News Release

Dec. 26, 2019

JCR Affirmed AA-/Stable, AA- and Preliminary AA- on NGK SPARK PLUG

JCR Affirmed A/Stable Long-term Issuer Rating on JAPAN WOOL TEXTILE

JCR Affirmed BBB/Stable Long-term Issuer Rating on Toyo Logistics

JCR Affirmed A-/Stable Long-term Issuer Rating on Maruzen Showa Unyu

JCR Affirmed A/Stable, A, Preliminary A and J-1 on Keihan Holdings

JCR Affirmed BBB-/Positive and J-2 on Financial Products Group

JCR Affirmed AAA/Stable, AAA, and Preliminary AAA on Development Bank of Japan

JCR Withdraws A- Rating on Vena Energy

Dec. 25, 2019

Series 25

JCR Upgraded Rating on Sumitomo Mitsui Finance and Leasing from AA-/Positive to AA/Stable; Affirmed J-1+ on CP

JCR Assigned Preliminary AA- to Shelf Registration; Affirmed AA-/Stable and Preliminary AA- on Hiroshima Bank

JCR Affirmed A (FC) Rating on Hotel Lotte with Stable outlook

[ Asset Securitization Products ] JCR Assigned J-1+ to Saitama Resona Bank A Corporation Bills Receivable Senior Beneficial Interest 19-12

Dec. 24, 2019

JCR Upgraded Rating on Specified Bonds of Nissay 2017 Fund SPC from AA- to AA
JCR Upgraded Rating on Specified Bonds of Nissay 2019 Fund Securitization Company Limited from AA- to AA

JCR Upgraded Rating on Bonds of Nissay 2nd Subordinated Loan Securitization Company Limited from A+ to AA-
JCR Upgraded Rating on Bonds of Nissay 3rd Subordinated Loan Securitization Company Limited from A+ to AA-
JCR Upgraded Rating on Bonds of Nissay 4th Subordinated Loan Securitization Company Limited from A+ to AA-

JCR Affirmed A+ Rating on Specified Bonds of Meiji Yasuda Life 2016 Fund SPC
JCR Affirmed A+ Rating on Specified Bonds of Meiji Yasuda Life 2017 Fund SPC
JCR Affirmed A+ Rating on Specified Bonds of Meiji Yasuda Life 2018 Fund SPC
JCR Affirmed A+ Rating on Specified Bonds of Meiji Yasuda Life 2019 Fund SPC

JCR Affirmed AA-p/Stable Long-term Issur Rating and Ability to Pay Insurance Claims on Fukoku Mutual Life Insurance
JCR Affirmed AA-/Stable Long-term Issur Rating and Ability to Pay Insurance Claims on Fukokushinrai Life Insurance

JCR Affirmed A/Stable, A and A- on Bank of Nagoya

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

JCR Affirmed A (FC) Rating on Lotte Shopping with Stable outlook

JCR Affirmed A+ Rating on Teollisuuden Voima Oyj with Stable Outlook

JCR Affirmed A+ Rating on Pohjolan Voima Oyj (PVO) with Stable Outlook

JCR Affirmed A+/Stable and A+ on Kenedix Retail REIT Corporation

Dec. 23, 2019

JCR Provided a Third Party Opinion on Sustainability Linked Loans to TOYODA GOSEI

Evaluation Points for Solar Project Finance

JCR Affirmed A- Rating on Takara Leben Infrastructure Fund; Revised Outlook from Stable to Positive

JCR Affirmed BBB/Positive Long-term Issuer Rating on TAMURA

JCR Affirmed BBB+/Stable Long-term Issuer Rating and Ability to Pay Insurance Claims on DAIDO FIRE & MARINE INSURANCE

JCR Affirmed BBB+ (FC/LC) Ratings on Export-Import Bank of India with Stable Outlook

JCR Affirmed A/A+ (FC/LC) Ratings on Malaysia with Stable outlook

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL19-12

Dec. 20, 2019

19-12

JCR Reviewed Bonds issued by Fuyo General Lease

JCR's Rating Review of Major Life Insurers

JCR Upgraded Rating on Nippon Life Insurance from AA/Positive and A+ to AA+/Stable and AA-; Affirmed J-1+ on CP

