News Release

Nov. 11, 2022

JCR Affirmed AA- on Notes of Violet Protected Asset SPC Series VPA 1 S08

JCR provided a third party opinion on Sustainability Linked Bond Framework of Shiseido

JCR Reviewed Green Financing Framework of ARUHI

Nov. 10, 2022

Nippon Sheet Glass Posts Impairment Loss - No Immediate Impact on Rating

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

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

JCR Affirmed AAA/Stable Long-term Issuer Rating on Inter-American Development Bank

JCR Assigned SU 1(F) to Sustainable Finance Framework by Morinaga

JCR Provided a Third Party Opinion to Sustainability Linked Loan Framework of Kawasaki Heavy Industries

Nov. 09, 2022

Sumitomo Mitsui Construction Revised FY2022 Earnings Forecast - Downward Pressure on Rating; JCR Will Watch Progress of Large-Scale Construction Projects

JCR Affirmed AA/Stable Long-term Issuer Rating on Industrial & Infrastructure Fund Investment Corporation

[ Asset Securitization Products ] JCR Assigned Preliminary A Rating to Senior Beneficial Interest 7931601 Series 2

JCR Assigned Green 1(F) to Green Bond Framework of Kyoto City

Nov. 07, 2022

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

Nov. 04, 2022

JCR Affirmed AA- Long-term Issuer Rating on Marubeni Private Real Estate Investment Trust; Revised Outlook to Positive

JCR Affirmed AAA/Stable Long-term Issuer Rating on National University Corporation Tohoku University

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

JCR Assigned BBB to BCPG Fukushima Yabuki Green Project Bond Trust Trust ABL

Nov. 02, 2022

JCR Affirmed BBB+/Stable and J-2 on ZENSHO HD

JCR Affirmed AAA/Stable Long-term Issuer Rating on Tokyo Metro

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

JCR Assigned Preliminary A Rating to Subordinated Bonds of JERA

JCR Comments on the Effects of ICAO Long-Term Global Aspirational Goal, etc. on its Green Bond Framework Evaluation to ANA

Nov. 01, 2022

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

JCR Affirmed A Long-term Issuer Rating on Kawasaki Heavy Industries; Revised Outlook to Stable

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

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

Change in CP Maximum Amount of Kyushu Electric Power; Affirmed J-1+

JCR Affirmed A-/Stable and J-1 on Konoike Transport

JCR Affirmed AA- on Securitization of Leases Receivable from SB

JCR Affirmed AA- on Securitization of Loans Receivable from SB

Oct. 31, 2022

JCR Assigned AA+/Stable Long-term Issuer Rating to Recruit HD

JCR Upgraded Long-term Issuer Rating on Fukuoka Financial Group to A+/Stable; Affirmed J-1 on CP
JCR Upgraded Long-term Issuer Rating on BANK OF FUKUOKA to AA-/Stable
JCR Upgraded Long-term Issuer Rating on Kumamoto Bank to AA-/Stable
JCR Upgraded Long-term Issuer Rating on Juhachi-Shinwa Bank to AA-/Stable

JCR Affirmed AAAp/Stable Long-term Issuer Rating on European Bank for Reconstruction and Development

JCR Assigned Preliminary AA- Rating to Shelf Registration of Mitsubishi Heavy Industries

[ Asset Securitization Products ] JCR Assigned AA- to Ganymede Limited Series 2022-107

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by THE SHIMIZU BANK to SHIRATORI CONSTRUCTION

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by THE SHIMIZU BANK to Shizuoka-chaen

JCR Provided a Third Party Opinion to Positive Impact Assessment provided by Sumitomo Mitsui Trust Bank to Sumitomo Heavy Industries

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by The Joyo Bank to KIUCHI BREWERY

JCR Assigned Social 1 to Long-term Loan Borrowed by ARCALIS

Oct. 28, 2022

ARAKAWA CHEMICAL INDUSTRIES Revises Earnings Forecasts Downward - Increasing Downward Pressure on Rating

