News Release

Apr. 20, 2021

JCR Assigned BBB+ Rating to Bonds of NIPPON THOMPSON

JCR Assigned AA- Rating to Bonds of Tokyo Century

JCR Assigned AA Rating to Bonds of Japan Logistics Fund

JCR Assigned AA- Rating to Bonds of NTT UD REIT Investment Corporation

JCR's Rating Review of City Gas Companies

JCR Affirmed A/Stable and J-1 on KAGOME

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 21-04 (F Hospital)

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 21-04

JCR Affirmed AA- on Neon Capital Limited Series 707 and 714

Apr. 19, 2021

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

JCR Affirmed A-/Stable Foreign Currency Long-term Issuer Rating on Hanwha Energy Corporation

JCR Affirmed AA/Stable Long-term Issur Rating and Ability to Pay Insurance Claims on SECOM GENERAL INSURANCE

JCR Removed Credit Monitor; Rating on SHOKO Downgraded from #J-2/Negative to J-3 and Withdrawn

Apr. 16, 2021

Cessation of LIBOR Publication and Existing Hybrid Securities - Lack of Fallback Provisions Basically Does Not Affect Assessment of Equity Content

Invesco Office J-REIT Reserves Statement of Opinion for the Tender Offer by Starwood Capital Group for Investment Units - JCR Will Monitor the Outcome and Impact on Rating

JCR Assigned BBB+ Rating to Subordinated Notes of Rakuten Group

JCR Assigned AA- Rating to Bonds of Meiji Holdings

JCR Assigned A Rating to Bonds of TEPCO Power Grid

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

[ Asset Securitization Products ] JCR Assigned Preliminary AAA and A+ to REIT2021-001 Beneficial Interest/ABL

Apr. 15, 2021

CPI Property Group to Acquire Remaining Shares of Globalworth - No Immediate Impact on Rating

JCR's Ratings on Bonds Nos. 540 and 541 of Kansai Electric Power

JCR Assigned AAA Rating to Bonds of African Development Bank

JCR Affirmed A/Stable Long-term Issuer Rating on J. F. Oberlin University and Affiliated Schools

JCR Affirmed AA-/Stable and AA- on Hankyu Hanshin REIT

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to BANK OF FUKUOKA C Corporation Bills & Electronically Recorded Receivable ABL 21-04

[ Asset Securitization Products ] JCR Assigned A to Cypher Limited Series 486

Apr. 14, 2021

JCR Assigned A+ Rating to Bonds of Fuyo General Lease

JCR Affirmed BBB+/Stable and BBB+ on NIPPON THOMPSON

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

[ Asset Securitization Products ] JCR Assigned BBB+ to ABL 20-09

Apr. 13, 2021

JCR Assigned A+ Rating to Bonds of Marubeni

JCR Affirmed A-/Stable Long-term Issuer Rating on Nittetsu Mining

JCR Assigned Preliminary AA Rating to Shelf Registration of Mitsui Fudosan

JCR Affirmed AA/Stable, AA- and Preliminary AA on Concordia Financial Group
JCR Affirmed AA/Stable Long-term Issuer Rating on Bank of Yokohama
JCR Affirmed AA/Stable Long-term Issuer Rating on Higashi-Nippon Bank

JCR Assigned SU 1(F) to Sustainability Bond Framework of J.FRONT RETAILING

JCR Assigned SU 1 (Preliminary Evaluation) to the Sustainability Bonds Issued by J.FRONT RETAILING

Apr. 12, 2021

JCR Assigned Preliminary BBB+ Rating to Subordinated Bonds of Rakuten Group

JCR Assigned A+ Rating to Bonds of Aflac Incorporated

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

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

JCR Affirmed J-1 Rating on CP of MITSUBISHI MATERIALS; Increase in CP Maximum Amount

JCR Assigned Preliminary A Rating to Shelf Registration of DIC

JCR Affirmed A+/Stable, A+, A- and J-1 on NIPPON SANSO HOLDINGS

Apr. 09, 2021

JCR Assigned Preliminary AA- Rating to Subordinated Loan of Nippon Life Insurance

JCR Assigned Preliminary AA- Rating to Bonds of Nissay 6th Subordinated Loan Securitization Company Limited

