News Release

Feb. 22, 2021

JCR Affirmed A+p/Positive Long-term Issuer Rating on Oji Holdings

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 21-02

Feb. 19, 2021

JCR Assigned SU 1 to the 15th Bonds Issued by Nomura Real Estate Holdings

JCR Assigned BBB+ Rating to Bonds of Yanmar Holdings

JCR Assigned A Rating to Bonds of Nomura Real Estate Holdings

JCR Assigned AA- Rating to Bonds of Hankyu Hanshin Holdings

JCR Assigned A+ Rating to Bonds of Nippon Electric Glass

JCR Assigned A+ Rating to Bonds of NH Foods

JCR Assigned A+ Rating to Bonds of ACOM

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

JCR Affirmed AA/Stable and AA on Sekisui House Reit

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 21-02 (F Hospital)

Feb. 18, 2021

JCR Assigned Green 1(F) to Green Finance Framework of Japan Logistics Fund, Inc

JCR Assigned J-3 Short-term Issuer Rating to INV

Canadian Solar's Acquisition of Large Scale Properties - JCR Will Watch Growth of Operating Assets and Quality Maintenance

JCR Affirmed A+ Rating on SOSiLA Logistics REIT; Revised Outlook from Stable to Positive

JCR Assigned AA Rating to Bonds of MORI TRUST Sogo Reit

JCR Affirmed A+/Stable, A+ and Preliminary A+ on Mitsubishi Chemical Holdings

JCR Affirmed A/Stable and A on Takasago Thermal Engineering

JCR Affirmed BBB/Negative Long-term Issuer Rating on NIPPON CHEMI-CON

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

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

Feb. 17, 2021

JCR Reviewed the 12th Bonds Issued by GLP J-REIT

JCR Reviewed the 13th Bonds Issued by GLP J-REIT

ROYAL HOLDINGS's Capital and Business Tie-up with Sojitz - No Immediate Impact on Rating, but JCR Will Watch Effects on Financial Structure and Business Performance

JCR Assigned A-/Stable Long-term Issuer Rating to Tokyo Infrastructure Energy Investment Corporation

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR's Rating Review of 3 Major Shipping Companies

JCR Affirmed AAA/Stable Long-term Issuer Rating on NIPPON TELEGRAPH AND TELEPHONE

JCR Affirmed A/Stable, A, Preliminary A and BBB+ on Nippon Paper Industries

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

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 21-02

Feb. 16, 2021

JCR Assigned BBB+/Stable Long-term Issuer Rating to RETAIL PARTNERS

JCR Downgraded Rating on Namura Shipbuilding from BBB/Negative to BBB-/Negative

JCR Affirmed A+ Rating on Nissan Chemical; Revised Outlook from Stable to Positive

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Class A Beneficial Interest 202103

Feb. 15, 2021

JCR Affirmed A+/Stable Long-term Issuer Rating on Kyoritsu Women's Educational Institution

JCR Affirmed A-/Stable Long-term Issuer Rating on Mitsuuroko Group Holdings

JCR Affirmed A-/Stable and A- on Yasuda Logistics

Feb. 12, 2021

JCR Assigned Preliminary A- Rating to Subordinated Bonds of Dai-ichi Life Holdings

JCR Assigned AAA Rating to Bonds of African Development Bank

JCR Assigned AA Rating to Bonds of Corporacion Andina de Fomento

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to BANK OF FUKUOKA C Corporation Bills & Electronically Recorded Receivable ABL 21-02

Feb. 10, 2021

JCR Assigned Green 1 (Preliminary) to the 2nd Unsecured Bonds to be Issued by IINO KAIUN

JCR Assigned Green 1 (Final Evaluation) to Long Term Loan Borrowed by IINO KAIUN

JCR Assigned AAA Rating to Bonds of Metropolitan Expressway

JCR Assigned AA Rating to Bonds of MORI HILLS REIT INVESTMENT CORPORATION

JCR Affirmed AA-/AA-(FC/LC) Ratings on Slovenia with Stable Outlook

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

[ Asset Securitization Products ] JCR Assigned A+ to Ganymede Limited Series 2021-2