JCR Assigned J-1 Rating to CP of Daicel

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

JCR Affirmed A/Stable and J-1 on SKY Perfect JSAT HD

JCR Assigned AA- Rating to Bonds of Sumitomo Mitsui Trust Bank

[ Asset Securitization Products ] JCR Affirmed A- Rating on Trust ABL and Corporate Bonds of Nomura Trust and Banking (1806-04)

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 22-10 (D Hospital)

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL 22-10

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

JCR Reviewed Green Bond Framework of NGK INSULATORS

JCR Assigned SU 1(F) to Green Bond・Social Bond・Sustainability Bond Framework of THE HACHIJUNI BANK

Oct. 27, 2022

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

JCR Upgraded Long-term Issuer Rating on AIRTECH JAPAN to BBB/Stable

JCR Affirmed A+/Stable and J-1 on Sanwa HD

JCR Assigned A- Rating to Bonds of HANWA

[ Asset Securitization Products ] JCR Affirmed BBB- on Specified Bonds 19-07-02

JCR Affirmed A- on JRE Mega Solar Project Bond Trust 1 Class A Beneficial Interest and Class A Trust ABL

JCR Affirmed A on JRE Mega Solar Project Bond Trust 1 Class B Beneficial Interest and Class B Trust ABL

JCR Affirmed BBB+ on JRE Mega Solar Project Bond Trust 1 Class C Beneficial Interest

JCR Affirmed A on JRE Mega Solar Project Bond Trust 2 Beneficial Interest

Oct. 26, 2022

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

JCR Affirmed AA-/Stable and J-1+ on SoftBank

JCR Affirmed BBB/Stable and J-2 on Taiyo Oil

JCR Affirmed A/Stable Long-term Issuer Rating on NISHIMATSUYA CHAIN

JCR Assigned A- Rating to Subordinated Loan of KONICA MINOLTA

JCR Assigned A Rating to Bonds of AEON Financial Service

Oct. 25, 2022

JCR Upgraded Ratings on Korea Development Bank to AAp/AA+p (FC/LC) with Stable Outlook

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

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

JCR Assigned AA- to Ascent Finance Limited Series 2022-1058

JCR Assigned AA to Libra A Limited Series C006

Oct. 24, 2022

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

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

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

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

Oct. 21, 2022

JCR Affirmed A-/Stable Long-term Issuer Rating on PACIFIC INDUSTRIAL

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

JCR Assigned AA Rating to Bonds of DAIWA HOUSE INDUSTRY

JCR Assigned A+ Rating to Bonds of Hyundai Capital Services

JCR Assigned AAA Rating to Bonds of Japan Student Services Organization

JCR Affirmed AA- on SPACE VIII Limited Series 2021-04

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 22-10

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 22-10

Oct. 20, 2022

Change in CP Maximum Amount of HIROSHIMA GAS; Affirmed J-1

JCR Affirmed AA-/Stable and J-1+ on Sumitomo Mitsui Auto Service

JCR Assigned A Rating to Bonds of NEC Capital Solutions

JCR Assigned A- to Sylph Limited Series 10194

JCR Assigned Green 1 to AEON Green Trust 202210

Oct. 19, 2022

JCR Assigned A-/Stable Long-term Issuer Rating to NS UNITED KAIUN

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Kanagawa Chuo Kotsu

JCR Affirmed A/Stable and J-1 on GUNZE

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

JCR Affirmed BBB+/Stable Long-term Issuer Rating on WARABEYA NICHIYO HD

JCR Affirmed J-2; Withdraws BBB Long-term Issuer Rating on JALUX

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

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

JCR Assigned A+ to Ascent Finance Limited Series 2022-1049

Oct. 18, 2022

JCR Assigned AA- to Bonds of Zenkyoren 2nd Subordinated Loan Securitization Company Limited

JCR Assigned A+/Stable Long-term Issuer Rating to NIPPON TOCHI-TATEMONO Private REIT