News Release

Mar. 11, 2020

JCR Assigned BBB+ Rating to Security Bank with Positive Outlook

JCR Assigned AA Rating to Bonds of Mitsui Fudosan

JCR Assigned Preliminary A- Rating to Shelf Registration of JACCS

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

JCR Affirmed BBB+/Stable and BBB+ on NIPPON THOMPSON

Mar. 10, 2020

Earls Eight Limited 773

Earls Eight Limited 772

Neon Capital Limited 781

MIZUHO Leasing Forms Business Alliance with RICOH and RICOH LEASING - Creation of New Business Opportunities to Be Watched

Change in Parent Company of RICOH LEASING and Business Alliance - No Impact on Rating

JCR Assigned Social 1 to Synthetic CLO (2020) of Japan Finance Corporation

JCR Assigned BBB+ Rating to Bonds of Daiwa Securities Group

JCR Assigned Preliminary AA- Rating to Shelf Registration of TOKYU

JCR Affirmed A+/Stable, A+ and Preliminary A+ on YOKOHAMA MINATOMIRAI RAILWAY

Mar. 09, 2020

JCR Reviewed Securitized Green Equity Trust 1 Trust Beneficiary Rights of Canadian Solar

JCR Assigned A+ Ratings to Bonds to be issued by Aflac Incorporated

JCR Assigned Preliminary A Rating to Shelf Registration of HASEKO

JCR Affirmed A+/Stable, A+ and Preliminary A+ on Nagoya Railroad

Mar. 06, 2020

72

JCR Assigned Social 1 (Final Evaluation) to Bonds of GAKKEN HOLDINGS

JCR Assigned BBB Rating to Bonds of GAKKEN HOLDINGS

JCR Downgraded Rating on H.I.S. from A-/Negative and A- to BBB+/Stable and BBB+

JCR Upgraded Rating on NEW KANSAI INTERNATIONAL AIRPORT from AA/Positive to AA+/Stable
JCR Upgraded Rating on KANSAI INTERNATIONAL AIRPORT LAND from AA/Positive to AA+/Stable

JCR Downgraded Rating on Deutsche Bank from Ap to A-p with Negative Outlook

JCR Affirmed A-, BBB, Preliminary A- and J-1 on Tokyo Tatemono; Revised Outlook to Positive

JCR Assigned A- Rating to Bonds of Konoike Transport

JCR Assigned A+ Rating to Bonds of AIR WATER

JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Concordia Financial Group

JCR Assigned A+ Rating to Bonds of Invincible Investment Corporation

JCR Withdraws A/Stable Rating on Busan Bank

Mar. 05, 2020

JCR Assigned A Rating to Bonds of Tokyu Fudosan Holdings

JCR Assigned AA Rating to Bonds of Sumitomo Mitsui Finance and Leasing

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

JCR Affirmed AA/Stable and AA on Nippon Prologis REIT

Mar. 04, 2020

JCR Affirmed BBB Rating on FUKUSHIMA BANK; Revised Outlook from Negative to Stable

JCR Affirmed A+/Stable, A+ and J-1 on DOWA HOLDINGS

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

Mar. 03, 2020

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

JCR Assigned A- Rating to Bonds of MITSUI-SOKO HOLDINGS

JCR Upgraded Rating on UCS from A-/Stable to A/Stable

JCR Affirmed A+, A- and J-1 on TAIYO NIPPON SANSO; Revised Outlook from Negative to Stable

JCR Affirmed AA-/Stable, AA-, Preliminary AA- and J-1+ on Asahi Group Holdings

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

JCR Affirmed A+/Stable, A+, A-, Preliminary A+ and J-1 on Pan Pacific International Holdings

JCR Affirmed AA/Stable, AA- and Preliminary AA on Concordia Financial Group
JCR Affirmed AA/Stable Long-term Issuer Rating on Bank of Yokohama
JCR Affirmed AA/Stable Long-term Issuer Rating on Higashi-Nippon Bank

Mar. 02, 2020

2165004

Series 87

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

JCR Affirmed J-1+ Rating on CP of NTT FINANCE; Increase in CP Maximum Amount

JCR Affirmed A+/Stable Long-term Issuer Rating on OITA BANK

Feb. 28, 2020

Daio Paper's Acquisition of Brazil Sanitary Goods Manufacturer - Limited Impact on Rating; JCR will Pay Attention to Future Synergistic Effects

