News Release

Oct. 25, 2021

JCR Affirmed AA Rating on EMTN of Mizuho Securities; Change in Maximum Amount of Program
JCR Affirmed AA Rating on EMTN of Mizuho International; Decrease in Maximum Amount of Program
JCR Affirmed AA Rating on EMTN of Mizuho Securities USA; Decrease in Maximum Amount of Program

JCR Affirmed A-/Stable, A- and BBB+ on SBI SECURITIES

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

JCR Affirmed A+/Stable and J-1 on Sumitomo Mitsui Trust Loan & Finance

JCR Assigned AA- Rating to Subordinated Loan of National Mutual Insurance Federation of Agricultural Cooperatives

JCR Assigned AA- to Bonds of Zenkyoren 1st Subordinated Loan Securitization Company Limited

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

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

Oct. 22, 2021

JCR Downgraded Rating on AOKI Holdings from A/Negative to A-/Stable

JCR Affirmed A Rating (FC/LC) on Italy; Revised Outlook from Negative to Stable

JCR Affirmed J-2 Rating on CP of KOKUSAI PULP&PAPER

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

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

JCR Affirmed A+/Stable, A+ and Preliminary A+ on NSK

JCR Affirmed AA-/Stable Long-term Issuer Rating on Marubeni Private Real Estate Investment Trust

JCR Assigned BBB+ Rating to Bonds of Hitachi Zosen

JCR Assigned AAA Rating to Bonds of NTT FINANCE

JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Gunma Bank

JCR Assigned AAA Rating to Bonds of Japan Student Services Organization

JCR Assigned Preliminary A Rating to Shelf Registration of Nomura Real Estate Holdings

JCR Assigned Preliminary A+ Rating to Shelf Registration of Mitsui Chemicals

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

[ Asset Securitization Products ] JCR Assigned AA- to Ascent Finance Limited Series 2021-1026

Oct. 21, 2021

JCR Affirmed A-/Stable, A- and Preliminary A- on ARAKAWA CHEMICAL INDUSTRIES

JCR Affirmed A-/Stable, A-, BBB, Preliminary A- and J-1 on Showa Denko

JCR Affirmed J-2 Rating on CP of Seibu Oil

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

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

JCR Assigned AA Rating to Bonds of United Urban Investment Corporation

JCR Assigned AA Rating to Bonds of Frontier Real Estate Investment Corporation

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

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 21-10

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 21-10

JCR Assigned SU 1 (Final Evaluation) to Bonds no. 22 Issued by United Urban Investment

JCR Assigned Green 1 (Final Evaluation) to Bonds no .6, no. 7 by Frontier Real Estate Investment

Oct. 20, 2021

JCR Assigned Preliminary A (fp) Fund Portfolio Rating to Renewable Trust

Evaluation Points for Wind Power Generation Project Finance

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

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 21-10 (F Hospital)

Oct. 19, 2021

JCR Affirmed A+ Rating on NIPPON STEEL ENGINEERING; Revised Outlook from Negative to Stable

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

JCR Assigned AA Rating to Bonds of Advance Residence Investment Corporation

Oct. 18, 2021

JCR Affirmed A- FC Long-term Issuer Rating on Renault; Revised Outlook from Negative to Stable

JCR Affirmed BBB+/Stable and BBB+ on FUTABA INDUSTRIAL

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

JCR Reviewed Bond no. 1 of GPSS Holdings

Oct. 15, 2021

JCR Affirmed BBB+ Rating on Tsukuba Bank; Revised Outlook from Negative to Stable

JCR Affirmed A+/Stable, A+, Preliminary A+ and J-1 on Denka

JCR Affirmed BBB-/Stable and J-2 on Mitsubishi Paper Mills

JCR Affirmed BBB/Stable FC Long-term Issuer Rating on Adaro Energy

JCR Assigned AA+ Rating to Bonds of Electric Power Development

JCR Assigned A+ Rating to Bonds of Pan Pacific International Holdings

JCR Assigned AA- Rating to Bonds of Sumitomo Mitsui Auto Service

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

JCR Assigned SU 1(F) to Sustainability Finance Framework of Daiwa House REIT Investment Corporation

JCR Assigned SU 1 (Preliminary Evaluation) to Bonds Issued by Daiwa House REIT Investment Corporation

JCR Assigned Green 1(F) to Green Finance Framework of Starts Proceed Investment Corporation

Oct. 14, 2021

JCR Affirmed A Rating on Fukuoka Financial Group; Revised Outlook from Stable to Positive; Affirmed J-1 on CP
JCR Affirmed A+ Rating on BANK OF FUKUOKA; Revised Outlook from Stable to Positive
JCR Affirmed A+ Rating on Kumamoto Bank; Revised Outlook from Stable to Positive
JCR Affirmed A+ Rating on Juhachi-Shinwa Bank; Revised Outlook from Stable to Positive

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

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

JCR Affirmed A-/Stable and J-1 on FUJI SOFT

JCR Assigned A Rating to Bonds of Hokuetsu Corporation

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