News Release

Nov. 30, 2021

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

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

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

JCR Affirmed AAA/Stable Long-term Issuer Rating on National University Corporation, the University of Tokyo

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

JCR Affirmed BBB/Stable Long-term Issuer Rating on Mitsubishi Steel Mfg.

JCR Assigned Preliminary BBB- to BRS Mega Solar Project Bond Trust 1 Beneficial Interest and Trust ABL

[ Asset Securitization Products ] JCR Affirmed J-1+ on Monthly Clear Receivables 20 ABCP Programs (Super Trust 1 through 20, LLCs)

[ Asset Securitization Products ] JCR Assigned J-1+ to Hokuriku Bank A Corporation Bills & Electronically Recorded Receivables ABL 21-11

[ Asset Securitization Products ] JCR Assigned Preliminary A to Securitization of Leases Receivable 202201A

[ Asset Securitization Products ] JCR Assigned AAA, A and A- to Beneficial Interest 202111 (Contract No. 210281)

JCR Assigned Green 1 to Trust Beneficiary Rights 202111 (Contract No. 210281)

JCR Assigned Green 1 (Preliminary Evaluation) to Bonds of Keiyo Gas

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Sumitomo Mitsui Trust Bank to Mitsubishi Estate

JCR Provided a Third Party Opinion on Sustainability Linked Loans Conducted by Sumitomo Mitsui Trust Bank to RICOH LEASING

JCR Provided a Third Party Opinion on Sustainability Linked Loans Conducted by JA Mitsui Leasing to GPSS Holdings

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Mizuho Bank to NOF

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Shizuoka Bank to Enegen

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Shizuoka Bank to Omura Kogyo

JCR Provided a Third Party Opinion to the positive impact framework of San ju San Bank

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by San ju San Bank to Cosmo Foods

Nov. 29, 2021

JCR Assigned BBB/Stable Long-term Issuer Rating to SBI FinTech Solutions

JCR Affirmed A-/Stable and J-1 on Nankai Electric Railway

JCR Affirmed AA/Stable Long-term Issuer Rating on Shinkin Securities

JCR Assigned Preliminary A- Rating to Subordinated Bonds of Dai-ichi Life HD

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL 21-11

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 21-11 (D Hospital)

JCR Assigned A+ to Ganymede Limited Series 2021-166

Nov. 26, 2021

JCR Affirmed BBB+/Negative Long-term Issuer Rating on FUJI KYUKO

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

JCR Assigned A+ Rating to Bonds of ASICS

JCR Assigned AA- Rating to Bonds of SAIBU GAS HD

JCR Assigned A- Rating to Bonds of Showa Denko

JCR Assigned BBB Rating to Bonds of Nippon Yakin Kogyo

JCR Assigned A+ Rating to Bonds of Mitsui Chemicals

JCR Assigned A Rating to Bonds of Rakuten Group

JCR Assigned A Rating to Bonds of POCKET CARD

JCR Assigned AA Rating to Bonds of Japan Prime Realty Investment Corporation

Nov. 25, 2021

Mitsui E&S Holdings Removes MODEC as a Consolidated Subsidiary - No Immediate Impact on Rating, but JCR Will Monitor Future Performance and Financial Developments

CPI Property Group to Raise EUR450 Million of Additional Equity - Need to Watch Its Impact on Financial Structure

JCR Assigned A (fp) Fund Portfolio Rating to Renewable Trust

JCR Affirmed A Rating on DAIICHIKOSHO; Revised Outlook to Negative

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

JCR Affirmed A/Negative Long-term Issuer Rating on Kawasaki Heavy Industries

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

JCR Affirmed A-/Stable Long-term Issuer Rating on TAKAMATSU CONSTRUCTION GROUP

JCR Affirmed A-/Stable and J-1 on Mitsubishi Electric Credit

JCR Assigned A- Rating to Bonds of NEC Capital Solutions

JCR Assigned AA Rating to Bonds of Mitsubishi HC Capital

JCR Provided a Third Party Opinion to the Positive Impact Framework of MUFG Bank

Nov. 24, 2021

JCR Affirmed A and J-1 on Nabtesco; Revised Outlook to Positive

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

JCR Affirmed A-/Stable Long-term Issuer Rating on Southern TOHOKU Research Institute

