News Release

Jan. 17, 2020

JCR Affirmed BBB- Rating on Harima-Kyowa; Revised Outlook from Stable to Positive

JCR Affirmed A+ Rating on Fukuoka Kogyo Daigaku; Revised Outlook from Stable to Positive

JCR Assigned A+ Rating to Bonds of SUMITOMO HEAVY INDUSTRIES; Affirmed A+/Stable, A+ and Preliminary A+

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

JCR Assigned A- Rating to Bonds of Sushiro Global Holdings

JCR Assigned AA Rating to Bonds of Mitsubishi UFJ Lease & Finance

JCR Assigned A Rating to Bonds of JA MITSUI LEASING

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

JCR Assigned AAA Rating to Bonds of Japan Student Services

JCR Assigned AA+ Rating to Bonds of NARITA INTERNATIONAL AIRPORT

JCR Affirmed BBB/Stable Long-term Issuer Rating on Toyoko Inn

JCR Withdraws #J-3/Negative Rating on CP of UMC Electronics

Jan. 16, 2020

JCR Assigned AA Rating to Bonds of Chubu Electric Power

JCR Assigned AAA Rating to Bonds of Tokyo Metro

JCR Downgraded Rating on Aichi Bank from A+/Negative to A/Stable

JCR Affirmed A/Stable, A and Preliminary A on SCSK

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

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

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

JCR Affirmed AAA/Stable and AAA on Japan Student Services

Jan. 15, 2020

JCR Assigned A Rating to Bonds of Kawasaki Heavy Industries

JCR Affirmed A Rating on FUKUYAMA TRANSPORTING; Revised Outlook from Stable to Positive

JCR Affirmed AA/Stable Long-term Issuer Rating on Toyo University

JCR Affirmed AA-/Stable, AA- and Preliminary AA- on Coca-Cola Bottlers Japan Holdings

JCR Affirmed A-/Stable Long-term Issuer Rating on PACIFIC INDUSTRIAL

JCR Affirmed A/Stable, A, Preliminary A and J-1 on Sumitomo Osaka Cement

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

Jan. 14, 2020

JCR Affirmed A/Stable, A and J-1 on Yasuda Real Estate

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

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

Jan. 10, 2020

Neon Capital Limited 646,707,714

JCR Assigned Green 1 (Preliminary Evaluation) to the 18th Unsecured Bonds Issued by MITSUI-SOKO HOLDINGS

JCR Assigned AA- Rating to Bonds of Odakyu Electric Railway

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

Jan. 09, 2020

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

JCR Reviewed Long-term Loan Borrowed by United Urban Investment Corporation

JCR Reviewed UUR Green Joint Trust Beneficiary Rights (UUR Green Trust)

Jan. 08, 2020

2018-2

2018-1

Jan. 07, 2020

JCR Assigned A Rating to Bonds of TOBU RAILWAY

Jan. 06, 2020

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL19-12

Dec. 27, 2019

ABL 17-05-02

Administrative Disposition Against Japan Post Insurance - No Immediate Changes in Rating and Rating Outlook

J. FRONT RETAILING Starts Tender Offer to Make PARCO a Wholly Owned Subsidiary—Limited Impact on J. FRONT RETAILING’s Rating

JCR Placed Rating on PARCO under Credit Monitor #A/Positive

JCR Downgraded Rating on Namura Shipbuilding from BBB+/Negative to BBB/Stable

JCR Affirmed BBB+ on KANEMATSU; Revised Outlook from Stable to Positive; Withdraws J-2

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

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL19-12

JCR Withdraws AA- (FC) Rating on POSCO

Dec. 26, 2019

JCR Provided a Third Party Opinion to Positive Impact Finance provided by Sumitomo Mitsui Trust Bank to J. FRONT RETAILING

JCR Upgraded Rating on Invesco Office J-REIT from A+/Positive and A+ to AA-/Stable and AA-

JCR Assigned A-/Stable Foreign Currency Long-term Issuer Rating to Vena Energy Holdings
JCR Assigned A-/Stable and A- to Vena Energy Capital

JCR Assigned J-2 Rating to CP of DAIKEN

JCR Assigned Preliminary AA-; Affirmed AA- and J-1+ on Sumitomo Rubber Industries; Revised Outlook from Stable to Negative

JCR Affirmed AA-, AA-, Preliminary AA- and J-1+ on TOKYU; Revised Outlook from Stable to Positive

