News Release

Feb. 21, 2022

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

[ Asset Securitization Products ] JCR Assigned Preliminary A Rating to BEP Senior Beneficial Interest/ABL 202203

[ Asset Securitization Products ] JCR Assigned Preliminary AAA and Preliminary A- to Investment Purpose Condominium Loans Trust (220220)

JCR Assigned AA to Oxygen Capital Limited Series 173

Feb. 18, 2022

JCR Upgraded Long-term Issuer Rating on Nissan Chemical to AA-/Stable

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

JCR Affirmed A/Stable Long-term Issuer Rating on Takasago Thermal Engineering

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

JCR Affirmed A+/Stable and J-1 on NH Foods

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

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

JCR Assigned AA Rating to Bonds of Chubu Electric Power

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Assigned BBB+ Rating to Bonds of Yanmar HD

JCR Assigned AAA Rating to Bonds of National Institution for Academic Degrees and Quality Enhancement of Higher Education

JCR Assigned Social 1 to Bonds of National Institution for Academic Degrees and Quality Enhancement of Higher Education

JCR Assigned A- Rating to Bonds of Hungary

JCR Assigned AA Rating to Bonds of GLP J-REIT

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 22-02

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

Feb. 17, 2022

JCR Upgraded Long-term Issuer Rating on SOSiLA Logistics REIT to AA-/Stable

JCR Affirmed A+/Stable and J-1 on ITO EN

JCR Assigned AAA Rating to Bonds of Tokyo Metro

JCR Assigned Social 1 to Long-term Debts of Mizumusubi Management Miyagi

Feb. 16, 2022

JCR Upgraded Long-term Issuer Rating on Japan Pulp & Paper to A/Stable; Affirmed J-1 on CP

JCR Affirmed A- Long-term Issuer Rating on Ehime Bank; Revised Outlook to Positive

JCR Affirmed A+/Stable and J-1 on Fuyo General Lease

JCR Affirmed A+/Stable and J-1 on Sharp Finance

JCR Assigned Preliminary A Rating to Bonds of TEPCO Renewable Power

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

Feb. 15, 2022

INV to Make Koyo Securities A Wholly Owned Subsidiary - Possible Improvement in the Group's Earnings Capacity and Increase in Debts Will Be Watched

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

JCR Affirmed A+/Stable on Kyoritsu Women's Educational Institution

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

JCR Assigned AA Rating to Bonds of MORI TRUST Sogo Reit

JCR Assigned Green 1(F) to Green Bond Framework of Japan Freight Railway

Feb. 14, 2022

FIDEA HD and TOHOKU BANK Terminate Basic Agreement on Management Integration - No Impact on Each Company's Rating

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

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

JCR Affirmed A+/Negative Long-term Issuer Rating on Japan Hotel REIT Investment Corporation

JCR Assigned Preliminary A- Rating to Shelf Registration of Orient Corporation

Feb. 10, 2022

JCR Affirmed J-3 Short-term Issuer Rating on INV

JCR Assigned A- Rating to Bonds of Chuo-Nittochi Group

JCR Assigned AAA Rating to Bonds of Metropolitan Expressway

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

JCR Assigned Preliminary BBB to Daiwa Green Finance Program Trust Beneficial Interest and Trust ABL (Kumamoto Kikuchi Solar Power Plant)

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to BANK OF FUKUOKA C Corporation Bills & Electronically Recorded Receivable ABL 22-02

JCR Assigned Green 1 (preliminary evaluation) to Daiwa Green Finance Program Trust Beneficiary Interests

JCR Assigned Green 1 (preliminary evaluation) to Daiwa Green Finance Program ABL

Feb. 09, 2022

JCR Downgraded Long-term Issuer Rating on Sumitomo Riko to A/Stable; Affirmed J-1 on CP

JCR Affirmed AA-/Stable and J-1+ on NGK SPARK PLUG

Feb. 08, 2022

TOSHIBA Revises TOSHIBA Group's Strategic Reorganization - No Immediate Impact on Rating; JCR Will Monitor Future Development

[ Asset Securitization Products ] JCR Assigned Preliminary A to Commitment Line of Trust ABCL (3932181)

JCR Affirmed AA+p/Stable Long-term Issuer Rating on West Japan Railway

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

JCR Affirmed AAA/Stable Long-term Issuer Rating on National Institution for Academic Degrees and Quality Enhancement of Higher Education

JCR Assigned Social 1 (Preliminary) to Bonds of National Institution for Academic Degrees and Quality Enhancement of Higher Education

JCR Affirmed AA/Stable Long-term Issuer Rating on Sekisui House Reit.

