green 1 to Long Term Loan Borrowed by SVG

JCR Reviewed Green Financing Framework of Vena Energy

Mar. 24, 2023

Notching of AT1 Bonds by Japanese Banks and Others - No Reviews Considered at this Time

Odakyu Electric Railway Announces the Transfer of Fixed Assets and a Subsidiary's Shares - Transaction Will Help Increase Financial Margin for the Shinjuku Station West Exit Redevelopment Project

TOSHIBA to Support the Scheduled Commencement of a Tender Offer Aimed at Delisting of Its Shares - JCR Will Closely Monitor Whether the Tender Offer Will Actually Be Commenced

Change in CP Maximum Amount of COSMO ENERGY HD; Affirmed J-1

JCR Affirmed AAA/Stable Long-term Issuer Rating on International Bank for Reconstruction and Development

JCR Assigned AA- Rating to Bonds of Sumitomo Realty & Development

JCR Assigned AA- Rating to Bonds of Japan Excellent

JCR Assigned Preliminary AA- Rating to Shelf Registration of TAISEI

[ Asset Securitization Products ] JCR Affirmed AA- on SPIRE SA Series 2020-269

[ Asset Securitization Products ] JCR Assigned AAA to Investment Condominium Loans Trust (7931901)

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by MUFG Bank to Mitsubishi Electric

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by MUFG Bank to UNITIKA

JCR Provided a Third Party Opinion to the Positive Impact Framework of THE HOKURIKU BANK

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by THE HOKURIKU BANK to Hanshin Chemical Industries

JCR Provided a Third Party Opinion to the Positive Impact Framework of The Hokkaido Bank

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Hokkaido Bank to Soramame Company

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

Mar. 23, 2023

JCR Affirmed A+/Stable and J-1 on Sumitomo Rubber Industries; Change in CP Maximum Amount

JCR Affirmed J-1 Rating on CP of TOKAI HD

JCR Affirmed AA-/Stable Long-term Issuer Rating on HAMAMATSU PHOTONICS

JCR Placed Ascent Finance Limited Series 2022-1015 under Credit Monitor #A+/Negative

[ Asset Securitization Products ] JCR Placed Ratings on Ascent Finance Limited Credit-Linked Notes under Credit Monitor #AA-/Negative

JCR Placed Ascent Finance Limited-Linked Repackaged Notes under Credit Monitor #AA-/Negative

JCR Placed SPARC Limited Series 2021-4 under Credit Monitor #AA-/Negative

[ Asset Securitization Products ] JCR Assigned AAA to Beneficial Interest of unus202303

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 23-03

JCR Provided a Third Party Opinion on Sustainability Linked Loans Conducted by The Norinchukin Bank to Japan Real Estate Investment

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

Mar. 22, 2023

Rakuten Group's Consolidated Subsidiary Will be Newly Listed - Positive Financial Factors; JCR Will Continue to Watch Trend of Mobile Segment

JCR Assigned AA+/Stable and Preliminary AA+ to Sompo HD

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

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

JCR Assigned Preliminary BBB- Rating to Subordinated Loan of ZENSHO HD

JCR Assigned AA to Libra A Limited Series C011

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 23-03

JCR Assigned Social 1(F) to Social Finance Framework of AIFUL

JCR Assigned Social 1 (Preliminary) to Bonds of Sompo Holdings

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Sendai Recycle Center

Mar. 20, 2023

JCR Upgraded Long-term Issuer Rating on Sony Bank to AA/Stable

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

JCR Assigned Preliminary J-1 to Power Trust Neo SoftBank Group

JCR Assigned BBB to Sylph Limited Series 10205

JCR Conducted Evaluation of Conformity of Bonds Issued by SBI Shinsei Bank to Sustainability Finance Framework

JCR Reviewed a Third Party Opinion on Transition Linked Finance Framework of Kawasaki Kisen

Mar. 17, 2023

JCR Assigned A+/Stable Long-term Issuer Rating to Tokyo Tatemono Private REIT

JCR Upgraded Long-term Issuer Rating on NTT DATA to AAA/Stable; Affirmed J-1+ on CP

JCR Upgraded Long-term Issuer Rating on SCREEN HD to A/Stable

JCR's Rating Review of General Construction Companies

JCR Affirmed AA-/Stable Long-term Issuer Rating on TAISEI

JCR Affirmed AA-/Stable Long-term Issuer Rating on OBAYASHI

JCR Affirmed AA-p/Stable Long-term Issuer Rating on SHIMIZU

JCR Affirmed A/Stable on Yodogawa Christian Hospital

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

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

JCR Reviewed Bonds no.33 Issued by Ricoh Leasing

JCR Reviewed Bonds no.38 Issued by Ricoh Leasing

Mar. 16, 2023

JCR Placed Rating on Sumitomo Mitsui Construction under Credit Monitor #A-/Negative

JCR Assigned A/Stable Long-term Issuer Rating to AEON

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

JCR Provided a Third Party Opinion to Positive Impact Assessment Provided by Sumitomo Mitsui Trust Bank to United Urban Investment

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

Mar. 15, 2023

JCR Affirmed A/Stable (FC) and A+/Stable (LC) on Poland

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to BANK OF FUKUOKA C Corporation Bills & Electronically Recorded Receivable ABL 23-03

Mar. 14, 2023

JCR Affirmed AA Long-term Issuer Rating on FAST RETAILING; Revised Outlook to Positive

JCR Affirmed A+ Long-term Issuer Rating on Japan Hotel REIT Investment Corporation; Revised Outlook to Stable

JCR Affirmed A/Stable Long-term Issuer Rating on AIN HD

JCR Affirmed AA/Stable Long-term Issuer Rating on DAIWA HOUSE INDUSTRY

Mar. 13, 2023

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

JCR Affirmed AA/Stable Long-term Issuer Rating on Kenedix Office Investment Corporation

[ Asset Securitization Products ] JCR Downgraded JETS International Five Limited Series 48 to A-

Mar. 10, 2023

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Southern TOHOKU Social Welfare Foundation

JCR Affirmed A-/Positive Long-term Issuer Rating on Ehime Bank

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

JCR Affirmed A-/Stable (FC/LC) on Philippines

JCR Assigned AA- to Ascent Finance Limited Series 2023-1013

[ Asset Securitization Products ] JCR Downgraded Nomura Trust Bank No. 72 Unsecured Trust Bonds to A-

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Shizuoka Bank to IHI

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by MUFG Bank to Mitsubishi Steel

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