News Release

Nov. 05, 2019

JCR Affirmed AA-/Stable and A on T&D Holdings
JCR Affirmed AA-/Stable Long-term Issuer Rating and Ability to Pay Insurance Claims on DAIDO LIFE INSURANCE
JCR Affirmed AA-/Stable and A+ on TAIYO LIFE INSURANCE
JCR Affirmed AA-/Stable Long-term Issuer Rating and Ability to Pay Insurance Claims on T&D FINANCIAL LIFE INSURANCE

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

Nov. 01, 2019

JCR Placed Rating on MICHINOKU BANK under Credit Monitor #BBB+/Negative

JETS International Five Limited 176

JCR Affirmed A/Stable and J-1 on Fukuoka Financial Group
JCR Affirmed A+/Stable Long-term Issuer Rating on BANK OF FUKUOKA
JCR Upgraded Rating on Kumamoto Bank from A/Stable to A+/Stable
JCR Upgraded Rating on SHINWA BANK from A/Stable to A+/Stable
JCR Upgraded Rating on Eighteenth Bank from A/Stable to A+/Stable

JCR Assigned A- Rating to Bonds of HIKARI TSUSHIN

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

Oct. 31, 2019

JCR Reviewed Trust Beneficiary Rights 00012747

JCR Assigned BBB/Stable Long-term Issuer Rating to Nippon Yakin Kogyo

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

JCR Affirmed AA-/Stable and J-1+ on Mitsubishi UFJ NICOS

JCR Affirmed AA-/Stable and AA- on Japan Excellent

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL19-10

JCR Withdraws BBB-/Stable Long-term Issuer Rating on Gyokushoukai

JCR Withdraws A (FC) Rating on Lotte Card

Oct. 30, 2019

JCR Assigned Green 1(F) to Green Finance Framework of GLP J-REIT

JCR Assigned Preliminary A+ Rating to Shelf Registration of SUMITOMO CHEMICAL

JCR Assigned Preliminary A- Rating to Subordinated Bonds of SUMITOMO CHEMICAL

JCR Affirmed AA-/Stable and AA- on Premier Investment Corporation

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL19-10

Oct. 29, 2019

JCR Downgraded Rating on UMC Electronics from #J-2/Negative to #J-3/Negative; Maintains Credit Monitor

JCR Upgraded Rating on Mitsubishi UFJ Lease & Finance from AA-/Positive, AA- and Preliminary AA- to AA/Stable, AA and Preliminary AA; Affirmed J-1+
JCR Upgraded Rating on EMTN of MUL Asset Finance from AA- to AA

JCR Placed Rating on Bonds of Aflac Life Insurance Japan under Credit Monitor #A+/Positive

JCR Upgraded Rating on Shutoken Leasing from J-1 to J-1+

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

JCR Assinged A- Rating to Bonds of Canadian Solar Infrastructure Fund

JCR Assigned Preliminary AAA Rating to Shelf Registration of Central Japan Railway

JCR Affirmed A-/Stable, A- and J-1 on Konoike Transport

Oct. 28, 2019

JCR Placed Rating on JA Solar Green Project Bond Trust (Fukushima) Beneficial Interest and Trust ABL under Credit Monitor #BBB-/Negative

JCR Assigned Preliminary A+ Rating to Subordinated Loan of Nippon Life Insurance

JCR Assigned Preliminary A+ Rating to Bonds of Nissay 4th Subordinated Loan Securitization Company Limited

JCR Affirmed A+/Stable ratings on Empresa Nacional del Petroleo

JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-10 (D Hospital)

Oct. 25, 2019

JCR Assigned BBB to PT. Indomarco Prismatama with Stable Outlook

JCR Assigned AA Rating to Bonds of Sekisui House Reit

JCR Affirmed A/Stable, A, and J-1 on SKY Perfect JSAT Holdings

JCR Affirmed AA/Stable, AA and Preliminary AA on ASAHI KASEI

JCR Affirmed A+/Stable on Hyundai Capital Services

Oct. 24, 2019

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Assigned AA Rating to Bonds of ORIX JREIT

