News Release

Feb. 06, 2020

JCR Placed Rating on SOGO MEDICAL HOLDINGS under Credit Monitor #BBB/Negative

NTT FINANCE to Spin Off Part of Leasing Business and Global Business - No Impact on Rating

Tokyo Century’s Revisions to Medium-term Management Plan and Resolution for Third-party Allocation of Shares - JCR Values Progress of Measures for Increased Risks

JCR Assigned A Ratings to JPY Bonds Issued by Malayan Banking

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

JCR Affirmed A+/Stable, A+ and J-1 on ITO EN

Feb. 05, 2020

JCR Assigned Social 1 (Preliminary) to Bonds of GAKKEN HOLDINGS

JCR Assigned BBB/Stable Long-term Issuer Rating to GAKKEN HOLDINGS

JCR Affirmed A and Preliminary A on Nippon Paper Industries; Revised Outlook from Negative to Stable

JCR Affirmed A+/Positive and A+ on MIRAI

Feb. 04, 2020

JCR Assigned Social 1 (Preliminary) to the Synthetic CLO (2020) of Japan Finance Corporation

JCR Upgraded Rating on Invincible Investment Corporation from A/Positive and A to A+/Stable and A+

JCR Assigned AA+/Stable Long-term Issuer Rating to JTC Holdings
JCR Affirmed AA+/Stable and J-1+ on Japan Trustee Services Bank
JCR Assigned AA+/Stable and J-1+ to Trust & Custody Services Bank

JCR Affirmed AA+/Stable and J-1+ on Master Trust Bank of Japan

JCR Affirmed A-/Stable Long-term Issuer Rating on Tokyo Kiraboshi Financial Group
JCR Affirmed A-/Stable Long-term Issuer Rating on Kiraboshi Bank

JCR Affirmed A-/Stable and J-1 on Mitsui Sugar

Feb. 03, 2020

JCR Assigned Preliminary AA- Rating to Shelf Registration of SoftBank

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

Jan. 31, 2020

JCR Assigned AAA/Stable Long-term Issuer Rating and AAA to National Institution for Academic Degrees and Quality Enhancement of Higher Education

JCR Assigned Social 1(F) to Social Finance Framework of National Institution for Academic Degrees and Quality Enhancement of Higher

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

JCR Assigned Green 1 to Trust Beneficiary Rights 202001 (Contract No. 210242)

JCR Assigned Green 1 (Final Evaluation) to Green Trust Beneficiary Rights of DREAM Private REIT

JCR Assigned Green 1 (Final Evalluation) to GL No.1 Borrowed by DREAM Private REIT

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

JCR Upgraded Ratings on Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara to BBB+/A- (FC/LC) with Stable Outlook

JCR Assigned Preliminary BBB+ Rating to Bonds of Daiwa Securities Group

JCR Assigned A+ Rating to Bonds of THK

JCR Affirmed A+ Rating on Sumitomo Realty & Development; Revised Outlook from Stable to Positive

JCR Affirmed AA+p/Stable Long-term Issuer Rating on Mitsubishi Estate

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

JCR Affirmed A/Stable Long-term Issuer Rating on SQUARE ENIX HOLDINGS

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL20-01

JCR Withdraws J-1+ Rating on CP of Shutoken Leasing

Jan. 30, 2020

ZEST Investments B 1606-B01

Enhancing Explanation of ESG Factors in Credit Rating - JCR Started Including Relevant Explanations in the Issuer Report

JCR Affirmed A-/Stable Long-term Issuer Rating on Mitsuuroko Group Holdings

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

JCR Affirmed A/Stable Long-term Issuer Rating on SBI Sumishin Net Bank

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

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL20-01

Jan. 29, 2020

JCR Assigned Green 1 (Preliminary) to Green Trust Beneficiary Rights of DREAM Private REIT

JCR Assigned Green 1 (Preliminary) to GL No.1 Borrowed by DREAM Private REIT

JCR Assigned Green 1 (preliminary evaluation) to Daiwa Green Finance Program ABL

JCR Assigned Green 1 (preliminary evaluation) to Daiwa Green Finance Program Trust Beneficiary Interests

JCR Assigned Green 1 (final evaluation) to Green Ritz Series 1 Trust ABL

JCR Assigned Green 1 (final evaluation) to Green Ritz Series 1 Trust Beneficiary Interests

