News Release

Feb. 25, 2022

JCR Provided a Third Party Opinion on Sustainability Linked Loans Conducted by The Norinchukin Bank to Mitsubishi Estate Logistics REIT Investment

JCR Assigned SU 1(F) to Sustainability Bond Framework of SUMITOMO MITSUI CONSTRUCTION

JCR Reviewed Bonds no.15 Issued by Nomura Real Estate Holdings

JCR Reviewed the 30th Private Placement Bonds Issued by Daiwatech

JCR Reviewed GL no.1 Loan Borrowed by DREAM Private REIT

JCR Reviewed Green Trust Beneficiary Rights of DREAM Private REIT

Feb. 24, 2022

JCR Assigned A-/Stable and J-1 to ASAHI SHINKIN BANK

JCR Upgraded MEIDENSHA to A-/Stable and J-1

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

JCR Affirmed A/Stable and J-1 on TOYOBO

JCR Affirmed A/Stable Long-term Issuer Rating on JAPAN WOOL TEXTILE

JCR Affirmed A/Stable (FC/LC) on Portuguese Republic

JCR Assigned BBB Rating to Subordinated Loan of Yasuda Logistics

JCR Assigned Social 1 to Long-term Loan Borrowed by Yasuda Logistics

[ Asset Securitization Products ] JCR Assigned A to Commitment Line of Trust ABCL (3932181)

Feb. 22, 2022

JCR Affirmed A+ and J-1 on MINEBEA MITSUMI; Revised Outlook to Positive

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

JCR Affirmed A+/Stable Long-term Issuer Rating on Mitsubishi Chemical HD

JCR Affirmed A/Stable Long-term Issuer Rating on United Super Markets Holdings

JCR Affirmed A/Stable Long-term Issuer Rating on AEON Mall

JCR Affirmed A-/Stable and J-1 on AEON KYUSHU

JCR Affirmed A/Stable and J-1 on AEON Financial Service

JCR Affirmed A-/Stable and J-1 on AEON Product Finance

JCR Affirmed A-/Stable and J-1 on AEON Housing Loan Service

JCR Affirmed A-/Stable FC Long-term Issuer Rating on AEON Thana Sinsap (Thailand)

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Fukui Bank
JCR Affirmed BBB/Stable Long-term Issuer Rating on FUKUHO BANK

JCR Affirmed A/Stable Long-term Issuer Rating on Hoshino Resorts REIT

JCR Assigned A Rating to Bonds of Japan Airlines

JCR Assigned A- Rating to Bonds of NEC Capital Solutions

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 22-02

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Mizuho Bank to Hulic Reit

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Sumitomo Mitsui Trust Bank to Hulic Reit

JCR Assigned SU 1(F) to Sustainability Finance Framework of Hulic Reit

Feb. 21, 2022

Sharp Begins Discussions to Make SDP a Wholly-Owned Subsidiary - Negative for Rating if Realized

EDF Unveiled Its Action Plan to Strengthen Its Financial Structure - Support Measures Including Rights Issue Provided by French Government Will Be Positive Factors for the Ratings

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

JCR Affirmed A+/Stable and J-1 on ACOM

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

[ Asset Securitization Products ] JCR Assigned Preliminary A Rating to BEP Senior Beneficial Interest/ABL 202203

[ Asset Securitization Products ] JCR Assigned Preliminary AAA and Preliminary A- to Investment Purpose Condominium Loans Trust (220220)

JCR Assigned AA to Oxygen Capital Limited Series 173

Feb. 18, 2022

JCR Upgraded Long-term Issuer Rating on Nissan Chemical to AA-/Stable

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

JCR Affirmed A/Stable Long-term Issuer Rating on Takasago Thermal Engineering

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

JCR Affirmed A+/Stable and J-1 on NH Foods

JCR Affirmed AA/Stable Long-term Issuer Rating on DREAM Private REIT

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

JCR Assigned AA Rating to Bonds of Chubu Electric Power

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Assigned BBB+ Rating to Bonds of Yanmar HD

JCR Assigned AAA Rating to Bonds of National Institution for Academic Degrees and Quality Enhancement of Higher Education

JCR Assigned Social 1 to Bonds of National Institution for Academic Degrees and Quality Enhancement of Higher Education

