News Release

Dec. 29, 2020

[ Asset Securitization Products ] JCR Assigned J-1 to BANK OF FUKUOKA C Corporation Bills & Electronically Recorded Receivable ABL 20-12

Dec. 28, 2020

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Sumitomo Mitsui Trust Bank to Sumitomo Dainippon Pharma

JCR Downgraded Rating on UNIZO Holdings from #BBB-/Negative to #BB+/Negative; Maintains Credit Monitor

JCR Affirmed A-/Stable, A- and J-1 on GS Yuasa Corporation

JCR Affirmed A-/Stable Long-term Issuer Rating on Maruzen Showa Unyu

JCR Affirmed A/Stable Long-term Issuer Rating on Yodogawa Christian Hospital

JCR Affirmed AA-p/Stable Long-term Issur Rating and Ability to Pay Insurance Claims on Fukoku Mutual Life Insurance
JCR Affirmed AA-/Stable Long-term Issur Rating and Ability to Pay Insurance Claims on Fukokushinrai Life Insurance

JCR Assigned Preliminary AA- Rating to Shelf Registration of RICOH LEASING; Affirmed AA-/Stable, AA- and J-1+

[ Asset Securitization Products ] JCR Assigned J-1+ to Hokuriku Bank A Corporation Bills & Electronically Recorded Receivables ABL 20-12

[ Asset Securitization Products ] JCR Affirmed BBB and BB+ on Senior and Junior Mezzanine Loan of ABL 17-05-02

Dec. 25, 2020

JCR Assigned SU 1 to the 30th Private Placement Bonds Issued by Daiwatech

JCR Reviewed Bonds Issued by ORIX JREIT

JCR Reviewed Green Finance Framework of CRE Logistics REIT

JCR Affirmed BBB Rating on KYORITSU MAINTENANCE; Revised Outlook from Stable to Negative

JCR Affirmed BBB Rating on TAMURA; Revised Outlook from Positive to Stable

JCR Affirmed A- Rating on Senshu Ikeda Bank; Revised Outlook from Stable to Positive

JCR Affirmed A+ Rating on Japan Hotel REIT Investment Corporation; Revised Outlook from Stable to Negative

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

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

JCR Affirmed AA/Stable and J-1+ on Tokyo Electron

JCR Affirmed BBB/Stable Long-term Issuer Rating on Toyo Logistics

JCR Affirmed A+/Stable and A+ on LIXIL

JCR Affirmed AA-/Stable Long-term Issuer Rating on ROHM

JCR Affirmed AAA/Stable and AAA on Japan Finance Corporation

JCR Withdraws A-/Positive and J-1 on SAN-AI OIL

Dec. 24, 2020

JCR Affirmed A-/Stable Long-term Issuer Rating on Southern TOHOKU Research Institute for Neuroscience

JCR Affirmed A-/Stable (FC) and A- on CPI Property Group

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 20-12 (D Hospital)

[ Asset Securitization Products ] JCR Affirmed BBB+ Rating on JETS International Five Limited Series 176

[ Asset Securitization Products ] JCR Affirmed A Rating on JETS International Five Limited Series 317

Dec. 23, 2020

Earnings Forecast Revisions by SAPPORO HOLDINGS - No Immediate Impact on Rating; JCR Will Watch Future Performance Recovery

JCR Assigned SU 1 to the long term loans by Albero Grande Co., Ltd.

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

JCR Affirmed A/Stable, A, Preliminary A and J-1 on JA MITSUI LEASING

[ Asset Securitization Products ] JCR Assigned Preliminary AAA to Grass Park Beneficial Interest Series 3

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 20-12

JCR Assigned J-1+ Rating to Specified Money Trust Beneficial Interest 2129053

Dec. 22, 2020

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

JCR Affirmed A+/Stable (FC) and A+ on Empresa Nacional del Petroleo

JCR Affirmed BBB+/A- (FC/LC) Ratings on Indonesia with Stable Outlook

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 20-12 (F Hospital)

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 20-12

Dec. 21, 2020

JCR Downgraded Rating on UNIZO Holdings from #BBB/Negative to #BBB-/Negative; Maintains Credit Monitor

JCR Affirmed A+ and A- on KONICA MINOLTA; Revised Outlook from Stable to Negative

JCR Affirmed A+ (FC) Rating on Teollisuuden Voima Oyj; Revised Outlook from Stable to Negative

JCR Affirmed A+ (FC) Rating on Pohjolan Voima Oyj; Revised Outlook from Stable to Negative

JCR Affirmed AAA/Stable and AAA on Tokyo Metro

Dec. 18, 2020

JCR Assigned A- to Bonds (Tier 1 loss absorption clause) of Mizuho Financial Group