JCR Assigned Green 1 to Long-term Loan Financed by Light Year TMK

Feb. 07, 2022

JCR Assigned A+/Stable Long-term Issuer Rating to Kyodo Housing Loan

JCR Assigned Green 1 (T)(F) to Transition Loan Framework Issued by SUMITOMO CHEMICAL

Feb. 04, 2022

JCR Affirmed AA/Stable and J-1+ on Mitsui Fudosan

JCR Affirmed AA+p/Stable Long-term Issuer Rating on Mitsubishi Estate

JCR Affirmed AA-/Stable and J-1+ on Sumitomo Realty & Development

JCR Affirmed A/Stable and J-1 on Tokyu Fudosan HD

JCR Assigned BBB- Rating to Subordinated Bonds of Asahi Mutual Life Insurance

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

JCR Assigned AA- Rating to Bonds of Global One Real Estate Investment Corporation

JCR Assigned AA- Rating to Bonds of ITOCHU Advance Logistics Investment Corporation

JCR Assigned AA Rating to Bonds of LaSalle LOGIPORT REIT

JCR Provided a Post-issuance Verification Report to 27th Bonds (Sustainability Linked Bonds) Issued by Fuyo General Lease

JCR Assigned SU 1(F) to Sustainability Bond Framework of NEC Capital Solutions

Feb. 03, 2022

SONY GROUP Announces Details of Bungie Acquisition - No Immediate Impact on Rating

JCR Assigned AA Rating to Bonds of Corporacion Andina de Fomento

[ Asset Securitization Products ] JCR Affirmed J-1 on Project Sunrise I Series 2021-1

[ Asset Securitization Products ] JCR Assigned Preliminary AA- to Securitization of Loans Receivable 202203

Feb. 02, 2022

JCR Affirmed A/Stable Long-term Issuer Rating on SANKEI BUILDING

JCR Affirmed AAA/Stable on Tokyo Metro

JCR Affirmed AA-/Stable and J-1+ on RICOH LEASING

JCR Assigned AA+ Rating to Bonds of NARITA INTERNATIONAL AIRPORT

Feb. 01, 2022

JCR Downgraded Long-term Issuer Rating on Invincible Investment Corporation to A/Stable

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

Jan. 31, 2022

JCR Affirmed A/Stable Long-term Issuer Rating on Yodogawa Christian Hospital

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

JCR Affirmed A-/A (FC/LC) Long-term Issuer Ratings on Hungary and National Bank of Hungary with Stable Outlook

[ Asset Securitization Products ] JCR Upgraded Class B Beneficial Interest and ABL of REIT2021-001 Beneficial Interest/ABL to AA-; Affirmed AAA on Class A Beneficial Interest

[ Asset Securitization Products ] JCR Assigned J-1 to ABL Program (Commitment Line) of Project Sunrise I Series 2022-1

[ Asset Securitization Products ] JCR Assigned A to Ganymede Limited Series 2022-2

[ Asset Securitization Products ] JCR Assigned AAA, A and A- to Beneficial Interest 202201

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Class A Beneficial Interest 202203

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

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Sumitomo Mitsui Trust Bank to Nankai Electric Railway

JCR Assigned Green 1 to Trust Beneficiary Rights 202201 (Contract No. 210290)

JCR assigned Green 1(F) to Green Finance Framework of Mitsubishi UFJ Trust and Banking's Solar Power Generation Fund (Ecology Trust Bond Ga)

Jan. 28, 2022

MIRAIT HD Makes SEIBU CONSTRUCTION a Subsidiary - Limited Impact on Rating

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

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

JCR Assigned Preliminary A+ Rating to Subordinated Bonds of Kansai Electric Power

JCR Assigned BBB+ Rating to Bonds of ASAHI PRINTING

JCR Assigned Green 1 to Bonds of Asahi Printing