JCR Assigned A- Rating to Bonds of Hungary

JCR Assigned AA Rating to Bonds of GLP J-REIT

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 22-02

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

Feb. 17, 2022

JCR Upgraded Long-term Issuer Rating on SOSiLA Logistics REIT to AA-/Stable

JCR Affirmed A+/Stable and J-1 on ITO EN

JCR Assigned AAA Rating to Bonds of Tokyo Metro

JCR Assigned Social 1 to Long-term Debts of Mizumusubi Management Miyagi

Feb. 16, 2022

JCR Upgraded Long-term Issuer Rating on Japan Pulp & Paper to A/Stable; Affirmed J-1 on CP

JCR Affirmed A- Long-term Issuer Rating on Ehime Bank; Revised Outlook to Positive

JCR Affirmed A+/Stable and J-1 on Fuyo General Lease

JCR Affirmed A+/Stable and J-1 on Sharp Finance

JCR Assigned Preliminary A Rating to Bonds of TEPCO Renewable Power

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

Feb. 15, 2022

INV to Make Koyo Securities A Wholly Owned Subsidiary - Possible Improvement in the Group's Earnings Capacity and Increase in Debts Will Be Watched

JCR Upgraded Long-term Issuer Rating on Oji HD to AA-p/Stable

JCR Affirmed A+/Stable on Kyoritsu Women's Educational Institution

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

JCR Assigned AA Rating to Bonds of MORI TRUST Sogo Reit

JCR Assigned Green 1(F) to Green Bond Framework of Japan Freight Railway

Feb. 14, 2022

FIDEA HD and TOHOKU BANK Terminate Basic Agreement on Management Integration - No Impact on Each Company's Rating

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

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

JCR Affirmed A+/Negative Long-term Issuer Rating on Japan Hotel REIT Investment Corporation

JCR Assigned Preliminary A- Rating to Shelf Registration of Orient Corporation

Feb. 10, 2022

JCR Affirmed J-3 Short-term Issuer Rating on INV

JCR Assigned A- Rating to Bonds of Chuo-Nittochi Group

JCR Assigned AAA Rating to Bonds of Metropolitan Expressway

JCR Upgraded BRS Mega Solar Project Bond Trust 1 Beneficial Interest and Trust ABL to Preliminary BBB

JCR Assigned Preliminary BBB to Daiwa Green Finance Program Trust Beneficial Interest and Trust ABL (Kumamoto Kikuchi Solar Power Plant)

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to BANK OF FUKUOKA C Corporation Bills & Electronically Recorded Receivable ABL 22-02

JCR Assigned Green 1 (preliminary evaluation) to Daiwa Green Finance Program Trust Beneficiary Interests

JCR Assigned Green 1 (preliminary evaluation) to Daiwa Green Finance Program ABL

Feb. 09, 2022

JCR Downgraded Long-term Issuer Rating on Sumitomo Riko to A/Stable; Affirmed J-1 on CP

JCR Affirmed AA-/Stable and J-1+ on NGK SPARK PLUG

Feb. 08, 2022

TOSHIBA Revises TOSHIBA Group's Strategic Reorganization - No Immediate Impact on Rating; JCR Will Monitor Future Development

[ Asset Securitization Products ] JCR Assigned Preliminary A to Commitment Line of Trust ABCL (3932181)

JCR Affirmed AA+p/Stable Long-term Issuer Rating on West Japan Railway

JCR Affirmed A+/Stable FC Long-term Issuer Rating on Hyundai Capital Services

JCR Affirmed AAA/Stable Long-term Issuer Rating on National Institution for Academic Degrees and Quality Enhancement of Higher Education

JCR Assigned Social 1 (Preliminary) to Bonds of National Institution for Academic Degrees and Quality Enhancement of Higher Education

JCR Affirmed AA/Stable Long-term Issuer Rating on Sekisui House Reit.

JCR Assigned Green 1 to Long-term Loan Financed by Light Year TMK

Feb. 07, 2022

JCR Assigned A+/Stable Long-term Issuer Rating to Kyodo Housing Loan

JCR Assigned Green 1 (T)(F) to Transition Loan Framework Issued by SUMITOMO CHEMICAL

Feb. 04, 2022

JCR Affirmed AA/Stable and J-1+ on Mitsui Fudosan

JCR Affirmed AA+p/Stable Long-term Issuer Rating on Mitsubishi Estate