JCR Affirmed AA-/Stable, AA- and Preliminary AA- on NGK SPARK PLUG

JCR Affirmed A/Stable Long-term Issuer Rating on JAPAN WOOL TEXTILE

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

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

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

JCR Affirmed BBB-/Positive and J-2 on Financial Products Group

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

JCR Withdraws A- Rating on Vena Energy

Dec. 25, 2019

Series 25

JCR Upgraded Rating on Sumitomo Mitsui Finance and Leasing from AA-/Positive to AA/Stable; Affirmed J-1+ on CP

JCR Assigned Preliminary AA- to Shelf Registration; Affirmed AA-/Stable and Preliminary AA- on Hiroshima Bank

JCR Affirmed A (FC) Rating on Hotel Lotte with Stable outlook

[ Asset Securitization Products ] JCR Assigned J-1+ to Saitama Resona Bank A Corporation Bills Receivable Senior Beneficial Interest 19-12

Dec. 24, 2019

JCR Upgraded Rating on Specified Bonds of Nissay 2017 Fund SPC from AA- to AA
JCR Upgraded Rating on Specified Bonds of Nissay 2019 Fund Securitization Company Limited from AA- to AA

JCR Upgraded Rating on Bonds of Nissay 2nd Subordinated Loan Securitization Company Limited from A+ to AA-
JCR Upgraded Rating on Bonds of Nissay 3rd Subordinated Loan Securitization Company Limited from A+ to AA-
JCR Upgraded Rating on Bonds of Nissay 4th Subordinated Loan Securitization Company Limited from A+ to AA-

JCR Affirmed A+ Rating on Specified Bonds of Meiji Yasuda Life 2016 Fund SPC
JCR Affirmed A+ Rating on Specified Bonds of Meiji Yasuda Life 2017 Fund SPC
JCR Affirmed A+ Rating on Specified Bonds of Meiji Yasuda Life 2018 Fund SPC
JCR Affirmed A+ Rating on Specified Bonds of Meiji Yasuda Life 2019 Fund SPC

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 Affirmed A/Stable, A and A- on Bank of Nagoya

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

JCR Affirmed A (FC) Rating on Lotte Shopping with Stable outlook

JCR Affirmed A+ Rating on Teollisuuden Voima Oyj with Stable Outlook

JCR Affirmed A+ Rating on Pohjolan Voima Oyj (PVO) with Stable Outlook

JCR Affirmed A+/Stable and A+ on Kenedix Retail REIT Corporation

Dec. 23, 2019

JCR Provided a Third Party Opinion on Sustainability Linked Loans to TOYODA GOSEI

Evaluation Points for Solar Project Finance

JCR Affirmed A- Rating on Takara Leben Infrastructure Fund; Revised Outlook from Stable to Positive

JCR Affirmed BBB/Positive Long-term Issuer Rating on TAMURA

JCR Affirmed BBB+/Stable Long-term Issuer Rating and Ability to Pay Insurance Claims on DAIDO FIRE & MARINE INSURANCE

JCR Affirmed BBB+ (FC/LC) Ratings on Export-Import Bank of India with Stable Outlook

JCR Affirmed A/A+ (FC/LC) Ratings on Malaysia with Stable outlook

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL19-12

Dec. 20, 2019

19-12

JCR Reviewed Bonds issued by Fuyo General Lease

JCR's Rating Review of Major Life Insurers

JCR Upgraded Rating on Nippon Life Insurance from AA/Positive and A+ to AA+/Stable and AA-; Affirmed J-1+ on CP

JCR Affirmed A+/Stable and A- on Dai-ichi Life Holdings
JCR Affirmed AA-/Stable on Dai-ichi Life Insurance

JCR Affirmed AA-/Stable and J-1+ on Meiji Yasuda Life Insurance

JCR Affirmed AA-/Stable on SUMITOMO LIFE INSURANCE

JCR Upgraded Rating on CP of Nissay Leasing from J-1 to J-1+

JCR Affirmed A-/Stable, A-,Preliminary A- and J-1 on NIPPON TOCHI-TATEMONO

JCR Affirmed A Rating on Orange with Stable Outlook

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-12 (F Hospital)

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL19-12

Dec. 19, 2019

ISUZU MOTORS to form Alliance with AB VOLVO - Synergy Effect of the Alliance and Impact on the Financials from the Acquisition of UD to be Closely Watched