News Release

Dec. 03, 2021

JCR Assigned AA/Stable Long-term Issuer Rating to Japan Freight Railway

JCR Affirmed AA- Rating on T&D Holdings; Revised Outlook to Positive
JCR Affirmed AA- Rating on DAIDO LIFE INSURANCE; Revised Outlook to Positive
JCR Affirmed AA- Rating on TAIYO LIFE INSURANCE ; Revised Outlook to Positive
JCR Affirmed AA- Rating on T&D FINANCIAL LIFE INSURANCE; Revised Outlook to Positive

JCR Affirmed J-1 Rating on CP of T&D Lease

JCR Affirmed A/Stable FC Long-term Issuer Rating on Malayan Banking

JCR Assigned AA Rating to Bonds of ASAHI KASEI

JCR Assigned AA Rating to Bonds of Kansai Electric Power

JCR Assigned A Rating to Subordinated Bonds of Suntory HD

JCR Assigned AA- Rating to Bonds of TAISEI

JCR Assigned Green 1 to 40th Series Unsecured Straight Bond Issued by TAISEI

JCR Assigned A+ Rating to Bonds of Takashimaya

JCR Assigned A+ Rating to Subordinated Bonds of Chugoku Electric Power

JCR Assigned A- Rating to Bonds of Mitsui DM Sugar HD

JCR Assigned AA- Rating to Bonds of TOKYU

JCR Assigned A- Rating to Bonds of JACCS

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

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

Dec. 02, 2021

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

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

JCR Assigned A+ Rating to Bonds of EXEO Group

JCR Assigned Green 1 to the Green Bonds Issued by EXEO Group

JCR Assigned AA- Rating to Bonds of Hankyu Hanshin HD

JCR Assigned AA Rating to Bonds of Chubu Electric Power

JCR Assigned AA- Rating to Bonds of Tokyo Century

JCR Assigned A- Rating to Bonds of Samty Residential Investment Corporation

[ Asset Securitization Products ] JCR Affirmed AA on JETS International Five Limited Series 177

[ Asset Securitization Products ] JCR Affirmed A- on JETS International Five Limited Series 178

JCR Affirmed AA- on SPIRE SA Series 2020-217

Dec. 01, 2021

Mitsui O.S.K. Lines Will Make 2 Group Companies Wholly Owned Subsidiaries - Limited Impact on Rating

JCR Placed Rating on DAIBIRU under Credit Monitor #A/Negative

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

JCR Upgraded Rating on HANWA to A-/Stable and J-1; Increase in CP Maximum Amount

JCR Downgraded Long-term Issuer Rating on Namura Shipbuilding to BB+/Stable

JCR Affirmed A+/Stable Long-term Issuer Rating on Shinkin Guarantee Fund

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

JCR Affirmed BBB+/Stable FC Long-term Issuer Rating on Leonteq Securities

JCR Assigned A Rating to Bonds of TOYOBO

JCR Assigned AA Rating to Bonds of Japan Metropolitan Fund Investment Corporation

[ Asset Securitization Products ] JCR Assigned Preliminary AAA Rating to Hayabusa 3

[ Asset Securitization Products ] JCR Assigned Preliminary AAA Rating to Hayabusa 4

Nov. 30, 2021

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

JCR Affirmed BB+/Stable Long-term Issuer Rating on IKAI

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

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

JCR Affirmed AAA/Stable Long-term Issuer Rating on National University Corporation, the University of Tokyo

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

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

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

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

[ Asset Securitization Products ] JCR Assigned J-1+ to Hokuriku Bank A Corporation Bills & Electronically Recorded Receivables ABL 21-11

[ Asset Securitization Products ] JCR Assigned Preliminary A to Securitization of Leases Receivable 202201A

[ Asset Securitization Products ] JCR Assigned AAA, A and A- to Beneficial Interest 202111 (Contract No. 210281)

JCR Assigned Green 1 to Trust Beneficiary Rights 202111 (Contract No. 210281)

JCR Assigned Green 1 (Preliminary Evaluation) to Bonds of Keiyo Gas

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Sumitomo Mitsui Trust Bank to Mitsubishi Estate

JCR Provided a Third Party Opinion on Sustainability Linked Loans Conducted by Sumitomo Mitsui Trust Bank to RICOH LEASING

JCR Provided a Third Party Opinion on Sustainability Linked Loans Conducted by JA Mitsui Leasing to GPSS Holdings

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

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

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

JCR Provided a Third Party Opinion to the positive impact framework of San ju San Bank

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by San ju San Bank to Cosmo Foods

Nov. 29, 2021

JCR Assigned BBB/Stable Long-term Issuer Rating to SBI FinTech Solutions

JCR Affirmed A-/Stable and J-1 on Nankai Electric Railway

JCR Affirmed AA/Stable Long-term Issuer Rating on Shinkin Securities

JCR Assigned Preliminary A- Rating to Subordinated Bonds of Dai-ichi Life HD

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL 21-11

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 21-11 (D Hospital)

JCR Assigned A+ to Ganymede Limited Series 2021-166

Nov. 26, 2021

JCR Affirmed BBB+/Negative Long-term Issuer Rating on FUJI KYUKO

JCR Affirmed AA/Stable Long-term Issuer Rating on Shinkin Central Bank

JCR Assigned A+ Rating to Bonds of ASICS

JCR Assigned AA- Rating to Bonds of SAIBU GAS HD

JCR Assigned A- Rating to Bonds of Showa Denko

JCR Assigned BBB Rating to Bonds of Nippon Yakin Kogyo

JCR Assigned A+ Rating to Bonds of Mitsui Chemicals

JCR Assigned A Rating to Bonds of Rakuten Group

JCR Assigned A Rating to Bonds of POCKET CARD

JCR Assigned AA Rating to Bonds of Japan Prime Realty Investment Corporation

Nov. 25, 2021

Mitsui E&S Holdings Removes MODEC as a Consolidated Subsidiary - No Immediate Impact on Rating, but JCR Will Monitor Future Performance and Financial Developments

CPI Property Group to Raise EUR450 Million of Additional Equity - Need to Watch Its Impact on Financial Structure

JCR Assigned A (fp) Fund Portfolio Rating to Renewable Trust

JCR Affirmed A Rating on DAIICHIKOSHO; Revised Outlook to Negative

JCR Affirmed A-/Stable and J-1 on IHI

JCR Affirmed A/Negative Long-term Issuer Rating on Kawasaki Heavy Industries

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

JCR Affirmed A-/Stable Long-term Issuer Rating on TAKAMATSU CONSTRUCTION GROUP

JCR Affirmed A-/Stable and J-1 on Mitsubishi Electric Credit

JCR Assigned A- Rating to Bonds of NEC Capital Solutions

JCR Assigned AA Rating to Bonds of Mitsubishi HC Capital

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

Nov. 24, 2021

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

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

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

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

JCR Assigned A Rating to Subordinated Loan of Suntory Holdings

JCR Assigned A+ to Mirach Limited Series 2110-M01

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

Nov. 22, 2021

Increase in CP Maximum Amount of Marubeni-Itochu Steel; JCR Affirmed J-1

JCR Affirmed BBB-/Stable and J-2 on Shinsho

JCR Affirmed A-/Stable Long-term Issuer Rating on Takeda Healthcare Foundation