News Release

Oct. 14, 2021

JCR Assigned A+ Rating to Bonds of Sumitomo Mitsui Trust Panasonic Finance

JCR Assigned Preliminary BBB+ Rating to Shelf Registration of HEIWA REAL ESTATE

[ Asset Securitization Products ] JCR Assigned A to Ganymede Limited Series 2021-122

Oct. 13, 2021

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

JCR Affirmed AA/Stable and AA on Industrial & Infrastructure Fund Investment Corporation

JCR Assigned BBB+ Rating to Bonds of EIKEN CHEMICAL

JCR Affirmed J-1+ Rating on ABCP Program of Nexus Asset Funding

JCR Affirmed J-1+ Rating on ABCP Program of Vector Asset Funding

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to BANK OF FUKUOKA C Corporation Bills & Electronically Recorded Receivable ABL 21-10

JCR Affirmed A+ on Sylph Limited Series 50152, 50163, 50174 and 50208

JCR Affirmed A+ on Sylph Limited Series 50153 and 50175

JCR Affirmed AA- on JETS International Two Limited Series 61

JCR Affirmed AA- on JETS International Two Limited Series 62

JCR Affirmed AA- on JETS International Two Limited Series 71

JCR Affirmed AA- on JETS International Two Limited Series 74

JCR Affirmed AA- on JETS International Two Limited Series 84

JCR Affirmed AA on JETS International Five Limited Series 125, 144 and 240

JCR Assigned SU 1 to Sustainability Bonds Issued by EIKEN CHEMICAL

Oct. 12, 2021

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

JCR Assigned Preliminary BBB+ to Shelf Registration of DAIKEN; Affirmed BBB+ and J-2; Revised Outlook from Stable to Positive

JCR Affirmed A-, Preliminary A-, BBB and J-1 on Toyo Tire; Revised Outlook to Positive

JCR Affirmed AA/Stable and AA on United Urban Investment

JCR Affirmed A/Stable Long-term Issuer Rating on Takara Leben Infrastructure Fund

[ Asset Securitization Products ] JCR Affirmed A on Securitization of Leases Receivable 202108

Oct. 11, 2021

Application for Listing of SBI Sumishin Net Bank - Decline in Current Shareholders' Stake Does not Immediately Affect Rating

JCR Affirmed A+/Stable, A+ and Preliminary A+ on AIR WATER

JCR Assigned Preliminary A Rating to Shelf Registration of HOKKAIDO GAS

Oct. 08, 2021

JCR's Rating Review of Major Banks

JCR Affirmed A and J-1 on Sanyo Special Steel; Revised Outlook from Negative to Stable

JCR Affirmed A/Stable and A on AICHI STEEL

JCR Affirmed AA-/Stable, AA- and Preliminary AA- on Z Holdings

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

JCR Affirmed AA-/Stable and J-1+ on Kansai Mirai Bank
JCR Affirmed AA-/Stable on MINATO BANK

JCR Affirmed AA/Stable, AA and AA- on Mitsubishi UFJ Securities Holdings
JCR Affirmed AA/Stable Long-term Issuer Rating on Mitsubishi UFJ Morgan Stanley Securities

JCR Affirmed AA/Stable, AA and J-1+ on Mizuho Securities
JCR Affirmed AA Rating on EMTN of Mizuho International
JCR Affirmed AA Rating on EMTN of Mizuho Securities USA

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

JCR Affirmed A+/Stable, A+, Preliminary A+ and J-1 on Sumitomo Mitsui Trust Panasonic Finance

JCR Assigned AA Rating to Bonds of Kansai Electric Power

JCR Assigned A+ Rating to Bonds of Takeda Pharmaceutical

JCR Assigned AAA Rating to Bonds of Tokyo Metro

JCR Assigned A- Rating to Bonds (Tier 1 with loss absorption clause) of Mitsubishi UFJ Financial Group

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

[ Asset Securitization Products ] JCR Assigned Preliminary A to Securitization of Leases Receivable 202110

JCR Assigned Green 1 to the 3rd Public Bonds Issued by Nagano Prefecture

Oct. 07, 2021

JCR Assigned AA+/Stable Long-term Issuer Rating to National University Corporation The University of Electro-Communications

JCR Assigned AA Rating to Bonds of Chubu Electric Power

JCR Assigned A+ Rating to Bonds of NIPPON SANSO HOLDINGS

Oct. 06, 2021

JCR's Rating Review of Blast Furnace Steel Manufacturers

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Japan Medical Alliance

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

JCR Assigned BBB+ to Subordinated Bonds of Japan Airlines

JCR Assigned AA- Rating to Bonds of SoftBank Corp.

