News Release

Mar. 03, 2020

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

Mar. 02, 2020

2165004

Series 87

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

JCR Affirmed J-1+ Rating on CP of NTT FINANCE; Increase in CP Maximum Amount

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

Feb. 28, 2020

Daio Paper's Acquisition of Brazil Sanitary Goods Manufacturer - Limited Impact on Rating; JCR will Pay Attention to Future Synergistic Effects

Chiba Kogyo Bank will Issue Preferred Stock Acquisition Rights - Capital Reinforcement will Support its Efforts to Address Challenges

JCR Assigned Green 1 (Preliminary Evaluation) to 3rd Unsecured Bond issued by Mitsubishi Electric Credit

JCR Assigned A Rating to Bonds of DAIBIRU; Affirmed A/Stable, A, Preliminary A and J-1

JCR Affirmed J-1 Rating on CP of NEC Capital Solutions; Increase in CP Maximum Amount

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

[ Asset Securitization Products ] JCR Assigned J-1+ to Hokuetsu Bank A Corporation Bills Receivable ABL20-02

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL20-02

JCR Withdraws J-1 Rating on CP of TOC

Feb. 27, 2020

Series 86

JCR Affirmed A/Stable Long-term Issuer Rating on AEON Mall

JCR Affirmed A-/Stable and J-1 on AEON KYUSHU

JCR Affirmed A/Stable, A and J-1 on AEON Financial Service

JCR Affirmed A-/Stable, A- and J-1 on AEON Product Finance

JCR Affirmed A-/Stable and J-1 on AEON Housing Loan Service

JCR Affirmed A-/Stable Foreign Currency Long-Term Issuer Rating on AEON Thana Sinsap (Thailand)

JCR Affirmed A/Stable Long-term Issuer Rating on United Super Markets Holdings

JCR Affirmed A+/Stable and J-1 on MINEBEA MITSUMI

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

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL20-02

Feb. 26, 2020

JCR Affirmed A+p Rating on Oji Holdings; Revised Outlook from Stable to Positive

JCR Affirmed AAA/Stable Long-term Issuer Rating on NIPPON TELEGRAPH AND TELEPHONE

JCR Affirmed AAA/Stable, AAA and Preliminary AAA on NTT DOCOMO

JCR Affirmed A/Stable, A, BBB+ and J-1 on TOYOBO

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Southern TOHOKU Social Welfare Foundation

Feb. 25, 2020

JCR Assigned Green 1 (Final Evaluation) to the 3rd Private Placement Bonds Issued by West Holdings

JCR Assigned Green 1(F) to Green Finance Framework of West Holdings

JCR Upgraded Rating on AIFUL from BB/Positive and BB to BB+/Stable and BB+

JCR Assigned Preliminary AA- Rating to Shelf Registration of Tokyo Century

JCR Affirmed A-/Stable, A- and J-1 on SAPPORO HOLDINGS

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

JCR Affirmed AA/Stable and AA on Advance Residence Investment Corporation

JCR Assigned Preliminary AAA to Class A Beneficial Interest 202003

JCR Assigned J-1 to Medical Treatment Fees Receivable ABL20-02 (D Hospital)

JCR Affirmed J-1 on Dispensing Fees Receivable ABL Program (Nanba Pharmacy)

Feb. 21, 2020

JCR Upgraded Ratings of Hungary and National Bank of Hungary to A-/A (FC/LC); Revised Outlook to Stable

JCR Assigned BBB+ Rating to Bonds of Makino Milling Machine

JCR Assigned AA Rating to Bonds of Sumitomo Electric Industries

JCR Affirmed A+/Stable, A+ and J-1 on NH Foods

JCR Assigned A+ Rating to Bonds of Mitsubishi Chemical Holdings

JCR Assigned AA- Rating to Bonds of Hitachi Capital

JCR Assigned A+ Rating to Bonds of ACOM

JCR Affirmed AA-/AA (FC/LC) Ratings on China with Stable outlook

JCR Affirmed AAAp Rating on European Bank for Reconstruction and Development with Stable Outlook

Feb. 20, 2020

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Assigned AA- Rating to Bonds of Hankyu Hanshin Holdings

