News Release

Aug. 16, 2021

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to BANK OF FUKUOKA C Corporation Bills & Electronically Recorded Receivable ABL 21-08

Aug. 13, 2021

JCR Solicits Public Comments on Revision to Rating Methodology for Banks

JCR Assigned A-/Stable FC Long-term Issuer Rating to Thai Union Group

JCR Affirmed A/Stable, A and J-1 on Tokyo Electric Power Company Holdings
JCR Affirmed A/Stable, A and Preliminary A on TEPCO Power Grid
JCR Affirmed A/Stable Long-term Issuer Rating on TEPCO Renewable Power

JCR Affirmed A-/Stable, A- and BBB on YOKOHAMA REITO

JCR Assigned Preliminary BBB Rating to Subordinated Bonds of YOKOHAMA REITO

JCR Assigned AA- to Elva Funding PLC Series 2021-19

JCR Assigned SU 1 (Preliminary Evaluation) to the 1st Subordinated Bonds of Yokohama Reito Co., Ltd.

JCR reviewed the Securitized Green Equity Trust 1 Trust Beneficiary Rights of Canadian Solar

JCR reviewed Long-term Loan borrowed by Canadian Solar Infrastructure Fund

Aug. 12, 2021

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

JCR Affirmed BBB/Stable and BBB on RENOVA

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

JCR Assigned Preliminary AA- Rating to Shelf Registration of NIPPON STEEL

[ Asset Securitization Products ] JCR Assigned Preliminary AAA Rating to Hayabusa 2

[ Asset Securitization Products ] JCR Assigned Preliminary A to Securitization of Leases Receivable 202108

JCR assigned Green 1(F) to Green Finance Framework of Chuo-Nittochi Group Co., Ltd.

Aug. 06, 2021

JCR Affirmed AA+/Stable and J-1+ on Toa Reinsurance

JCR Affirmed A-/Stable and J-1 on Idemitsu Credit

JCR Assigned Preliminary BBB Rating to Shelf Registration of ZENSHO HOLDINGS

Aug. 05, 2021

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

JCR Affirmed A+/Stable, A+ and A- on Nishi-Nippon Railroad

JCR Affirmed AA/Stable and AA on TOYOTA BOSHOKU

JCR Assigned AAA Rating to Bonds of African Development Bank; Affirmed AAA/Stable and AAA

JCR Assigned Green 1 (Preliminary Evaluation) to the 3rd Public Bonds Issued by Nagano Prefecture

Aug. 04, 2021

JCR Affirmed AA-/Stable (FC), AA/Stable (LC) and AA- on Korea Electric Power Corporation

Aug. 03, 2021

JCR Assigned A/Stable Long-term Issuer Rating to CRE Logistics REIT

JCR Affirmed A/Stable Long-term Issuer Rating on KATO SANGYO

JCR Affirmed A+/Stable, A+, A- and Preliminary A+ on MORI BUILDING

JCR Affirmed BB+/Stable Long-term Issuer Rating on YAMADA SERVICER SYNTHETIC OFFICE

JCR Affirmed S3 Special Servicer Rating on YAMADA SERVICER SYNTHETIC OFFICE

JCR Assigned AA Rating to Foundation Fund of Nippon Life Insurance

JCR Assigned AA Rating to Bonds of Nissay 2021 Fund Securitization Company

Aug. 02, 2021

JCR Affirmed BBB- Ratings on Ferrotec Holdings; Revised Outlook from Stable to Positive

JCR Affirmed A-/Stable and A- on SIIX

JCR Affirmed A-/Stable and A- on DyDo GROUP HOLDINGS

JCR Assigned Preliminary A Rating to Shelf Registration of Nippon Paper Industries

Revisions to Rating Methodology for Housing Loans (Structured Finance)

Jul. 30, 2021

Recording of Extraordinary Loss by JGC HOLDINGS - No Immediate Impact on Rating

JCR Downgraded Rating on ROYAL HOLDINGS from BBB/Negative to BBB-/Stable

JCR Assigned Preliminary A- Rating to Shelf Registration of Chuo-Nittochi Group; Affirmed A-/Stable, A- and J-1; Increase in CP Maximum Amount

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

JCR Assigned AA- Rating to Bonds of Sumitomo Realty & Development

JCR Assigned A+ Rating to Bonds of NIPPON REIT Investment Corporation

[ Asset Securitization Products ] JCR Assigned AAA, A and A- to Beneficial Interest 202107 (Contract No. 210272)

