News Release

Oct. 14, 2022

JCR Assigned AA- Rating to Bonds of Sumitomo Mitsui Trust Panasonic Finance

JCR Assigned AA Rating to Bonds of Shinhan Bank

JCR Affirmed BBB on Sylph Limited Series 10153

JCR Provided a Third Party Opinion to Sustainability Linked Loans conducted by The Norinchukin Bank to MITSUBISHI ESTATE

Oct. 13, 2022

JCR Affirmed A/Stable Long-term Issuer Rating on Star Asia Investment Corporation

JCR Affirmed AA/Stable Long-term Issuer Rating on United Urban Investment Corporation

JCR Assigned AA Rating to Bonds of Chubu Electric Power

JCR Assigned Preliminary AA Rating to Shelf Registration of Chubu Electric Power

JCR Assigned A Rating to Bonds of TEPCO Power Grid

JCR Assigned A Rating to Subordinated Bonds of Hulic

JCR Assigned A+ Rating to Bonds of Mizuho Financial Group

JCR Assigned AAA Rating to Bonds of Metropolitan Expressway

JCR Assigned Preliminary A Rating to Shelf Registration of TAIHEIYO CEMENT

Oct. 12, 2022

[ Asset Securitization Products ] JCR Upgraded JETS International Five Limited Series 171 to AA

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

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

JCR Affirmed AA- on JETS International Two Limited Series 84

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

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

JCR Affirmed A+ on Sylph Limited Series 50153 and 50175

Oct. 11, 2022

Change in Parent Company at Asset Management Company of NIPPON REIT Investment Corporation - No Immediate Impact on the Investment Corporation's Rating

JCR Assigned J-1 Rating to CP of IWATANI

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

JCR Assigned Preliminary A+ Rating to Shelf Registration of SUMITOMO HEAVY INDUSTRIES

JCR Affirmed A- on Ecology Trust Bond 1st Series Fund Trust Bonds and Trust ABL

JCR Affirmed A- on Ecology Trust Bond 2nd Series Fund Trust Bonds and Trust ABL

JCR Affirmed A- on Ecology Trust Bond 3rd Series Fund Trust Bonds and Trust ABL

Oct. 07, 2022

Administrative Action Against SMBC Nikko Securities - Limited Impact on Ratings, but JCR Will Watch New Internal Control System and Impact on Business Performance

JCR Upgraded Long-term Issuer Rating on SONY GROUP to AA/Stable

JCR Upgraded Long-term Issuer Rating on FURUKAWA to BBB+/Stable; Affirmed J-2 on CP

JCR Upgraded Foreign Currency Long-term Issuer Rating on Shinhan Bank to AA/Stable

JCR's Rating Review of Major Banks

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

JCR Affirmed AA/Stable and J-1+ on Mizuho Securities
Change in Maximum Amount of EMTN Program of Mizuho Securities and Mizuho International; Affirmed AA

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

JCR Affirmed AA- and J-1+ on Kansai Mirai Bank; Revised Outlook to Positive
JCR Affirmed AA- Long-term Issuer Rating on MINATO BANK; Revised Outlook to Positive

JCR Upgraded Ratings on Sumitomo Mitsui Trust Loan & Finance to AA-/Positive and J-1+

JCR Affirmed AA- and J-1+ on Sumitomo Mitsui Trust Panasonic Finance; Revised Outlook to Positive

JCR Affirmed A/Stable and J-1 on Sanyo Special Steel; Change in CP Maximum Amount

JCR Affirmed AA/Stable and J-1+ on Mitsubishi UFJ NICOS

JCR Assigned AA Rating to Bonds of Kansai Electric Power

JCR Assigned AA- Rating to Bonds of Sumitomo Metal Mining

JCR Assigned AAA Rating to Bonds of The National University Corporation University of Tsukuba

JCR Assigned A Rating to Bonds of HOKKAIDO GAS

JCR Assigned A+ Rating to Bonds of NH Foods

JCR Assigned AA+ Rating to Bonds of Sompo Japan Insurance

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

JCR Assigned AA- Rating to Bonds of TOKYU REIT

JCR Assigned Green 1 to Public Bonds of Nagano Prefecture

Oct. 06, 2022

JCR Removed Credit Monitor; Upgraded Rating on KYUSHU LEASING SERVICE to A-; Placed Positive Outlook