Chiba Kogyo Bank will Issue Preferred Stock Acquisition Rights - Capital Reinforcement will Support its Efforts to Address Challenges

JCR Assigned Green 1 (Preliminary Evaluation) to 3rd Unsecured Bond issued by Mitsubishi Electric Credit

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

JCR Affirmed J-1 Rating on CP of NEC Capital Solutions; Increase in CP Maximum Amount

JCR Affirmed AA/Stable and AA on Central American Bank for Economic Integration

[ Asset Securitization Products ] JCR Assigned J-1+ to Hokuetsu Bank A Corporation Bills Receivable ABL20-02

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL20-02

JCR Withdraws J-1 Rating on CP of TOC

Feb. 27, 2020

Series 86

JCR Affirmed A/Stable Long-term Issuer Rating on AEON Mall

JCR Affirmed A-/Stable and J-1 on AEON KYUSHU

JCR Affirmed A/Stable, A and J-1 on AEON Financial Service

JCR Affirmed A-/Stable, A- and J-1 on AEON Product Finance

JCR Affirmed A-/Stable and J-1 on AEON Housing Loan Service

JCR Affirmed A-/Stable Foreign Currency Long-Term Issuer Rating on AEON Thana Sinsap (Thailand)

JCR Affirmed A/Stable Long-term Issuer Rating on United Super Markets Holdings

JCR Affirmed A+/Stable and J-1 on MINEBEA MITSUMI

JCR Affirmed A+/Stable, A+ and J-1 on JGC HOLDINGS

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL20-02

Feb. 26, 2020

JCR Affirmed A+p Rating on Oji Holdings; Revised Outlook from Stable to Positive

JCR Affirmed AAA/Stable Long-term Issuer Rating on NIPPON TELEGRAPH AND TELEPHONE

JCR Affirmed AAA/Stable, AAA and Preliminary AAA on NTT DOCOMO

JCR Affirmed A/Stable, A, BBB+ and J-1 on TOYOBO

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Southern TOHOKU Social Welfare Foundation

Feb. 25, 2020

JCR Assigned Green 1 (Final Evaluation) to the 3rd Private Placement Bonds Issued by West Holdings

JCR Assigned Green 1(F) to Green Finance Framework of West Holdings

JCR Upgraded Rating on AIFUL from BB/Positive and BB to BB+/Stable and BB+

JCR Assigned Preliminary AA- Rating to Shelf Registration of Tokyo Century

JCR Affirmed A-/Stable, A- and J-1 on SAPPORO HOLDINGS

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

JCR Affirmed AA/Stable and AA on Advance Residence Investment Corporation

JCR Assigned Preliminary AAA to Class A Beneficial Interest 202003

JCR Assigned J-1 to Medical Treatment Fees Receivable ABL20-02 (D Hospital)

JCR Affirmed J-1 on Dispensing Fees Receivable ABL Program (Nanba Pharmacy)

Feb. 21, 2020

JCR Upgraded Ratings of Hungary and National Bank of Hungary to A-/A (FC/LC); Revised Outlook to Stable

JCR Assigned BBB+ Rating to Bonds of Makino Milling Machine

JCR Assigned AA Rating to Bonds of Sumitomo Electric Industries

JCR Affirmed A+/Stable, A+ and J-1 on NH Foods

JCR Assigned A+ Rating to Bonds of Mitsubishi Chemical Holdings

JCR Assigned AA- Rating to Bonds of Hitachi Capital

JCR Assigned A+ Rating to Bonds of ACOM

JCR Affirmed AA-/AA (FC/LC) Ratings on China with Stable outlook

JCR Affirmed AAAp Rating on European Bank for Reconstruction and Development with Stable Outlook

Feb. 20, 2020

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Assigned AA- Rating to Bonds of Hankyu Hanshin Holdings

JCR Affirmed AA-/Stable, AA-, Preliminary AA- and J-1+ on RICOH LEASING

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

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL20-02

Feb. 19, 2020

JCR Assigned AA Rating to Bonds of Chubu Electric Power