News Release

Aug. 24, 2021: JCR Affirmed A/Stable and J-1 on HEIWADO; JCR Affirmed AA/Stable (FC/LC) on Spain; JCR Affirmed AA-/Stable, AA- and Preliminary AA- on Global One Real Estate Investment Corporation; JCR Assigned Preliminary A+ Rating to Subordinated Bonds of Mitsubishi HC Capital; JCR Assigned Preliminary AA Rating to Shelf Registration of Mitsubishi HC Capital; [ Asset Securitization Products ] JCR Upgraded Rating on JETS International Five Limited Series 171 from A+ to AA-; [ Asset Securitization Products ] JCR Assigned AA- to Elva Funding PLC Series 2021-21

Aug. 23, 2021: JCR Affirmed A- Rating on MITSUI-SOKO HOLDINGS; Revised Outlook from Stable to Positive; JCR Affirmed A-/Stable, A-, Preliminary A- and J-1 on Central Glass; JCR Affirmed BBB+/Stable, BBB+ and BBB- on Hitachi Zosen; JCR Affirmed A-/Stable, A- and J-1 on VALOR HOLDINGS; JCR Affirmed J-1 Rating on Specified Money Trust ABL Program 20-07; [ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 21-08; [ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 21-08

Aug. 20, 2021: JCR Upgraded Rating on SONY GROUP from A+/Positive to AA-/Positive; JCR Affirmed A- and J-1 Rating on GS Yuasa Corporation; Revised Outlook from Stable to Positive; JCR Assigned Preliminary AA to Shelf Registration of ITOCHU; Affirmed AA/Stable, AA and J-1+; JCR Affirmed AA on EMTN of ITOCHU and ITOCHU Treasury Centre Europe; JCR Affirmed J-1+ Rating on CP of ITOCHU Treasury; JCR Affirmed A+/Stable and A+ on KYOWA EXEO; JCR Assigned AAA Rating to Bonds of Japan Student Services Organization; JCR Assigned A Rating to Bonds of Hoshino Resorts REIT; JCR Assigned Preliminary A Rating to Shelf Registration of JA MITSUI LEASING; [ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 21-08 (F Hospital); [ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (Kyokuhoukai Medical Association, Asahikawa Sanai Hospital); [ Asset Securitization Products ] JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (L Hospital); JCR Assigned SU 1 (Preliminary Evaluation) to the Bonds Issued by Fuyo General Lease; JCR Provided a Third Party Opinion on Sustainability Linked Loans Conducted by Sumitomo Mitsui Trust Bank to West Japan Railway

Aug. 19, 2021: JCR Assigned BBB+/Stable Long-term Issuer Rating to GREE; JCR Affirmed A- Rating on TOMONY Holdings; Revised Outlook from Stable to Positive; JCR Affirmed A-/Positive Long-term Issuer Rating on TOHO HOLDINGS; JCR Affirmed A+/Stable and A+ on HORIBA; JCR Affirmed A+/Stable Long-term Issuer Rating on Daishi Hokuetsu Financial Group
JCR Affirmed A+/Stable Long-term Issuer Rating on Daishi Hokuetsu Bank; JCR Reviewed Green Finance Framework of ORIX JREIT

Aug. 18, 2021: JCR Assigned Preliminary A Rating to Bonds of TEPCO Renewable Power; JCR Assigned AAA Rating to Bonds of Central Nippon Expressway; JCR Assigned Green 1 (Preliminary Evaluation) to Long-term Loan Borrowed by Daiwa House REIT Investment Corporation; JCR Reviewed Green Finance Framework of Daiwa House REIT Investment Corporation