JCR Assigned Preliminary A+ Rating to Shelf Registration of Mitsui Chemicals

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

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

JCR Affirmed AA-/Positive Ability to Pay Insurance Claims on Hitachi Capital Insurance

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

Oct. 23, 2019

SoftBank Group's Commitment to Provide Significant Funding to WeWork - Limited Impact on Rating

JCR Assigned Preliminary A Rating to Shelf Registration of Nomura Real Estate Holdings

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

JCR Affirmed BBB/Stable Long-term Issuer Rating on Showa Aircraft Industry

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

JCR Affirmed J-2 Rating on CP of DAIHO

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL19-10

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL19-10

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

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

Oct. 21, 2019

JCR Assigned Green 1 (Final Evaluation) to AEON REIT Green Trust

JCR Assigned Green 1 (Final Evaluation) to Long-term Loan borrowed by AEON REIT Investment Corporation

JCR Assigned Preliminary A Rating to Shelf Registration of Japan Airlines

JCR Affirmed BBB+, Preliminary BBB+, BBB- and J-2 on Toyo Tire; Revised Outlook from Stable to Positive; Increase in CP Maximum Amount

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

JCR Affirmed A/Stable, A, and Preliminary A on Kawasaki Heavy Industries

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

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-10 (F Hospital)

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

Oct. 18, 2019

For Public Comments on Establishment of Rating Methodology for Investment Funds

JCR Assigned A+ to Sanwa Holdings; Affirmed A+/Stable, A+ and J-1

JCR Assigned A- Rating to Bonds of NIPRO

JCR Assigned A Rating to Bonds of DIC

JCR Assigned A Rating to Bonds of KYOWA EXEO

JCR Assigned A Rating to Bonds of Fuyo General Lease

JCR Assigned A+ Rating to Bonds of Sumitomo Mitsui Trust Panasonic Finance

JCR Assigned AA- to Hitachi Capital; Affirmed AA-/Positive, AA- and J-1+

JCR Assigned AAA Rating to Bonds of Japan Student Services

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Assigned A Rating to Bonds of Invincible Investment Corporation

JCR Affirmed BBB+/Stable Long-term Issuer Rating on WARABEYA NICHIYO HOLDINGS

JCR Affirmed BBB-/Stable Long-term Issuer Rating on Jimoto Holdings
JCR Affirmed BBB-/Stable Long-term Issuer Rating on Kirayaka Bank
JCR Affirmed BBB-/Stable Long-term Issuer Rating on Sendai Bank

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

Oct. 17, 2019

JCR Assigned Green 1 (Preliminary Evaluation) to 9th Unsecured Bond by Daiwa House REIT Investment Corporation

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

JCR Affirmed AA and A+ on JAPAN POST INSURANCE; Revised Outlook from Stable to Negative

JCR Assigned AA- Rating to Bonds of TOKYU REIT

JCR Affirmed AA+/Stable Long-term Issuer Rating on JAPAN POST HOLDINGS

Oct. 16, 2019

JCR Reviewed Bonds Issued by RICOH LEASING

JCR Upgraded Rating on Nishimatsu Construction from A-/Positive and A- to A/Stable and A

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

JCR Affirmed J-2 Rating on CP of KOKUSAI PULP&PAPER

JCR Affirmed A/Stable Long-term Issuer Rating on NISHIMATSUYA CHAIN

JCR Affirmed A/Negative, A, BBB+ and J-1 on Rakuten

JCR Affirmed A/Negative and J-1 on Rakuten Bank

JCR Affirmed A/Negative and J-1 on Rakuten Card

JCR Affirmed A/Negative Long-term Issuer Rating on Rakuten General Insurance

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

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

Oct. 15, 2019

Frequent Occurrences of Natural Disasters in Japan - Impact on Non-Life Insurers' Financial Results to Be Closely Watched

Seven & i Holdings’ Structural Reform of Businesses - No Impact on Rating, JCR Will Pay Attention to Achievements in Measures for Each Business

JCR Upgraded Rating on Shimadzu from A+/Positive and J-1 to AA-/Stable and J-1+

JCR Affirmed BBB+/Stable and J-2 on RESORTTRUST

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

Oct. 11, 2019

Kansai Electric Power's Executives Receive Money and Goods - No Immediate Impact on Rating