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

JCR Assigned A Rating to Subordinated Loan of Suntory Holdings

JCR Assigned A+ to Mirach Limited Series 2110-M01

JCR Assigned SU 1(F) to Sustainability Bond Framework of SoftBank

Nov. 22, 2021

Increase in CP Maximum Amount of Marubeni-Itochu Steel; JCR Affirmed J-1

JCR Affirmed BBB-/Stable and J-2 on Shinsho

JCR Affirmed A-/Stable Long-term Issuer Rating on Takeda Healthcare Foundation

JCR Affirmed A-/Stable Long-term Issuer Rating on Nippon Light Metal HD

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 21-11

JCR Reviewed Bonds no. 33 Issued by Ricoh Leasing

JCR Reviewed Bonds no. 38 Issued by Ricoh Leasing

Nov. 19, 2021

JCR Affirmed A Rating on MIRAIT Holdings; Revised Outlook to Positive

JCR Affirmed AA-/Stable and J-1+ on Odakyu Electric Railway

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

JCR Affirmed A/Stable Long-term Issuer Rating on Nishimatsu Construction

JCR Assigned A- Rating to Bonds of ARAKAWA CHEMICAL INDUSTRIES

JCR Assigned AA- Rating to Bonds of JERA

JCR Assigned A Rating to Bonds of TAKARA HOLDINGS

JCR Assigned A+ Rating to Bonds of NICHIREI

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

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

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 21-11 (F Hospital)

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 21-11

Nov. 18, 2021

JCR Affirmed AA+/Stable and J-1+ on NTT DATA

JCR Affirmed A+/Stable and J-1 on NICHIREI

JCR Affirmed AAA/Stable (FC/LC) on Commonwealth of Australia

JCR Assigned J-1 to Proposed Dividend Type Jointly-Management Designated Money Trust (SoftBank Group) Beneficial Interest Program

Nov. 17, 2021

JCR Affirmed A Rating on TIS; Revised Outlook to Positive
JCR Affirmed A Rating on INTEC; Revised Outlook to Positive

JCR Affirmed BBB+ on Makino Milling Machine; Revised Outlook to Positive

JCR Affirmed A Rating on Nishi-Nippon Financial Holdings; Revised Outlook to Positive
JCR Affirmed A Rating on NISHI-NIPPON CITY BANK; Revised Outlook to Positive

JCR Affirmed AA- Rating on Mitsubishi Estate Logistics REIT Investment Corporation; Revised Outlook to Positive

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

Nov. 16, 2021

JCR Assigned AAA/Stable Long-term Issuer Rating to National University Corporation Tohoku University

JCR Affirmed AA/Stable Long-term Issuer Rating on ASAHI KASEI

JCR Affirmed A+/Stable and J-1 on ISUZU MOTORS

JCR Affirmed AA/Stable and J-1+ on Sekisui House

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

JCR Assigned A+ Rating to Bonds of MIRAI Corporation

JCR Upgraded Ascent Finance Limited Series 2020-1053 to AA-

Nov. 15, 2021

TOSHIBA Announces Strategic Reorganization of the Group - No Immediate Impact on Rating; JCR Will Monitor Future Development

JCR Affirmed A Rating on OSAKA STEEL; Revised Outlook to Stable

JCR Affirmed A/Stable Long-term Issuer Rating on Ezaki Glico

[ Asset Securitization Products ] JCR Assigned Preliminary AAA, Preliminary A and Preliminary A- to Beneficial Interest 202111 (Contract No. 210281)

JCR Assigned Green 1(F) to Green Finance Framework of JACCS

Nov. 12, 2021

JCR Affirmed A+ Rating on ASICS; Revised Outlook to Stable

JCR Affirmed A+ and J-1 on NIPPON STEEL TEXENG; Revised Outlook to Stable

JCR Affirmed BBB/Stable and J-2 on JALUX