News Release

Sep. 28, 2023: JCR Assigned A to Ascent Finance Limited Series 2023-1021; JCR Affirmed AA- on Sylph Limited Series 60014; JCR Affirmed AA- on Sylph Limited Series 60016; JCR Affirmed AA- on Kai Limited Series 25; [ Asset Securitization Products ] JCR Affirmed AA- on Cypher Limited Series 439; [ Asset Securitization Products ] JCR Affirmed A on Cypher Limited Series 486; [ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 23-09 (D Hospital); [ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL 23-09; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to kyochikufuan; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Bank of Yokohama to NISHIYAMA SEISAKUSHO; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Ashikaga Bank to SHINOBUYA; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Bank of Yokohama to AQUA; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to TOYO DENSO; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Joyo Bank to NITTO; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Shizuoka Bank to List Properties; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Chiba Kogyo Bank to YOSHIMOTO MUSHROOM

Sep. 27, 2023: JCR Affirmed A+/Stable Long-term Issuer Rating on TAKARA STANDARD; JCR Affirmed A+/Stable and J-1 on THK; [ Asset Securitization Products ] JCR Assigned AAA to Investment Condominium Loans Trust (7917528); JCR Affirmed AA on SPIRE SA Series 2021-228; JCR Affirmed AA on SPIRE SA Series 2022-324; JCR Provided a Third Party Opinion on Sustainability Linked Loans Conducted by The Norinchukin Bank to Mitsubishi Estate Logistics REIT Investment; JCR Provided a Third Party Opinion on Sustainability Linked Loan of DIC; JCR Provided a Third Party Opinion to the Positive Impact Framework of The Bank of Kyoto; JCR Provided a Third Party Opinion on Sustainability Linked Loan Framework composed by Keikyu; JCR Provided a Third Party Opinion to Positive Impact Assessment Provided by Sumitomo Mitsui Trust Bank to TOYOBO

Sep. 26, 2023: JCR Assigned AA-/Stable Long-term Issuer Rating to Daiwa House Global REIT; JCR Affirmed AA+p/Stable Rating on Ability to Pay Insurance Claims of Japan Earthquake Reinsurance; JCR Affirmed AA/Stable Long-term Issuer Rating on Activia Properties; JCR Assigned AA to Libra A Limited Series C042; JCR assigned Green 1 (T)(F) and provided a third party opinion on suitability for the Sustainability-Linked Bond Principles and Sustainability Linked Loan Principles to Sustainable Finance Framework of IHI; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Smart Power System

Sep. 25, 2023: ROHM Announces Completion of LP Investment and Underwriting of Preferred Stock, Obtainment of Debt Financing—No Immediate Impact on Rating Despite Concerns about Deterioration in Financial Structure; JCR Assigned Preliminary A Rating to Preferred Shares of SoftBank; JCR Assigned Preliminary BBB+ Rating to Shelf Registration of Sanken Electric; JCR Affirmed A/Stable Long-term Issuer Rating on Starts Proceed Investment Corporation; [ Asset Securitization Products ] JCR Assigned A to US real estate secured loan securitization 2023; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to syotokotsu; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Odagiri Shoji; JCR Reviewed Green/Blue Bond Framework of Kawasaki City

Sep. 22, 2023: JCR Upgraded FC Long-term Issuer Rating on NatWest Group to A+/Stable and FC Long-term Issuer Rating on National Westminster Bank and NatWest Markets to AA-/Stable; JCR Affirmed A+/Stable Long-term Issuer Rating on CRE Logistics REIT; JCR Provided a Third Party Opinion to Positive Impact Assessment Provided by Sumitomo Mitsui Trust Bank to INFRONEER Holdings; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to KAWASE INDUSTRY; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to NAGATASHIGYO; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Mizuho Bank to Open House Group; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Yamanashi Chuo Bank to Yu Five

Sep. 21, 2023: JCR Downgraded Rating on TOSHIBA to #BBB/Negative; Maintains Credit Monitor; JCR Affirmed A-/Stable Long-term Issuer Rating on ASAHI BROADCASTING GROUP HD; JCR Affirmed AA-/Stable and J-1+ on JERA; JCR Affirmed A+/Stable Long-term Issuer Rating on SEIBU SHINKIN BANK; JCR Assigned A to Libra A Limited Series C052; [ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 23-09; [ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 23-09; JCR Assigned Green 1(Preliminary Evaluation) to Long-term Loan Borrowed by Daiwa House REIT Investment; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Joyo Bank to BOOK ACE

Sep. 20, 2023: JCR Upgraded Long-term Issuer Rating on Marubeni-Itochu Steel to A+/Stable; JCR Affirmed A/Stable and J-1 on Resonac HD; JCR Assigned AA- Rating to Bonds of Marubeni; [ Asset Securitization Products ] JCR Assigned J-1 to PERCS; [ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (L Hospital); JCR Provided a Third Party Opinion to Positive Impact Finance Provided by 33 Bank to Chubu Medical

Sep. 19, 2023: JCR Affirmed A-/Stable Long-term Issuer Rating on DAIICHI JITSUGYO; Change in Maximum Amount of Joint EMTN Program of Mizuho Securities and Mizuho International; Affirmed AA; JCR Assigned AA- to Libra A Limited Tokyo Branch Series 162; JCR Assigned AA- to Ganymede Limited Series 2023-144; JCR Assigned #AA-/Negative to SPARC Limited Series 2023-04

Sep. 15, 2023: JCR Assigned AA/Stable Long-term Issuer Rating to Eurus Energy HD; JCR Upgraded Long-term Issuer Rating on Hitachi Zosen to A-/Stable; JCR Affirmed A-/Stable Long-term Issuer Rating on Kanamoto; JCR Affirmed A-/Stable Long-term Issuer Rating on Mazda Motor; JCR Affirmed A-/Stable Long-term Issuer Rating on Medical Corporation KEIAIKAI; JCR Assigned A Rating to Bonds of Hokuetsu Corporation; JCR Assigned Preliminary AA- to Securitization of Leases Receivable from SB 202309; JCR Assigned Preliminary AA- to Securitization of Loans Receivable from SB 202309; JCR Assigned SU1(F) to Sustainability Finance Framework by Mori Trust Holdings; JCR Reviewed Bonds no.3 of GPSS Holdings; JCR Reviewed Bonds no.4 of GPSS Holdings; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to HIGUCHI; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to Daybreak; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Shoko Chukin Bank to ideta sangyo; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Joyo Bank to Itabashigumi; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Nishi-Nippon City Bank to YAMAGUCHI HEAVY INDUSTRIES; JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Ashikaga Bank to TOCHIGI SEIKO