News Release

Jan. 28, 2020

JCR Affirmed A-/Stable and BBB+ on Ehime Bank

JCR Affirmed AA/Stable and AA on Nomura Real Estate Master Fund

Jan. 27, 2020

JCR Affirmed A- and J-1 on Japan Pulp & Paper; Revised Outlook from Stable to Positive

JCR Affirmed A+/Stable and J-1 on Sumitomo Bakelite

JCR Affirmed A-/Positive Long-term Issuer Rating on YAMAZEN

JCR Affirmed BBB-/Stable Long-term Issuer Rating on Akatsukikai

JCR Affirmed AAA Rating on Bonds (guaranteed by Development Bank of Japan) of Suzuyo

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

JCR Affirmed AA/Stable and AA on MORI TRUST Sogo Reit

Jan. 24, 2020

Showa Aircraft Industry Agreed on Tender Offer - No impact on Rating now but JCR Will Monitor Subsequent Business Restructuring

Mitsui E&S Holdings Closes A Tender Offer Agreement for Showa Aircraft Shares - Limited Impact on Rating

JCR Reviewed GLP J-REIT 12th Unsecured Bonds

JCR Removed Credit Monitor; Downgraded Rating on MICHINOKU BANK from #BBB+/Negative to BBB; Placed Stable Outlook

JCR Affirmed A Rating on Aomori Bank; Revised Outlook from Stable to Negative

JCR Assigned BBB+ Rating to Bonds of Kintetsu Group Holdings

JCR Assigned AA Rating to Bonds of Keio

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

JCR Assigned A Rating to Bonds of AEON Financial Service

JCR Affirmed A/Stable, A and Preliminary A on FUJI ELECTRIC

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

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

Jan. 23, 2020

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL20-01

Jan. 22, 2020

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Assigned A Rating to Bonds of Healthcare & Medical Investment

JCR Affirmed BBB/Stable Long-term Issuer Rating on Akanekai

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL20-01

Jan. 21, 2020

MAEDA Commences Tender Offer for Maeda Road Construction Shares - No Immediate Impact on Rating

JCR Assigned BBB/Stable Long-term Issuer Rating to RENOVA

JCR Assigned A Rating to Bonds of TEPCO Power Grid

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

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

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

JCR Affirmed AA-/Stable and AA- on Sumitomo Warehouse

JCR Affirmed AAA/AAA (FC/LC) Ratings on Denmark with Stable outlook

JCR Affirmed AA/Stable Long-term Issuer Rating on DREAM Private REIT

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL20-01 (F Hospital)

Jan. 20, 2020

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

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

JCR Affirmed A-/Stable and A- on AISAN INDUSTRY

JCR Assigned J-1 to Medical Treatment Fees Receivable ABL20-01 (D Hospital)

JCR Affirmed J-1 on Medical Treatment Fees Receivable ABL Program (Gokikai)

Jan. 17, 2020

JCR Assigned Green 1 (Final Evaluation) to the 22nd Unsecured Bonds Issued by Tokyu Fudosan Holdings

JCR Upgraded Rating on Yasuda Logistics from BBB+/Positive to A-/Stable

JCR Affirmed A- and J-1 on HIKARI TSUSHIN; Revised Outlook from Stable to Positive

JCR Affirmed BBB- Rating on Harima-Kyowa; Revised Outlook from Stable to Positive

JCR Affirmed A+ Rating on Fukuoka Kogyo Daigaku; Revised Outlook from Stable to Positive

JCR Assigned A+ Rating to Bonds of SUMITOMO HEAVY INDUSTRIES; Affirmed A+/Stable, A+ and Preliminary A+

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

JCR Assigned A- Rating to Bonds of Sushiro Global Holdings

JCR Assigned AA Rating to Bonds of Mitsubishi UFJ Lease & Finance

JCR Assigned A Rating to Bonds of JA MITSUI LEASING

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

JCR Assigned AAA Rating to Bonds of Japan Student Services

JCR Assigned AA+ Rating to Bonds of NARITA INTERNATIONAL AIRPORT

JCR Affirmed BBB/Stable Long-term Issuer Rating on Toyoko Inn

JCR Withdraws #J-3/Negative Rating on CP of UMC Electronics

Jan. 16, 2020

JCR Assigned AA Rating to Bonds of Chubu Electric Power

JCR Assigned AAA Rating to Bonds of Tokyo Metro

JCR Downgraded Rating on Aichi Bank from A+/Negative to A/Stable

JCR Affirmed A/Stable, A and Preliminary A on SCSK

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

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

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

JCR Affirmed AAA/Stable and AAA on Japan Student Services

Jan. 15, 2020

JCR Assigned A Rating to Bonds of Kawasaki Heavy Industries

JCR Affirmed A Rating on FUKUYAMA TRANSPORTING; Revised Outlook from Stable to Positive

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

JCR Affirmed AA-/Stable, AA- and Preliminary AA- on Coca-Cola Bottlers Japan Holdings

JCR Affirmed A-/Stable Long-term Issuer Rating on PACIFIC INDUSTRIAL

JCR Affirmed A/Stable, A, Preliminary A and J-1 on Sumitomo Osaka Cement

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

Jan. 14, 2020

JCR Affirmed A/Stable, A and J-1 on Yasuda Real Estate

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

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

Jan. 10, 2020

Neon Capital Limited 646,707,714

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

JCR Assigned AA- Rating to Bonds of Odakyu Electric Railway

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

Jan. 09, 2020

JCR Affirmed A+/Stable Long-term Issuer Rating on Japan Net Bank

JCR Reviewed Long-term Loan Borrowed by United Urban Investment Corporation

JCR Reviewed UUR Green Joint Trust Beneficiary Rights (UUR Green Trust)

Jan. 08, 2020

2018-2

2018-1

Jan. 07, 2020

JCR Assigned A Rating to Bonds of TOBU RAILWAY

Jan. 06, 2020

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL19-12

Dec. 27, 2019

ABL 17-05-02

Administrative Disposition Against Japan Post Insurance - No Immediate Changes in Rating and Rating Outlook

J. FRONT RETAILING Starts Tender Offer to Make PARCO a Wholly Owned Subsidiary—Limited Impact on J. FRONT RETAILING’s Rating

JCR Placed Rating on PARCO under Credit Monitor #A/Positive

JCR Downgraded Rating on Namura Shipbuilding from BBB+/Negative to BBB/Stable

JCR Affirmed BBB+ on KANEMATSU; Revised Outlook from Stable to Positive; Withdraws J-2

JCR Affirmed AA-/Stable Long-term Issuer Rating on DISCO

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL19-12

JCR Withdraws AA- (FC) Rating on POSCO

Dec. 26, 2019

JCR Provided a Third Party Opinion to Positive Impact Finance provided by Sumitomo Mitsui Trust Bank to J. FRONT RETAILING

JCR Upgraded Rating on Invesco Office J-REIT from A+/Positive and A+ to AA-/Stable and AA-

JCR Assigned A-/Stable Foreign Currency Long-term Issuer Rating to Vena Energy Holdings
JCR Assigned A-/Stable and A- to Vena Energy Capital

JCR Assigned J-2 Rating to CP of DAIKEN

JCR Assigned Preliminary AA-; Affirmed AA- and J-1+ on Sumitomo Rubber Industries; Revised Outlook from Stable to Negative

JCR Affirmed AA-, AA-, Preliminary AA- and J-1+ on TOKYU; Revised Outlook from Stable to Positive