JCR Assigned A+ Rating to Bonds of Fuyo General Lease

JCR Assigned AA Rating to Bonds of Daiwa House REIT Investment Corporation

JCR Affirmed BBB-/Stable Long-term Issuer Rating on Moya Holdings Asia

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

[ Asset Securitization Products ] JCR Affirmed A- on JETS International Four Limited Series 121

Dec. 17, 2020

JCR Affirmed A (FC) Rating on Hotel Lotte; Revised Outlook from Stable to Negative

JCR Assigned AA Rating to Bonds of Advance Residence Investment Corporation

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

Dec. 16, 2020

JCR Downgraded Rating on ROYAL HOLDINGS from BBB+/Negative to BBB/Negative

JCR Assigned AA Rating to Bonds of GLP J-REIT

JCR Affirmed A-/Stable, A- and J-1 on Konoike Transport

JCR Affirmed AA/Stable and AA on Daiwa House REIT Investment Corporation

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to BANK OF FUKUOKA C Corporation Bills & Electronically Recorded Receivable ABL 20-12

Dec. 15, 2020

JCR reviewed the Synthetic CLO (2019) of Japan Finance Corporation

JCR Assigned BBB+/Stable Long-term Issuer Rating and J-2 on CP to TOSHIBA

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

JCR Affirmed BBB Rating on DAITO BANK; Revised Outlook from Stable to Positive

JCR Affirmed AAA/Stable, AAA, and Preliminary AAA on Development Bank of Japan

JCR Assigned AA- Rating to Bonds of JCB

JCR Affirmed J-1+ Rating on CP of Odakyu Electric Railway; Increase in CP Maximum Amount

JCR Assigned BBB+ to Sylph Limited Series 10131

Dec. 14, 2020

JCR Affirmed A+ Rating on Invincible Investment Corporation; Revised Outlook from Stable to Negative

JCR Assigned J-1+ Rating to CP of Daiwa Securities Living Investment Corporation

JCR Assigned AAA Rating to Bonds of African Development Bank

JCR Affirmed A/Stable on Nishi-Nippon Financial Holdings and A/Stable and A- on NISHI-NIPPON CITY BANK

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

JCR Affirmed AA Ratings on Corporacion Andina de Fomento with Stable Outlook

Dec. 11, 2020

JCR Provided a third party opinion to Positive Impact Finance provided by Sumitomo Mitsui Trust Bank to Ricoh Leasing

JCR Assigned AAA Rating to Bonds of NTT FINANCE

JCR Assigned Preliminary A- Rating to Shelf Registration of IHI

JCR Affirmed BBB/Positive, BBB, Preliminary BBB, BB+ and J-2 on ZENSHO HOLDINGS

JCR Affirmed AAA/AAA (FC/LC) Ratings on Singapore with Stable Outlook

Dec. 10, 2020

JCR Reviewed Trust Beneficiary Rights 00012747

[ Asset Securitization Products ] JCR Assigned AA- to Ascent Finance Limited Series 2020-1069

JCR Assigned A- Rating to Bonds of Samty Residential Investment Corporation

JCR Upgraded Rating on Canadian Solar Dual Tenor Green Project Bond Trust (Gunma) Beneficial Interest and Trust ABL from A to A+

JCR Affirmed A on Canadian Solar Green Project Bond Trust (Yamaguchi) Beneficial Interest and Trust ABL

JCR Affirmed A on CS Mega Solar Green Project Bond Trust 1 Beneficial Interest and Trust ABL

Dec. 09, 2020

JCR Assigned SU 1 to the 2nd Bonds Issued by Tokyu Fudosan Holdings

JCR Assigned BBB+ Rating to Subordinated Bonds of Tokyu Fudosan Holdings

JCR Assigned A+ Rating to Bonds of Benesse Holdings

JCR Affirmed BBB+/Stable and BBB+ on BELLUNA

JCR Affirmed BBB+/Positive and BBB+ on KANEMATSU CORPORATION

Dec. 08, 2020

JCR Assigned A Rating to Bonds of Rakuten Card

JCR Assigned A+ Rating to Bonds of Daicel

JCR Affirmed A-/Stable and J-1 on ARUHI

JCR Affirmed AAA/AAA (FC/LC) Ratings on Germany

Dec. 07, 2020

JCR Downgraded Rating on Sumitomo Rubber Industries from AA-/Negative, AA-, Preliminary AA- and J-1+ to A+/Stable, A+, Preliminary A+ and J-1

JCR Affirmed A-/Stable Long-term Issuer Rating on TAKASAGO INTERNATIONAL

Dec. 04, 2020

JCR Affirmed BBB on Namura Shipbuilding; Revised Outlook from Stable to Negative

JCR Assigned AA- Rating to Bonds of TOKYU

JCR Assigned AAA Rating to Bonds of West Nippon Expressway