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Assigned A+ Rating to Bonds of SUMITOMO CHEMICAL

JCR Affirmed BBB+/Stable (FC), A-/Stable (LC) and BBB+ on Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara

Oct. 05, 2021

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

JCR Affirmed BBB+/Stable and BBB+ on Kanagawa Chuo Kotsu

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

JCR Assigned A Rating to Bonds of Tokyu Fudosan Holdings

Oct. 04, 2021

JCR Affirmed A/Negative, A, BBB+ and J-1 on Rakuten Group

JCR Affirmed A/Negative, A and J-1 on Rakuten Card

JCR Affirmed A/Negative and J-1 on Rakuten Bank

JCR Affirmed A/Negative Long-term Issuer Rating on Rakuten General Insurance

JCR Assigned AAA Rating to Bonds of African Development Bank

[ Asset Securitization Products ] JCR Assigned A+ to Ganymede Limited Series 2021-125

JCR Assigned SU 1 (Preliminary Evaluation) to Sustainability Bonds Issued by United Urban Investment Corproation

Oct. 01, 2021

Revisions to Rating Methodology for Banks

Revision of Sovereign Rating Methodology

JCR Assigned A+/Stable Long-term Issuer Rating to INFRONEER Holdings
JCR Upgraded Rating on MAEDA from A/Positive, A and Preliminary A to A+/Stable, A+ and Preliminary A+

JCR Assigned AA-/Stable, Preliminary AA- and J-1+ to Sumitomo Mitsui Auto Service

JCR Assigned A+/Stable Long-term Issuer Rating to Juroku Financial Group
JCR Upgraded Rating on Juroku Bank from A/Positive to A+/Stable

JCR Assigned A+/Stable Long-term Issuer Rating to Okinawa Financial Group

JCR Affirmed A/Stable, A, Preliminary A and J-1 on TSUBAKIMOTO CHAIN

JCR Affirmed AA- Rating on EMTN of Nomura Europe Finance
JCR Affirmed AA- Rating on EMTN of Nomura Global Finance; Increase in Maximum Amount of Program

JCR Assigned AAA Rating to Bonds of Metropolitan Expressway

JCR Assigned Preliminary A Rating to Shelf Registration of Nisshin OilliO Group

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

Sep. 30, 2021

JCR Assigned J-2 Rating to CP of Monex Finance

JCR Affirmed J-1+ Rating on CP of Chugoku Electric Power; Increase in CP Maximum Amount

JCR Assigned Preliminary AA to Shelf Registration of Tokyo Waterfront Area Rapid Transit; Affirmed AA/Stable and AA

JCR Assigned BBB Rating to Subordinated Loan of Mitsui O.S.K. Lines

JCR Affirmed AA- on Cypher Limited Series 290

JCR Affirmed AA- on Sylph Limited Series 1839

JCR Affirmed AA- on Sylph Limited Series 1888

[ Asset Securitization Products ] JCR Assigned AAA to Class A Beneficial Interest 202109

[ Asset Securitization Products ] JCR Assigned AA- to Ascent Finance Limited Series 2021-1023

JCR Assigned AA- to Securitization of Loans Receivable from SB 202109

JCR Assigned AA- to Securitization of Leases Receivable from SB 202109

JCR Assigned Green 1 (Preliminary Evaluation) to Unsecured Bond by Frontier Real Estate Investment Corporation

JCR Assigned Green 1(F) to Green Finance Framework of Frontier Real Estate Investment Corporation

JCR provided a third party opinion on Sustainability Linked Loans conducted by The Norinchukin Trust & Banking to Tokyo Century

JCR provided a third party opinion on Sustainability Linked Loans conducted by The Shizuoka Bank to Yamaichi Metal

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 Shizuoka Bank to URBAN

JCR provided a third party opinion to Positive Impact Finance provided by Shizuoka Bank to EC Center