News Release

Nov. 22, 2021

JCR Affirmed A-/Stable Long-term Issuer Rating on Nippon Light Metal HD

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 21-11

JCR Reviewed Bonds no. 33 Issued by Ricoh Leasing

JCR Reviewed Bonds no. 38 Issued by Ricoh Leasing

Nov. 19, 2021

JCR Affirmed A Rating on MIRAIT Holdings; Revised Outlook to Positive

JCR Affirmed AA-/Stable and J-1+ on Odakyu Electric Railway

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

JCR Affirmed A/Stable Long-term Issuer Rating on Nishimatsu Construction

JCR Assigned A- Rating to Bonds of ARAKAWA CHEMICAL INDUSTRIES

JCR Assigned AA- Rating to Bonds of JERA

JCR Assigned A Rating to Bonds of TAKARA HOLDINGS

JCR Assigned A+ Rating to Bonds of NICHIREI

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

[ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (I Hospital)

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

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

Nov. 18, 2021

JCR Affirmed AA+/Stable and J-1+ on NTT DATA

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

JCR Affirmed AAA/Stable (FC/LC) on Commonwealth of Australia

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

Nov. 17, 2021

JCR Affirmed A Rating on TIS; Revised Outlook to Positive
JCR Affirmed A Rating on INTEC; Revised Outlook to Positive

JCR Affirmed BBB+ on Makino Milling Machine; Revised Outlook to Positive

JCR Affirmed A Rating on Nishi-Nippon Financial Holdings; Revised Outlook to Positive
JCR Affirmed A Rating on NISHI-NIPPON CITY BANK; Revised Outlook to Positive

JCR Affirmed AA- Rating on Mitsubishi Estate Logistics REIT Investment Corporation; Revised Outlook to Positive

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

Nov. 16, 2021

JCR Assigned AAA/Stable Long-term Issuer Rating to National University Corporation Tohoku University

JCR Affirmed AA/Stable Long-term Issuer Rating on ASAHI KASEI

JCR Affirmed A+/Stable and J-1 on ISUZU MOTORS

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

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

JCR Assigned A+ Rating to Bonds of MIRAI Corporation

JCR Upgraded Ascent Finance Limited Series 2020-1053 to AA-

Nov. 15, 2021

TOSHIBA Announces Strategic Reorganization of the Group - No Immediate Impact on Rating; JCR Will Monitor Future Development

JCR Affirmed A Rating on OSAKA STEEL; Revised Outlook to Stable

JCR Affirmed A/Stable Long-term Issuer Rating on Ezaki Glico

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

JCR Assigned Green 1(F) to Green Finance Framework of JACCS

Nov. 12, 2021

JCR Affirmed A+ Rating on ASICS; Revised Outlook to Stable

JCR Affirmed A+ and J-1 on NIPPON STEEL TEXENG; Revised Outlook to Stable

JCR Affirmed BBB/Stable and J-2 on JALUX

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

JCR Assigned AA Rating to Bonds of Chubu Electric Power

JCR Assigned AA Rating to Bonds of Tokyo Waterfront Area Rapid Transit

JCR Assigned A- Rating to Bonds of Starts Proceed Investment Corporation

JCR Assigned AA Rating to Bonds of MORI HILLS REIT INVESTMENT

JCR Assigned Green 1(F) to Green Bond Framework of NGK INSULATORS

JCR Assigned Green 1 (Preliminary Evaluation) to 40th Series Unsecured straight Bond issued by TAISEI

Nov. 11, 2021

JCR Affirmed A- and J-1 on KROSAKI HARIMA; Revised Outlook to Stable

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

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

JCR Affirmed A-/Negative Long-term Issuer Rating on RISO KAGAKU

JCR Assigned AA Rating to Bonds of Daiwa House REIT Investment Corporation

JCR Assigned BBB+ to SPARX Biomass Green Project Bond Trust (Toki)

[ Asset Securitization Products ] JCR Affirmed BB+ on Beneficial Interest 20-07

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

JCR Assigned Green 1 (Final Evaluation) to SPARX Biomass Green Project Bond Trust (Toki) Beneficial Interest

JCR Assigned Green 1 (Final Evaluation) to SPARX Biomass Green Project Bond Trust (Toki) Trust ABL

JCR Assigned SU 1 to the Bonds Issued by Daiwa House REIT Investment

Nov. 10, 2021

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

JCR Assigned AA Rating to Bonds of Activia Properties

JCR Assigned Green 1(F) to Green Bond Framework of EXEO Group

JCR Assigned Green 1 (Preliminary Evaluation) to the Green Bonds Issued by EXEO Group