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

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

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL20-02

Feb. 19, 2020

JCR Assigned AA Rating to Bonds of Chubu Electric Power

JCR Affirmed A-/Stable, A- and J-1 on MITSUBISHI MATERIALS

JCR Affirmed AA/Stable, AA, Preliminary AA and J-1+ on Sumitomo Electric Industries

JCR Affirmed AA-/Stable Long-term Issuer Rating on Sony Bank

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

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL20-02

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL20-02 (F Hospital)

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

Feb. 18, 2020

JCR Removed Credit Monitor; Upgraded Rating on PARCO from #A/Positive to A+; Placed Stable Outlook; Affirmed J-1 on CP

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

JCR Affirmed AA/Stable and AA on Daiwa Office Investment Corporation

Feb. 17, 2020

JCR Affirmed A+/Stable, A+ and Preliminary A+ on Mitsubishi Chemical Holdings

JCR Affirmed A/Stable Long-term Issuer Rating on SEIREN

JCR Affirmed BBB/Stable Long-term Issuer Rating on Soken Chemical & Engineering

JCR Affirmed AA/Stable Long-term Issuer Rating on 77 Bank

JCR Affirmed AA+/Negative Long-term Issuer Rating on Shoko Chukin Bank

Feb. 14, 2020

JCR Reviewed Bonds of Kenedix Office Investment Corporation

JCR Upgraded Rating on Takasago Thermal Engineering from A-/Positive and A- to A/Stable and A

JCR Upgraded Rating on Kanagawa Prefectural Housing Supply Corporation from AA/Positive to AA+/Stable

JCR Assigned A- Rating to Bonds of NIPPON TOCHI-TATEMONO

JCR Assigned AA- Rating to Bonds of LaSalle LOGIPORT REIT

JCR Assigned AA Rating to Bonds of Sekisui House Reit

JCR Affirmed A+/Stable Long-term Issuer Rating on Aflac Incorporated
JCR Affirmed AA/Stable Long-term Issuer Rating and Ability to Pay Insurance Claims on American Family Life Assurance Company of Columbus
JCR Affirmed AA/Stable and AA- on Aflac Life Insurance Japan

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

JCR Affirmed AA+ (FC/LC) Ratings on Hong Kong with Stable Outlook

Feb. 13, 2020

JCR Reviewed Long-term Loan Borrowed by Canadian Solar Infrastructure Fund

JCR Assigned Preliminary BBB+ to Amp Green Project Bond Trust (Fukuoka) Beneficial Interest and Trust ABL

JCR Assigned Preliminary A- Rating to Shelf Registration of Orient Corporation

JCR Affirmed J-2 Rating on CP of CMIC HOLDINGS; Increase in CP Maximum Amount

Feb. 12, 2020

JCR Upgraded Long-term Issur Rating and Ability to Pay Insurance Claims on Asahi Mutual Life from BBB-/Stable to BBB/Positive

JCR's Rating Review of 3 Major Shipping Companies

Feb. 10, 2020

NIPPON STEEL's Downward Revision of Earnings Forecast - No Immediate Impact on the Rating but Closely Watch the Future Performance Trend

Toho Zinc Revises Forecasts Downward - No Immediate Impact on Rating but Future Business Recovery to Be Watched

JCR Affirmed AA/Stable, AA and J-1+ on Mitsubishi Logistics

JCR Affirmed AA/Stable and AA on Sekisui House Reit

Feb. 07, 2020

JCR Assigned Social 1 to Bonds of National Institution for Academic Degrees and Quality Enhancement of Higher Education

JCR Assigned AAA Rating to Bonds of National Institution for Academic Degrees and Quality Enhancement of Higher Education

JCR Assigned A-/Stable Long-term Issuer Rating to ZENKOKU HOSHO

JCR Assigned BBB Rating to Subordinated Loan of ZENKOKU HOSHO

JCR Affirmed BBB+ and Preliminary BBB+ on Sanken Electric; Revised Outlook from Stable to Negative

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

JCR Assigned AA Rating to Bonds of MORI TRUST Sogo Reit

JCR Assigned Preliminary A+ to Shelf Registration of J. Front Retailing; Affirmed A+/Satble, A+ and J-1

JCR Affirmed A+/Stable Long-term Issuer Rating on Kyoritsu Women's Educational Institution

JCR Affirmed AA/Stable and AA on ORIENTAL LAND