Feb. 09, 2021

JCR Assigned AA- Rating to Bonds of LaSalle LOGIPORT REIT

JCR Affirmed AA/Stable, AA and J-1+ on Mitsubishi Logistics

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

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

JCR Affirmed A+/Stble, A+, Preliminary A+ and J-1 on ACOM

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Grass Park Beneficial Interest Series 4

Feb. 08, 2021

Tokyo Star Bank's 3Q Results - Loss Reporting Affects Rating Only Limitedly

JCR Assigned Social 1 (Preliminary) to the Synthetic CLO (2021) of Japan Finance Corporation

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

[ Asset Securitization Products ] JCR Assigned Preliminary AAA, AA- and AAA to Class A, B and C Bonds of Clover 2021, LLC.

Feb. 05, 2021

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

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

JCR Assigned SU 1 to the 1st Bonds Issued by Mitsui Fudosan Logistics Park

JCR Assigned AA- Rating to Bonds of Mitsui Fudosan Logistics Park

JCR Reviewed Long-term Loan Borrowed by United Urban Investment Corporation

JCR Reviewed UUR Green Joint Trust Beneficiary Rights (UUR Green Trust)

JCR Upgraded Rating on Sumitomo Realty & Development from A+/Positive, A+, Preliminary A+ and J-1 to AA-/Stable, AA-, Preliminary AA- and J-1+

JCR Affirmed A/Stable, A, BBB+, Preliminary A and J-1 on Nomura Real Estate Holdings

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

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

JCR Assigned BB+ Rating to Subordinated Loan of ZENSHO HOLDINGS

JCR Affirmed A+ Rating on MIRAI; Revised Outlook from Positive to Stable

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

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Beneficial Interest of Hayabusa

Feb. 04, 2021

JCR Assigned BBB Rating to Subordinated Bonds of Tokyo Tatemono

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

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

JCR Assigned AA- to Oxygen Capital Limited Series 118

Feb. 03, 2021

JCR Assigned AA Rating to Bonds of Activia Properties

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

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

Termination of Preliminary BBB+ on FAM Reliant Energy Bond 2020_1 Beneficial Interest and Trust ABL

Termination of Preliminary BBB on Alma Diode Solar Green Project Bond Trust (Shimane) Beneficial Interest and Trust ABL

Feb. 02, 2021

JCR Assigned BBB Rating to Subordinated Loan of MITSUBISHI MATERIALS

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

JCR Affirmed BBB+/Stable Long-term Issuer Rating (FC) on ICICI Bank

Feb. 01, 2021

JCR Assigned SU 1(F) to Sustainability Finance Framework of Shinsei Bank

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Shizuoka Bank to Hirano Vinyl Industry

Points to Note When the Proportion of Hybrid Securities in the Issuer's Capital Structure Increases

JCR Affirmed A+ Rating on ITOCHU Advance Logistics Investment Corporation; Revised Outlook from Stable to Positive

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

JCR Affirmed BBB+/Stable, BBB+ and Preliminary BBB+ on Kintetsu Group Holdings

JCR Affirmed A/Negative Long-term Issuer Rating on NISSAN FINANCIAL SERVICES

JCR Affirmed AA/Stable and AA on Nomura Real Estate Master Fund

Jan. 29, 2021

JCR Assigned Green 1(Final Evaluation) to 2nd Unsecured Bond issued by GPSS Holdings

JCR Provided a Third Party Opinion on Sustainability Linked Loans to Isetan Mitsukoshi Holdings

JCR Affirmed A and Preliminary A Rating on Kawasaki Heavy Industries; Revised Outlook from Stable to Negative

JCR Affirmed A-, Preliminary A- and J-1 on IHI; Revised Outlook from Positive to Stable

JCR Affirmed A+ Rating on Kenedix Retail REIT Corporation; Revised Outlook from Stable to Positive

JCR Assigned BBB Rating to Subordinated Bonds of SoftBank Group