News Release

Sep. 21, 2021

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

JCR Affirmed A-/Stable and BBB+ on Chukyo Bank

JCR Assigned Preliminary A Rating to Shelf Registration of HIKARI TSUSHIN

[ Asset Securitization Products ] JCR Assigned AA- to Elva Funding PLC Series 2021-26

JCR Assigned BBB to Sylph Limited Series 10153

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 21-09

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 21-09

Sep. 17, 2021

JCR Affirmed BBB+ Rating on DAIICHI JITSUGYO; Revised Outlook from Stable to Positive

JCR Affirmed A-/Stable and A- on Sumitomo Mitsui Construction

JCR Assigned BBB Rating to Subordinated Bonds and Subordinated Loan of YOKOHAMA REITO

JCR Assigned A Rating to Bonds of TAIHEIYO CEMENT

JCR Assigned A Rating to Bonds of PENTA-OCEAN CONSTRUCTION

JCR Assigned A+ Rating to Subordinated Bonds of Mitsubishi HC Capital

JCR Assigned AA Rating to Bonds of GLP J-REIT

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

JCR Affirmed J-1+ on Jointly Operated Designated Money Trust Z

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 21-09 (F Hospital)

JCR Assigned Green 1 (Final Evaluation) and Provided a Third Party Opinion on Suitability for Sustainability-Linked Bond Principles to the 18th Unsecured Investment Corporation Bonds Issued by GLP J-REIT

JCR Assigned SU 1 (Final Evaluation) to the 1st Subordinated Bonds of YOKOHAMA REITO

JCR Assigned Green 1(F) to Green Finance Framework of Sumitomo Mitsui Trust Panasonic Finance

Sep. 16, 2021

JCR Upgraded Rating on Bharat Oman Refineries from BBB/Stable to BBB+/Stable

JCR Affirmed AA on EMTN of Mitsubishi HC Capital
JCR Affimred AA on EMTN of MUL Asset Finance
JCR Assigned AA to EMTN of Mitsubishi HC Finance America

JCR Affirmed A/Stable and J-1 on Marubeni-Itochu Steel

JCR Assigned A+ Rating to Bonds of DOWA HOLDINGS

JCR Assigned A Rating to Bonds of Star Asia Investment Corporation

[ Asset Securitization Products ] JCR Assigned A+ to Ganymede Limited Series 2021-111

Sep. 15, 2021

JCR Upgraded Rating on Mitsui Fudosan Logistics Park from AA-/Positive to AA/Stable

JCR Affirmed A/Stable, A and Preliminary A on Nisshin OilliO Group

JCR Affirmed BBB/Stable Long-term Issuer Rating on Central Tanshi FX

JCR Assigned A Rating to Bonds of DIC

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

JCR Assigned AA- Rating to Bonds of JCB

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

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

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Shizuoka Bank to Harada Tea Processing

Sep. 14, 2021

JCR Downgraded Rating on KISOJI from BBB/Negative to BBB-/Stable

JCR Affirmed A Rating on Ichigo Office REIT Investment Corporation; Revised Outlook from Stable to Positive

JCR Affirmed A-/Stable, A- and Preliminary A- on Tsukishima Kikai

JCR Assigned A+ Rating to Bonds of MIRAI Corporation

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to BANK OF FUKUOKA C Corporation Bills & Electronically Recorded Receivable ABL 21-09

JCR Affirmed AA- on SB Loans Receivable 18-12

JCR Affirmed AA- on Securitization of Loans Receivable from SB

JCR Affirmed AA- on Securitization of Leases Receivable from SB

Sep. 13, 2021

JCR Affirmed BB+ Rating on Sharp; Revised Outlook from Stable to Positive

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

JCR Affirmed BBB/Stable Long-term Issuer Rating on Scroll

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

JCR Assigned Preliminary BBB+ to SPARX Biomass Green Project Bond Trust (Toki) Beneficial Interest and Trust

Sep. 10, 2021

SBI Holdings' Tender Offer to Acquire Shares of Shinsei Bank - JCR will not Immediately Reflect It in the Rating

SBI Holdings’ Tender Offer for Shinsei Bank - No Immediate Impact on SBI SECURITIES' Rating; JCR will Watch Course of Tender Offer