JCR Withdraws BBB+/Stable Long-term Issuer Rating on Pacific Golf Management

JCR Withdraws A-/Stable Long-term Issuer Rating on Chuo-Nittochi

JCR Withdraws AA/Stable Long-term Issuer Rating on HOYA

JCR Assigned Green 1 (F) to Green Loan Framework of Japan Pallet Rental Corporation

JCR Assigned Green 1(F) to Green Finance Framework of Tosei Reit Investment Corporation

JCR Assigned Green 1 to Trust Beneficiary Rights 202107 (Contract No. 210272)

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

Jul. 29, 2021

JCR Assigned A/Stable Long-term Issuer Rating to ES-CON JAPAN

JCR Affirmed A/Stable and A on Anicom Holdings
JCR Affirmed A/Stable Long-term Issuer Rating on Anicom Insurance

JCR Affirmed A on Daiwa Green Finance Program Beneficial Interest and Trust ABL (Iwamizawa and Kushiro Solar Power Plants)

JCR Affirmed BBB on Amp Green Project Bond Trust (Gunma) Beneficial Interest and Trust ABL

JCR Assigned BBB+ to Sylph Limited Series 10150

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 21-07 (D Hospital)

[ Asset Securitization Products ] JCR Assigned J-1 to BANK OF FUKUOKA C Corporation Bills & Electronically Recorded Receivable ABL 21-07

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL 21-07

Jul. 28, 2021

Completion of Tender Offer for Invesco Office J-REIT by Sponsor Group - JCR Will Monitor Future Trend and Impact on Rating

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Class A Beneficial Interest 202109

JCR Assigned Social 1(F) to Social Finance Framework of Industrial & Infrastructure Fund Investment Corporation

Jul. 27, 2021

JCR Affirmed #BB+/Negative on UNIZO Holdings; Maintains Credit Monitor

JCR Affirmed BBB/Stable Long-term Issuer Rating on Minami-Nippon Bank

[ Asset Securitization Products ] JCR Assigned AA- to Elva Funding PLC Series 2021-16

JCR Assigned AA- to Oxygen Capital Limited Series 146

Jul. 26, 2021

TEPCO Announces Changes to Special Business Plan - No Impacts on Ratings

JCR Affirmed A- Rating on Starts Proceed Investment Corporation; Revised Outlook from Stable to Positive

JCR Affirmed A/Stable and BBB+ on Tokuyama

[ Asset Securitization Products ] JCR Affirmed BBB- on ABL/Specified Bond 19-07

Jul. 21, 2021

JCR's Rating Review of Electric Power Companies

JCR Affirmed BBB, BB+ and J-2 on UACJ; Revised Outlook from Stable to Positive

JCR Affirmed AA-/Stable and AA- on Fukuoka REIT Corporation

JCR Assigned A- Rating to Bonds of of Nippon Yusen

Jul. 20, 2021

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

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

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

JCR Assigned AA- Rating to Bonds of Z Holdings

JCR Assigned AA- Rating to Bonds of Kenedix Office Investment Corporation

JCR Assigned Preliminary A+ Rating to Shelf Registration of Marubeni

JCR Assigned Preliminary AA Rating to Shelf Registration of Concordia Financial Group

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 21-07

Jul. 19, 2021

JCR Upgraded Rating on ICHINEN HOLDINGS from BBB/Positive to BBB+/Stable; Affirmed J-2

JCR Affirmed J-1 Rating on CP of SoftBank Group; Increase in CP Maximum Amount

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

JCR Affirmed A/Stable and A on Canadian Solar Infrastructure Fund

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 21-07

JCR assigned SU 1(F) to Sustainability Finance Framework of Soul of Japan K.K.

JCR Provided a Third Party Opinion on Sustainability Linked Loans Conducted by MUFG Bank to GS Yuasa Corporation

JCR Provided a Third Party Opinion on Sustainability Linked Loans Conducted by Sumitomo Mitsui Trust Bank to GS Yuasa Corporation

JCR Provided a Third Party Opinion on Sustainability Linked Loans Conducted by The Bank of Kyoto to GS Yuasa Corporation

JCR Provided a Third Party Opinion on Sustainability Linked Loans Conducted by THE SHIGA BANK to GS Yuasa Corporation

Jul. 16, 2021

JCR Assigned AA- Rating to Bonds of Sumitomo Mitsui Trust Bank

JCR Assigned A+ Rating to Bonds (Tier 2 with loss absorption clause) of Mitsubishi UFJ Financial Group

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Assigned Preliminary AA Rating to Shelf Registration of Sekisui House

[ Asset Securitization Products ] JCR Assigned Preliminary AAA, Preliminary A and Preliminary A- to Beneficial Interest 202107

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 21-07 (F Hospital)

Jul. 15, 2021

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