Nov. 09, 2021

Sumitomo Mitsui Construction Revised FY2021 Earnings Forecast - No Immediate Impact on Rating; JCR Will Watch Future Profit and Financial Recovery

[ Asset Securitization Products ] JCR Affirmed A- on Triangulum Occident

JCR Assigned Social 1(F) to Social Bond Framework of the University of Tokyo

JCR Reviewed Green Finance Framework of Takara Leben Infrastructure Fund

Nov. 08, 2021

JCR Assigned AA/Stable Long-term Issuer Rating to Japan Prime Realty Investment Corporation

JCR Assigned SU 1(F) to Sustainability Finance Framework of Japan Prime Realty Investment Corporation

Increase in CP Maximum Amount of KYOKUYO; JCR Affirmed J-2

Nov. 05, 2021

Three Major Shipping Companies Revised Upward Earnings Forecasts - Significant Improvement in Financial Structure Boosts Their Creditworthiness

Japan Airlines Announces FY2021 Earnings Forecast - Future Trends in Travel Demand and Business Recovery to Be Closely Watched

JCR Downgraded Long-term Issuer Rating on ANA HD to A-/Stable

JCR Assigned Preliminary BBB to Amp Green Project Bond Trust (Miyazaki) Beneficial Interest and Trust ABL

JCR Affirmed A- on ZEST Investments B Series 1508-B01, 1511-B01, 1601-B03, 1602-B01, 1602-B02, 1602-B03, 1603-B01, 1605-B01, 1605-B02 and 1607-B01

JCR Affirmed A- on Ascent Finance Limited Series 2019-1020

JCR Affirmed A- on Ascent Finance Limited Series 2019-1033

JCR Affirmed A- on Mirach Limited Series 1910-M01

JCR Affirmed A- on Mirach Limited Series 1910-M02

JCR Affirmed A- on Nomura Trust and Banking Series 125, 132, 134, 136 and 146 Unsecured Trust Bond

JCR Affirmed A- on Loans for Nomura Trust and Banking Trust Account 1169041 and 1169045

Nov. 04, 2021

JCR Affirmed A-/Stable Long-term Issuer Rating on KAGA ELECTRONICS

JCR Affirmed A/Stable Long-term Issuer Rating on FIRST BANK OF TOYAMA

JCR Affirmed AA-/Stable Long-term Issuer Rating on Japan Excellent

[ Asset Securitization Products ] JCR Affirmed A+ Rating on ZEST Investments B Series 1707-B01

[ Asset Securitization Products ] JCR Affirmed A+ Rating on Mirach Limited Series 1907-M02

JCR Affirmed A+ on Mirach Limited Series 1906-M01

JCR Affirmed A+ on Spica Limited Series 1910-S12

Nov. 02, 2021

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

JCR Assigned AA- to Ascent Finance Limited Series 2021-1027

Nov. 01, 2021

JCR Affirmed A-/Stable Long-term Issuer Rating on TAIKO BANK

JCR Withdraws BBB+/Stable and J-2 on KOBELCO CONSTRUCTION MACHINERY

Oct. 29, 2021

JCR Upgraded Rating on Mitsubishi UFJ NICOS from AA-/Stable to AA/Stable; Affirmed J-1+

JCR Upgraded Long-term Issuer Rating on Jimoto Holdings to BBB/Stable
JCR Affirmed BBB-/Stable Long-term Issuer Rating on Kirayaka Bank
JCR Upgraded Long-term Issuer Rating on SENDAI BANK to BBB/Stable

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

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

JCR Affirmed AA-/Stable, AA-, A+ and A- on Nomura Holdings
JCR Affirmed AA-/Stable Long-term Issuer Rating on Nomura Securities
JCR Affirmed AA-/Stable Long-term Issuer Rating on Nomura Bank International
JCR Affirmed AA- on EMTN of Nomura Europe Finance
JCR Affirmed AA- on EMTN of Nomura Global Finance

JCR Affirmed AA-/Stable Long-term Issuer Rating on Nomura Trust and Banking

JCR Affirmed A+/Stable, A+, BBB+ and Preliminary A+ on Daiwa Securities Group
JCR Affirmed A+/Stable Long-term Issuer Rating on Daiwa Securities

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

JCR Affirmed AA/Stable and AA on Activia Properties