JCR Affirmed BBB+/Stable Long-term Issuer Rating on FIDEA Holdings and SHONAI BANK; Upgraded Long-term Issuer Rating on Hokuto Bank from BBB/Stable to BBB+/Stable

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

JCR Affirmed AA-/Stable, AA-, Preliminary AA- and J-1+ on Meiji Holdings

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

JCR Assigned A- Rating to Bonds of SENKO Group Holdings

JCR Assigned BBB+ Rating to Subordinated Bonds of SoftBank Group

JCR Assigned A+ Rating to Bonds of Fuyo General Lease

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Assigned A- Rating to Bonds of Tosei Reit Investment Corporation

JCR Assigned BBB+ to Subordinated Loan and Preliminary BBB+ to Subordinated Bonds of Japan Airlines

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

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

JCR Affirmed AA- on Ascent Finance Limited Series 2020-1032

JCR Affirmed AA- on Ascent Finance Limited Series 2020-1035

JCR Affirmed AA- on Ascent Finance Limited Series 2020-1042

JCR Affirmed AA- on Ascent Finance Limited Series 2020-1043

JCR Affirmed AA- on Ascent Finance Limited Series 2020-1050

[ Asset Securitization Products ] JCR Affirmed AA- on Ascent Finance Limited Series 2019-1003

[ Asset Securitization Products ] JCR Affirmed AA- on Ascent Finance Limited Series 2019-1005

JCR Assigned SU 1 to Bonds Issued by Fuyo General Lease

Sep. 09, 2021

JCR Assigned A+ Rating to Bonds of ISUZU MOTORS

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Affirmed AA- on Violet Protected Asset SPC Series VPA 1 S01

JCR Affirmed AA- on Violet Protected Asset SPC Series VPA 1 S02

JCR Affirmed AA- on Violet Protected Asset SPC Series VPA 1 S08

JCR Affirmed AA- on Violet Protected Asset SPC Series VPA 1 S10

JCR Assigned Green 1 (T)(Final Evaluation) to Transition Loan Borrowed by Mitsui O.S.K. Lines

Sep. 08, 2021

JCR Assigned BBB+ Rating to Bonds of ICHINEN HOLDINGS

JCR Assigned AA+ Rating to Bonds of NARITA INTERNATIONAL AIRPORT

JCR Assigned Preliminary A+ Rating to Shelf Registration of Takeda Pharmaceutical

Sep. 07, 2021

JCR Affirmed BBB/Stable Long-term Issuer Rating on Tokushu Tokai Paper

JCR Assigned AA- Rating to Bonds of Sumitomo Metal Mining

JCR Assigned Preliminary A+ Rating to Shelf Registration of Pan Pacific International Holdings

JCR Assigned SU 1(F) to Sustainability Finance Framework of EIKEN CHEMICAL

JCR Assigned SU 1 (Preliminary Evaluation) to Sustainability Bonds Issued by EIKEN CHEMICAL

Sep. 06, 2021

JCR Affirmed J-2 Rating on CP of TSUBAKIMOTO KOGYO

JCR Affirmed A-/Stable (FC/LC) and A- on the Philippines

JCR Provided a Third Party Opinion on Transition Linked Finance Framework of Kawasaki Kisen

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

Sep. 03, 2021

West Japan Railway's Issuance of New Shares and Secondary Offering of Shares - JCR Values it as a Recovery of Financial Structure

JCR Affirmed A- Rating on Mazda Motor; Revised Outlook from Negative to Stable

JCR Affirmed A-/Stable and A- on ASAHI BROADCASTING GROUP HOLDINGS

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

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

JCR Affirmed AA/Stable and AA on GLP J-REIT

JCR Assigned A Rating to Bonds of TEPCO Renewable Power

JCR Assigned AA- Rating to Bonds of Hankyu Hanshin Holdings

JCR Assigned A+ Rating to Bonds of YOKOHAMA MINATOMIRAI RAILWAY

JCR Assigned A Rating to Bonds of Nippon Paper Industries

JCR Assigned AA- to SPACE VIII Limited Series 2021-04