News Release

Dec. 19, 2019

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

Dec. 18, 2019

JCR Placed Ratings on Showa Denko under Credit Monitor #A/Negative

JCR Affirmed A+ and J-1 on FamilyMart; Revised Outlook from Stable to Positive

Dec. 17, 2019

ZEST Investments B 1707-B01

JCR Upgraded Rating on Hoshino Resorts REIT from A-/Positive and A- to A/Stable and A

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

Highlights of Online Securities Companies' Financial Results for Period from April to September 2019

Dec. 16, 2019

JCR Affirmed A-/Stable Long-term Issuer Rating on RISO KAGAKU

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

Dec. 13, 2019

JCR Assigned A- Rating to Bonds of ARAKAWA CHEMICAL INDUSTRIES

Dec. 12, 2019

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

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

Dec. 11, 2019

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Affirmed BB Rating on Avation; Revised Outlook from Stable to Positive

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

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

JCR Assigned A+ Rating to Bonds of Kenedix Residential Next Investment Corporation

Dec. 10, 2019

JCR Assigned Green 1 (Final Evaluation) to Short-term and Long-term Loan Borrowed by SOSiLA Logistics REIT

JCR Assigned A Rating to Bonds of Japan Airlines

JCR Assigned AA Rating to Bonds of Mitsui Fudosan

JCR Affirmed AAA Ratings and Assigned AAA Ratings to Bonds of African Development Bank

Dec. 09, 2019

2129801

JCR Withdrew the Social Bond Evaluation to the 1st Privtae Placement Bonds of Moya Holdings Asia Limited

JCR Affirmed A/Stable and J-1 on TOC

JCR Affirmed A+/Stable and J-1 on NIPPON STEEL TEXENG.

Dec. 06, 2019

JCR Assigned A- Rating to Subordinated Bonds of SUMITOMO CHEMICAL

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Assigned A Rating to Bonds of HOKKAIDO GAS

JCR Assigned BBB Rating to Bonds of Daiei Real Estate & Development

JCR Assigned Preliminary A Rating to Shelf Registration of Tokyu Fudosan Holdings

JCR Assigned A Rating to Bonds of TOYOBO

JCR Assigned AA- and A+ to Bonds of Mitsubishi UFJ Financial Group

JCR Assigned A- to Bonds (Tier 2 with loss absorption clause) of Bank of Nagoya

JCR Assigned A+ Rating to Bonds of Fuyo General Lease

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

JCR Assigned A Rating to Bonds of Rakuten Card

JCR Assigned AA Rating to Bonds of NEW KANSAI INTERNATIONAL AIRPORT

JCR Assigned A+ Rating to Bonds of ITOCHU Advance Logistics

JCR Affirmed AAA/Stable and AAA on Japan Finance Corporation

JCR Affirmed BBB- (FC/LC) Ratings on Turkey: Outlook Negative

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

JCR Affirmed A+/Stable and A+ on Kenedix Residential Next Investment Corporation

Dec. 05, 2019

JCR Assigned Green 1 (Final Evaluation) to 4th Series Unsecured Straight Bond Issued by SEIBU HOLDINGS

JCR Assigned A- Rating to Bonds of SEIBU HOLDINGS

JCR Assigned AA- Rating to Bonds of Hulic Reit

JCR Affirmed A/Stable, A and J-1 on Nippon Flour Mills

JCR Affirmed AA/Stable, AA and Preliminary AA on NISSHIN SEIFUN GROUP

JCR Affirmed A-/Stable, A- and J-1 on Showa Sangyo

JCR Affirmed A Ratings on Malayan Banking Berhad with Stable Outlook

JCR Affirmed AAA Ratings on The International Bank for Reconstruction and Development with Stable Outlook

Dec. 04, 2019

JCR's Rating Review of Volume-sales Consumer Electronics Retailers

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

JCR Upgraded Rating on Nojima from BBB/Positive and BBB to BBB+/Stable and BBB+; Affirmed J-2 Short-term Issuer Rating

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

JCR Affirmed A Rating on K'S HOLDINGS; Revised Outlook from Stable to Positive

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

JCR Downgraded Rating on NISSAN MOTOR from AA-/Negative to A+/Stable

JCR Downgraded Rating on NISSAN FINANCIAL SERVICES from AA-/Negative to A+/Stable

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Assigned A+ Rating to Bonds of YOKOHAMA MINATOMIRAI RAILWAY

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

Dec. 03, 2019

Astellas Pharma Acquires US Biotechnology Firm - Limited Impact on Rating

JCR Assigned AA Rating to Bonds of Frontier Real Estate Investment Corporation

JCR Affirmed A/Stable, A, Preliminary A and J-1 on BOT Lease

[ Asset Securitization Products ] JCR Affirmed AAA on Grass Park Beneficial Interest Series 1

Dec. 02, 2019

JCR Affirmed A+/Stable and A+ on Keisei Electric Railway

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

JCR Affirmed BBB+/Stable, BBB+, BBB- and J-2 on HANWA

JCR Affirmed BBB+/Stable and BBB+ on BELLUNA

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

Nov. 29, 2019

JCR Assigned Green 1(F) to Green Bond Framework of Tokyu Fudosan Holdings

JCR Assigned Green 1(Preliminary) to 22nd Unsecured Bonds to be Issued by Tokyu Fudosan Holdings

JCR Assigned Green 1 (Final Evaluation) to the 5th Private Placement Bonds Issued by Shizen Energy

JCR Provided a Third Party Opinion on Sustainability Linked Loans to Nippon Yusen

JCR Removed Credit Monitor; Upgraded Rating on Bonds of Aflac Life Insurance Japan from #A+/Positive to AA-

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

JCR Assigned A+ Rating to JPY Bonds of Banco Santander

JCR Assigned AA Rating to Bonds of Mitsubishi Logistics

JCR Assigned AA- Rating to Bonds of Odakyu Electric Railway

JCR Assigned BBB Rating to Bonds of Nippon Yakin Kogyo

JCR Assigned AA- Rating to Bonds of Sumitomo Metal Mining

JCR Assigned A+ Rating to Bonds of Denka

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

JCR Affirmed A-/Stable and A- on J-OIL MILLS

JCR Affirmed BBB/Stable and BBB on KYORITSU MAINTENANCE

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

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

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL19-11

JCR Withdraws J-2 Rating on CP of MMC Diamond Finance

Nov. 28, 2019

JCR Reviewed Series 82 Unsecured Corporate Bonds Issued by Odakyu Electric Railway

JCR Assigned A+ Rating to Bonds of Mitsui Chemicals

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL19-11

Nov. 27, 2019

JCR Affirmed BB+/Stable Long-term Issuer Rating on IKAI

JCR Affirmed A-/Stable and J-1 on KROSAKI HARIMA

JCR Affirmed BBB/Negative and J-2 on Shinsho

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

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

Nov. 26, 2019

T&D Life Group to Invest in Closed Book Business in the U.S. - Limited Impact on Rating

ASAHI KASEI's Acquisition of US Pharmaceutical Company - No Impact on Rating

JCR Assigned Social 1(F) to Social Finance Framework of Kenedix Residential Next Investment Corporation