News Release

Oct. 29, 2020

JCR Downgraded Rating on H.I.S. from #BBB+/Negative to #BBB-/Negative; Maintains Credit Monitor

JCR Assigned Preliminary AA- Rating to Shelf Registration of Mitsubishi Heavy Industries

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

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

JCR Affirmed BBB+/BBB+ (FC/LC) Ratings on India

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 20-10 (D Hospital)

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL 20-10

[ Asset Securitization Products ] JCR Assigned J-1 to BANK OF FUKUOKA C Corporation Bills & Electronically Recorded Receivable ABL 20-10

Oct. 28, 2020

ANA HOLDINGS' Announcements on Earnings forecasts for FY2020 and Raising of Funds by Subordinated Loan - No Immediate Impact on Rating, but JCR Will Closely Watch Future Business Trend

JCR JCR Assigned Green 1(F) to Green Bonds Framework of Central Nippon Expressway

JCR Assigned BBB+ Rating to Subordinated Bonds of Rakuten

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

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

JCR Affirmed A+/Stable, A+ and J-1 on Sanwa Holdings

JCR Affirmed BBB+/Stable, BBB+, Preliminary BBB+ and J-2 on DAIKEN

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

JCR Affirmed BBB+ Rating on Leonteq Securities with Stable Outlook

Oct. 27, 2020

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

JCR Upgraded Rating on Enex Infrastructure Investment Corporation from A-/Stable to A/Stable

JCR Affirmed BBB+ Rating on FUJI KYUKO; Revised Outlook from Stable to Negative

JCR Assigned BBB+ to Subordinated Loan of ANA HOLDINGS

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

JCR Affirmed A-/Stable, A-, Preliminary A- and J-1 on NEC Capital Solutions

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

JCR Affirmed AA/Stable and AA on United Urban Investment

Oct. 26, 2020

JCR Affirmed A-/Stable Long-term Issuer Rating on KAGA ELECTRONICS

Oct. 23, 2020

JCR Assigned Green 1 to the 6th bonds Issued by Hulic Reit

JCR Affirmed A Rating on AOKI Holdings; Revised Outlook from Stable to Negative

JCR Assigned AAA Rating to Bonds of Japan Student Services Organization

JCR Assigned AA- Rating to Bonds of TOKYU REIT

JCR Assigned AA- Rating to Bonds of Hulic Reit

JCR Assigned AA- Rating to Bonds of Japan Excellent

JCR Affirmed AA+/Stable Long-term Issuer Rating on JAPAN POST HOLDINGS

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

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

JCR Affirmed AA+p/Stable Long-term Issuer Rating on Astellas Pharma

JCR Assigned A+ Rating to Subordinated Loan of DAIWA HOUSE INDUSTRY

JCR Affirmed BBB/Stable Long-term Issuer Rating on Monex Group
JCR Affirmed BBB/Stable and J-2 on Monex
JCR Affirmed BBB Rating on EMTN of Monex Finance

JCR Affirmed A+/Stable and J-1 on au Kabucom Securities

JCR Affirmed AA/Netaive and A+ on JAPAN POST INSURANCE

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

[ Asset Securitization Products ] JCR Affirmed AA, A, BBB, and BBB- Ratings on ABL/Corporate Bonds of Nomura Trust and Banking (1806-03)

Oct. 22, 2020

JCR Assigned A Rating to Bonds of POCKET CARD

JCR Assigned AA- Rating to Bonds of Hankyu Hanshin REIT

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

JCR Affirmed AA/Stable, AA and Preliminary AA on ASAHI KASEI

JCR Affirmed (FC/LC) Ratings of BBB on Russia with Stable outlook

JCR Affirmed AA-/Stable and AA- on Japan Excellent

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 20-10

Oct. 21, 2020

JCR Affirmed AA-/Stable and J-1+ on Mitsubishi UFJ NICOS

JCR Affirmed AA Rating on EMTN of Mitsubishi UFJ Lease & Finance and MUL Asset Finance; Increase in Maximum Amount of Program

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

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 20-10

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

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

JCR Affirmed A on Landmark Capital S.A. Series 2018-65

Oct. 20, 2020

JCR Upgraded Rating on Toyo Tire from BBB+/Positive, Preliminary BBB+, BBB- and J-2 to A-/Stable, Preliminary A-, BBB and J-1

JCR Assigned A+ Rating to Bonds of Nagoya Railroad

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

JCR Affirmed AA/Stable and AA on Industrial & Infrastructure Fund Investment Corporation

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 20-10 (F Hospital)

[ Asset Securitization Products ] JCR Affirmed A+ on ARLO XII Limited Series CLN-83

JCR Affirmed A+ Rating on Nomura Trust and Banking Unsecured Trust Bonds No. 37

Oct. 19, 2020

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

JCR Assigned Preliminary A+ Rating to Shelf Registration of Daicel

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

JCR Affirmed J-2 Rating on CP of Seibu Oil

JCR Affirmed A Rating on Shinhan Bank Japan with Stable Outlook

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

[ Asset Securitization Products ] JCR Affirmed BBB- on Specified Bonds 19-07-02

[ Asset Securitization Products ] JCR Affirmed A+ on JETS International Five Limited Series 171

Oct. 16, 2020

JCR Assigned A/Stable Long-term Issuer Rating to TEPCO Renewable Power

JCR Assigned AA- Rating to Bonds of JERA

JCR Assigned AA Rating to Bonds of Tokyo Waterfront Area Rapid Transit

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

JCR Assigned A+ Rating to Bonds of SUMITOMO CHEMICAL

JCR Assigned A- Rating to Bonds of Sumitomo Mitsui Construction

JCR Assigned AA+ Rating to Bonds of NARITA INTERNATIONAL AIRPORT

JCR Affirmed A/Stable and A on Nishimatsu Construction

JCR's Rating on Subordinated Loan of Asahi Group Holdings

Oct. 15, 2020

JCR Reviewed Bonds issued by Takasago Thermal Engineering

JCR Upgraded Rating on GIFU SHINKIN BANK from BBB+/Stable to A-/Stable

JCR Assigned A+ Rating to Bonds of Fuyo General Lease

JCR Assigned AA- Rating to Bonds of Tokyo Century

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Assigned AA Rating to Bonds of Activia Properties

JCR Assigned Preliminary A- Rating to Shelf Registration of Tsukishima Kikai

JCR Affirmed A/Stable and J-1 on HEIWADO

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to BANK OF FUKUOKA C Corporation Bills & Electronically Recorded Receivable ABL 20-10

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

Oct. 14, 2020

JCR Assigned Green 1 (Preliminary) to the 6th Bonds issued by Hulic Reit

JCR Affirmed A Rating on Juroku Bank; Revised Outlook from Stable to Positive

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

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

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

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

JCR Affirmed A/Stable and A on Hokuetsu Corporation

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

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

Oct. 13, 2020

JCR Assigned Green 1(F) to Green Finance Framework of Hankyu Hanshin REIT