JCR Assigned Green 1(F) to ARUHI Green Finance Framework of ARUHI Corporation

JCR Assigned Preliminary A to Daiwa Green Finance Program Beneficial Interest and Trust ABL (Iwamizawa and Kushiro Solar Power Plants)

JCR Upgraded Rating on Ferry Road ETC Card Receivable ABL Program from J-1 to J-1+

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

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

Jan. 28, 2020

JCR Affirmed A+ Rating on SEINO HOLDINGS; Revised Outlook from Stable to Positive

JCR Affirmed AA+/Stable Long-term Issuer Rating on Seven & i Holdings
JCR Affirmed AA+/Stable Long-term Issuer Rating on SEVEN-ELEVEN JAPAN

JCR Affirmed A+/Stable, A+ and Preliminary A+ on Sumitomo Riko

JCR Affirmed J-1+ Rating on CP of TOYOTA MOTOR

JCR Affirmed A-/Stable and BBB+ on Ehime Bank

JCR Affirmed AA/Stable and AA on Nomura Real Estate Master Fund

Jan. 27, 2020

JCR Affirmed A- and J-1 on Japan Pulp & Paper; Revised Outlook from Stable to Positive

JCR Affirmed A+/Stable and J-1 on Sumitomo Bakelite

JCR Affirmed A-/Positive Long-term Issuer Rating on YAMAZEN

JCR Affirmed BBB-/Stable Long-term Issuer Rating on Akatsukikai

JCR Affirmed AAA Rating on Bonds (guaranteed by Development Bank of Japan) of Suzuyo

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

JCR Affirmed AA/Stable and AA on MORI TRUST Sogo Reit

Jan. 24, 2020

Showa Aircraft Industry Agreed on Tender Offer - No impact on Rating now but JCR Will Monitor Subsequent Business Restructuring

Mitsui E&S Holdings Closes A Tender Offer Agreement for Showa Aircraft Shares - Limited Impact on Rating

JCR Reviewed GLP J-REIT 12th Unsecured Bonds

JCR Removed Credit Monitor; Downgraded Rating on MICHINOKU BANK from #BBB+/Negative to BBB; Placed Stable Outlook

JCR Affirmed A Rating on Aomori Bank; Revised Outlook from Stable to Negative

JCR Assigned BBB+ Rating to Bonds of Kintetsu Group Holdings

JCR Assigned AA Rating to Bonds of Keio

JCR Assigned A Rating to Subordinated Bonds of T&D Holdings

JCR Assigned A Rating to Bonds of AEON Financial Service

JCR Affirmed A/Stable, A and Preliminary A on FUJI ELECTRIC

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

JCR Affirmed A/Stable Long-term Issuer Rating on OKAZAKI SHINKIN BANK

Jan. 23, 2020

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL20-01

Jan. 22, 2020

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Assigned A Rating to Bonds of Healthcare & Medical Investment

JCR Affirmed BBB/Stable Long-term Issuer Rating on Akanekai

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL20-01

Jan. 21, 2020

MAEDA Commences Tender Offer for Maeda Road Construction Shares - No Immediate Impact on Rating

JCR Assigned BBB/Stable Long-term Issuer Rating to RENOVA

JCR Assigned A Rating to Bonds of TEPCO Power Grid

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

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

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

JCR Affirmed AA-/Stable and AA- on Sumitomo Warehouse

JCR Affirmed AAA/AAA (FC/LC) Ratings on Denmark with Stable outlook

JCR Affirmed AA/Stable Long-term Issuer Rating on DREAM Private REIT

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL20-01 (F Hospital)

Jan. 20, 2020

JCR Upgraded Rating on ACOM from A/Positive, A and Preliminary A to A+/Stable, A+ and Preliminary A+; Affirmed J-1

JCR Affirmed A-/Stable and A- on Tonami Holdings

JCR Affirmed A-/Stable and A- on AISAN INDUSTRY

JCR Assigned J-1 to Medical Treatment Fees Receivable ABL20-01 (D Hospital)

JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (Gokikai)

Jan. 17, 2020

JCR Assigned Green 1 (Final Evaluation) to the 22nd Unsecured Bonds Issued by Tokyu Fudosan Holdings

JCR Upgraded Rating on Yasuda Logistics from BBB+/Positive to A-/Stable

JCR Affirmed A- and J-1 on HIKARI TSUSHIN; Revised Outlook from Stable to Positive