JCR Assigned A- Rating to Bonds of VALOR HOLDINGS

JCR Assigned AA- Rating to Bonds of Kansai Electric Power

JCR Assigned Preliminary A- Rating to Shelf Registration of Toyo Tire

JCR Assigned Preliminary A+ Rating to Shelf Registration of Nagoya Railroad

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Assigned AA+ Rating to Bonds of Kanagawa Prefectural Housing Supply Corporation

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

JCR Assigned Green 1 (Final Evaluation) to 14th Unsecured Bond by Daiwa House REIT Investment Corporation

Apr. 08, 2021

JCR Downgraded Rating on YOROZU from BBB+/Negative to BBB/Stable

JCR Assigned AA- Rating to Bonds of Mitsubishi Estate Logistics REIT Investment Corporation

Apr. 07, 2021

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Affirmed J-1+ Rating on CP of Hankyu Hanshin Holdings; Increase in CP Maximum Amount

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

JCR Withdraws A/Stable Long-term Issuer Rating (FC) on Orange

Apr. 06, 2021

JCR Assigned AA- Rating to Bonds of RICOH LEASING

JCR Affirmed BBB+ (FC/LC) Ratings on Indian Railway Finance Corporation with Stable Outlook

Apr. 05, 2021

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

JCR Affirmed AA/Stable Long-term Issuer Rating on NITTO DENKO

JCR Assigned Green 1 (Final Evaluation) to Long-term Borrowings of TBM Co., Ltd.

Apr. 02, 2021

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

JCR Assigned Preliminary AA- Rating to Shelf Registration of Sumitomo Mitsui Trust Bank

JCR Affirmed A+/Negative, A+, Preliminary A+ and J-1 on J. FRONT RETAILING

JCR Affirmed BBB/Stable and BBB on GAKKEN HOLDINGS

JCR Affirmed A+ Rating on Banco Santander-Chile with Stable Outlook

JCR Affirmed AAA/Stable Long-term Issuer Rating on Asian Development Bank

[ Asset Securitization Products ] JCR Affirmed A+ on Sumitomo Mitsui Trust Bank Credit Linked Loan 2018-1

[ Asset Securitization Products ] JCR Affirmed A on Sumitomo Mitsui Trust Bank Credit Linked Loan 2018-2

JCR Withdraws BBB/Stable Long-term Issuer Rating on MICHINOKU BANK

JCR Withdraws A+/Stable Long-term Issuer Rating on UC Card

Apr. 01, 2021

Hitachi Will Acquire U.S. IT Company - No Immediate Impact on Rating

JCR Upgraded Rating on Kansai Mirai Financial Group from A+/Positive to AA-/Stable
JCR Upgraded Rating on Kansai Mirai Bank from A+/Positive to AA-/Stable; Affirmed J-1+ Short-term Issuer Rating
JCR Upgraded Rating on MINATO BANK from A+/Positive to AA-/Stable

JCR Affirmed A- and J-1 on Mitsui DM Sugar Holdings; Revised Outlook from Stable to Positive

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

JCR Affirmed AA-/Stable, AA-, Preliminary AA- and J-1+ on SAIBU GAS HOLDINGS

JCR Affirmed AA-/Stable Long-term Issuer Rating on Maruichi Steel Tube

JCR's Ratings on Mitsubishi HC Capital

JCR Affirmed AA- on Kai Limited Series 25

JCR Assigned Green 1(F) to Green Finance Framework of NTT UD REIT Investment Corporation

JCR Reviewed Bonds Issued by Orient Corporation

Mar. 31, 2021

JCR Assigned A- Rating to Subordinated Loan of Marubeni

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

JCR Assigned Preliminary A+ Rating to Shelf Registration of Daicel

JCR Affirmed A/Stable Long-term Issuer Rating on SHIP HEALTHCARE HOLDINGS

JCR Affirmed AAA Rating on Bonds of NTT FINANCE

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

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

JCR Affirmed AA/Stable and AA on Central American Bank for Economic Integration

JCR Assigned A- to Ecology Trust Bond 3rd Fund Trust Bonds and Trust ABL

[ Asset Securitization Products ] JCR Assigned AAA to JHF-guaranteed RMBS ABL Program (00013881)

[ Asset Securitization Products ] JCR Assigned AAA to Class A Beneficial Interest 202103

JCR Assigned AA- to Securitization of Leases Receivable from SB 202103

JCR Assigned AA- to Securitization of Loans Receivable from SB 202103

JCR Assigned Green 1 (Final Evaluation) to 4th Unsecured Bond issued by GPSS Holdings Inc.