News Release

Jun. 02, 2020

JCR Affirmed A-/Positive and J-1 on SAN-AI OIL

JCR Affirmed BBB/Stable and J-2 on JK Holdings

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

JCR Affirmed A+/Stable and A+ on EXEDY

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

Highlights of Major Real Estate Companies' Financial Results for Fiscal Year Ended March 2020

Jun. 01, 2020

Mirach Limited 1904-03

1501-01J

1203-02

ZEST Investments B 1502-B01

JCR Affirmed BBB+ Long-term Issuer Rating on OKASAN SECURITIES GROUP; Revised Outlook from Stable to Negative
JCR Affirmed BBB+ Long-term Issuer Rating on OKASAN SECURITIES; Revised Outlook from Stable to Negative

JCR Affirmed BBB+ and J-2 on Tokai Tokyo Financial Holdings; Revised Outlook from Stable to Negative
JCR Affirmed BBB+ Rating on Tokai Tokyo Securities; Revised Outlook from Stable to Negative

JCR Assigned Preliminary A to Subordinated Bonds and A to Subordinated Loan of Asahi Group Holdings

JCR Assigned Preliminary AA- Rating to Shelf Registration of Asahi Group Holdings

JCR Affirmed AA-/Stable and AA- on LaSalle LOGIPORT REIT

May. 29, 2020

NISSAN MOTOR’s Announcements on Financial Results for FY2019 - Downward Pressure on Rating

JCR Provided a Third Party Opinion on Sustainability Linked Loans to MITSUBISHI ESTATE

JCR Assigned AA+ Rating to Bonds of Electric Power Development

JCR Affirmed J-1 Rating on CP of Nomura Real Estate Holdings; Increase in CP Maximum Amount

Highlights of Major Information Services Companies' Financial Results for Fiscal Year Ended March 2020

JCR Affirmed A-/Stable Long-term Issuer Rating on Shinsei Securities

JCR Affirmed A-/Stable and J-1 on Shinsei Bank

JCR Affirmed A-/Stable and J-1 on Showa Leasing

JCR Affirmed A/Stable Long-term Issuer Rating on Hiroshimashi Credit Cooperative

JCR Affirmed BBB- on Sumitomo Mitsui Trust ABL11151

JCR Downgraded Rating on Sumitomo Mitsui Trust ABL11150 from BBB+ to BBB

JCR Downgraded Rating on Sumitomo Mitsui Trust ABL11341 from BBB- to BB+

JCR Downgraded Rating on Sumitomo Mitsui Trust ABL11339 from BBB+ to BBB

JCR Downgraded Rating on Sumitomo Mitsui Trust ABL11340 from BBB+ to BBB

JCR Downgraded Rating on Mitsubishi UFJ Trust ABL630 from BBB to BBB-

JCR Affirmed AAA Rating on Senior/ Class A Beneficial Interest

JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL 20-05

Update of Several Rating Methodologies

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

May. 28, 2020

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

Highlights of Major Retail Groups' Financial Results for Fiscal Year Ended February 2020

Highlights of Three Japan Railway Companies' Financial Results for Fiscal Year Ended March 2020

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL 20-05

May. 27, 2020

JCR Affirmed BB+ and J-3 on Nippon Sheet Glass; Revised Outlook from Stable to Negative

JCR Assigned J-1 Rating to CP of Sumitomo Riko

JCR Affirmed A+/Stable, A- and J-1 on Takeda Pharmaceutical

JCR Affirmed AA+p/Stable Long-term Issuer Rating on Shin-Etsu Chemical

JCR's Rating Review of 4 Expressway Companies

May. 26, 2020

JCR Provided a Third party Opinion to Positive Impact Finance Provided by Sumitomo Mitsui Trust Bank to Sumitomo Rubber Industries

JCR Affirmed A/Stable and A on OKAMURA

JCR Affirmed BBB+/Stable and BBB+ on ARATA

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

JCR Affirmed A+/Stable and J-1 on Sumitomo Mitsui Trust Loan & Finance

JCR Affirmed AA/Stable and AA on Japan Logistics Fund

May. 25, 2020

JCR Assigned BBB+ Rating to Subordinated Loan of Nippon Paper Industries

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

JCR Affirmed AA-/Stable and AA- on MCUBS MidCity Investment Corporation

May. 22, 2020

JCR Assigned A+ to Bonds (Tier 2 with loss absorption clause) of Mitsubishi UFJ Financial Group