JCR Affirmed A+ (FC/LC) on Slovak Republic; Revised Outlook to Negative

JCR Affirmed AAA/Stable (FC/LC) on France

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

[ Asset Securitization Products ] JCR Affirmed A on Securitization of Leases Receivable 202108, 202201A, 202201 and 202207

[ Asset Securitization Products ] JCR Affirmed A on Securitization of Leases Receivable 202201

[ Asset Securitization Products ] JCR Affirmed A on Securitization of Leases Receivable 202204

[ Asset Securitization Products ] JCR Affirmed A on Securitization of Leases Receivable 202207

[ Asset Securitization Products ] JCR Affirmed A on Securitization of Leases Receivable 202110

[ Asset Securitization Products ] JCR Affirmed Preliminary A and Preliminary J-1 on Beneficial Interest and ABL of Take 2022-01

JCR Affirmed A on Ganymede Limited Series 2021-148

JCR Provided a Third Party Opinion to Positive Impact Framework for SMEs of Mizuho Bank

Oct. 05, 2022

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

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

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

JCR Affirmed A on Kurimoto Mega Solar Project Bond Trust 1 Beneficial Interest and Trust ABL

JCR Affirmed A on Kurimoto Mega Solar Green Project Bond Trust 2 Beneficial Interest and Trust ABL

Oct. 04, 2022

SUMITOMO CHEMICAL's Subsidiary Proposes to Make Myovant Sciences a Wholly-Owned Subsidiary - JCR Will Watch Future Developments and Impact on Group Performance and Finances

JCR Upgraded Rating on Showa Denko to A/Stable and Affirmed J-1; Assigned A/Stable to Showa Denko Materials

JCR's Rating Review of Blast Furnace Steel Manufacturers

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

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

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

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

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

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

JCR Affirmed AA/Stable Long-term Issuer Rating on Activia Properties

JCR Assigned A- Rating to Subordinated Bonds of MORI BUILDING

Oct. 03, 2022

JCR Assigned AA/Stable to Iyogin HD; Affirmed AA/Stable on Iyo Bank

JCR Assigned A/Stable to Aichi Financial Group; Affirmed A/Stable on Aichi Bank; Removed Credit Monitor, Upgraded Rating on Chukyo Bank to A with Stable Outlook

JCR Upgraded Rating on CP of KPP GROUP HD to J-1

JCR Upgraded Rating on Takeda Pharmaceutical to AA-/Stable and J-1+

JCR Affirmed BBB Long-term Issuer Rating on KYORITSU MAINTENANCE; Revised Outlook to Stable

JCR Affirmed AA/Stable LT Issuer Rating on Shinkin Central Bank

JCR Affirmed AA Rating on EMTN Program of Mitsubishi HC Capital and Mitsubishi HC Finance America

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by 33 Bank to SANKYO FOODS

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

Sep. 30, 2022

SEIBU HOLDINGS Revises Earnings Forecasts - JCR Values Progress in Asset Light Strategy and Continues Watching Demand Trends for Railways and Hotels

Tender Offer for Investment Units of Takara Leben Infrastructure Fund Is Commenced - No Impact on Rating, Outcome of TOB to Be Watched

JCR Removed Credit Monitor; Affirmed BBB+ and J-2 on DAIHO; Placed Stable Outlook

JCR Upgraded Rating on Sumitomo Mitsui Trust Panasonic Finance to AA-/Stable and J-1+; Assigned Preliminary AA- to Shelf Registration

JCR Upgraded Rating on Idemitsu Credit to A+/Stable; Affirmed J-1

JCR Upgraded Korea to AA/Stable (FC) and AA+/Stable (LC)

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

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

JCR Assigned A Rating to Bonds of Yasuda Real Estate

JCR Affirmed BBB+/Stable (FC/LC) on Indian Railway Finance Corporation

[ Asset Securitization Products ] JCR Assigned Preliminary A Rating to BEP Senior Beneficial Interest/ABL 202211

JCR Assigned AA- to Securitization of Leases Receivable from SB 202209

JCR Assigned AA- to Securitization of Loans Receivable from SB 202209