JCR Assigned AAA Rating to Bonds of Japan Student Services

JCR Assigned Preliminary AA- Rating to Shelf Registration of Z Holdings

JCR Affirmed A-/Stable and A- on SIIX

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

JCR Affirmed A/Stable on Royal Bank of Scotland Group
JCR Affirmed A+/Stable on National Westminster Bank
JCR Affirmed A/Stable on NatWest Markets

JCR Affirmed A+/Stable and A+ on ITOCHU Advance Logistics Investment Corporation

Highlights of Semiconductor Production Equipment Manufacturers' Financial Results for Fiscal Year Ended March 2020

May. 21, 2020

JCR Assigned Green 1 (Final Evaluation) to 10th, 11th and 12th Unsecured Bonds by Daiwa House REIT Investment

JCR Assigned AA Rating to Bonds of Daiwa House REIT Investment Corporation

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 20-05

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL 20-05

May. 20, 2020

SONY's Announcement on Making Sony Financial Holdings Its Wholly-owned Subsidiary - Limited Impact on Financials

Impact of Sony Group's Reorganization on Sony Bank's Creditworthiness - JCR Assumes Certain Independence of Financial Services Segment Will be Maintained

JCR Assigned Preliminary A- Rating to Bonds (Tier 1 with loss absorption clause) of Nomura Holdings

JCR Assigned AA Rating to Bonds of Keio

Highlights of Blast Furnace Steelmakers' Financial Results for Fiscal Year Ended March 2020

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 20-05 (F Hospital)

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 20-05 (D Hospital)

May. 19, 2020

JCR Assigned A+ Rating to Bonds of Daiwa Securities Group

JCR Assigned Preliminary AA Rating to Shelf Registration of ASAHI KASEI

JCR Affirmed AA-/Stable and J-1+ on Japan Securities Finance

JCR Affirmed A+/Stable and J-1+ on JSF Trust and Banking

May. 18, 2020

JCR Affirmed A+, Preliminary A+ and J-1 on J. FRONT RETAILING; Revised Outlook from Stable to Negative; Increase in CP Maximum Amount
JCR Affirmed A+ and J-1 on PARCO; Revised Outlook from Stable to Negative

JCR Affirmed A+/Stable and J-1+ on Kyoei Fire and Marine Insurance

May. 15, 2020

Series 2020-76

ROYAL HOLDINGS's Downward Revisions to Earnings forecasts for FY2020 - Increasing Downward Pressure on Rating

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

May. 14, 2020

Series 112

May. 13, 2020

Mitsui E&S Holdings’ Announcements on Financial Results for FY2019 and Earnings Forecasts for FY2020 - No Immediate Impact on Rating, but JCR Will Watch Future Business Trend

Revision of Invincible Investment's Forecasts of Financial Results and Distribution - JCR Will Watch its Ability to Absorb Downside Risk, etc. and Examine Achievements to be Reflected in Rating

May. 12, 2020

Mitsubishi Heavy Industries’ Announcements on Financial Results for FY2019 and Earnings Forecasts for FY2020 - JCR Will Watch Future Business and Financial Trends

JCR Assigned Green 1(F) to Green Finance Framework of Daiwa House REIT Investment

JCR Assigned Green 1 (Preliminary Evaluation) to Investment Corporation Bonds Issued by Daiwa House REIT Investment

JCR Provided a Third Party Opinion on Shinsei Green Finance Framework by Shinsei Bank

JCR Assigned Preliminary A Rating to Shelf Registration of SCSK

JCR Affirmed J-1+ Rating on CP of FUJITSU LEASING; Increase in CP Maximum Amount

JCR Affirmed A on SGET Usa Mega Solar Power Station Project Beneficial Interest

May. 11, 2020

JCR Assigned Green 1(F) to Green Finance Framework of Canadian Solar Infrastructure Fund

JCR Withdraws A-/Stable (FC) Rating on Hanwha Solutions

May. 08, 2020

JCR Assigned Preliminary A+ Rating to Shelf Registration of Hulic

JCR Affirmed A+/Stable Long-term Issuer Rating on Bank of Okinawa

JCR Affirmed A/Stable Long-term Issuer Rating on Bank of The Ryukyus
JCR Affirmed A-/Stable Long-term Issuer Rating on Okinawa Credit Service
JCR Affirmed A-/Stable Long-term Issuer Rating on Ryukyu Leasing

JCR Affirmed AA- Rating on EMTN of Nomura Europe Finance; Increase in Maximum Amount of Program

May. 07, 2020

Series 2020-70