JCR Affirmed A+/Stable and A- on Dai-ichi Life Holdings
JCR Affirmed AA-/Stable on Dai-ichi Life Insurance

JCR Affirmed AA-/Stable and J-1+ on Meiji Yasuda Life Insurance

JCR Affirmed AA-/Stable on SUMITOMO LIFE INSURANCE

JCR Upgraded Rating on CP of Nissay Leasing from J-1 to J-1+

JCR Affirmed A-/Stable, A-,Preliminary A- and J-1 on NIPPON TOCHI-TATEMONO

JCR Affirmed A Rating on Orange with Stable Outlook

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-12 (F Hospital)

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

Dec. 19, 2019

ISUZU MOTORS to form Alliance with AB VOLVO - Synergy Effect of the Alliance and Impact on the Financials from the Acquisition of UD to be Closely Watched

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-12 (D Hospital)

Dec. 18, 2019

JCR Placed Ratings on Showa Denko under Credit Monitor #A/Negative

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

Dec. 17, 2019

ZEST Investments B 1707-B01

JCR Upgraded Rating on Hoshino Resorts REIT from A-/Positive and A- to A/Stable and A

JCR Affirmed AA/Stable and J-1+ on Tokyo Electron

Highlights of Online Securities Companies' Financial Results for Period from April to September 2019

Dec. 16, 2019

JCR Affirmed A-/Stable Long-term Issuer Rating on RISO KAGAKU

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

Dec. 13, 2019

JCR Assigned A- Rating to Bonds of ARAKAWA CHEMICAL INDUSTRIES

Dec. 12, 2019

[ Asset Securitization Products ] JCR Assigned Preliminary J-1+ to Saitama Resona Bank A Corporation Bills Receivable Senior Beneficial Interest 19-12

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

Dec. 11, 2019

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Affirmed BB Rating on Avation; Revised Outlook from Stable to Positive

JCR Affirmed A/Stable Long-term Issuer Rating on Yodogawa Christian Hospital

JCR Affirmed AA/Stable and AA on Daiwa House REIT Investment Corporation

JCR Assigned A+ Rating to Bonds of Kenedix Residential Next Investment Corporation

Dec. 10, 2019

JCR Assigned Green 1 (Final Evaluation) to Short-term and Long-term Loan Borrowed by SOSiLA Logistics REIT

JCR Assigned A Rating to Bonds of Japan Airlines

JCR Assigned AA Rating to Bonds of Mitsui Fudosan

JCR Affirmed AAA Ratings and Assigned AAA Ratings to Bonds of African Development Bank

Dec. 09, 2019

2129801

JCR Withdrew the Social Bond Evaluation to the 1st Privtae Placement Bonds of Moya Holdings Asia Limited

JCR Affirmed A/Stable and J-1 on TOC

JCR Affirmed A+/Stable and J-1 on NIPPON STEEL TEXENG.

Dec. 06, 2019

JCR Assigned A- Rating to Subordinated Bonds of SUMITOMO CHEMICAL

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Assigned A Rating to Bonds of HOKKAIDO GAS

JCR Assigned BBB Rating to Bonds of Daiei Real Estate & Development

JCR Assigned Preliminary A Rating to Shelf Registration of Tokyu Fudosan Holdings

JCR Assigned A Rating to Bonds of TOYOBO

JCR Assigned AA- and A+ to Bonds of Mitsubishi UFJ Financial Group

JCR Assigned A- to Bonds (Tier 2 with loss absorption clause) of Bank of Nagoya

JCR Assigned A+ Rating to Bonds of Fuyo General Lease

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

JCR Assigned A Rating to Bonds of Rakuten Card

JCR Assigned AA Rating to Bonds of NEW KANSAI INTERNATIONAL AIRPORT

JCR Assigned A+ Rating to Bonds of ITOCHU Advance Logistics

JCR Affirmed AAA/Stable and AAA on Japan Finance Corporation

JCR Affirmed BBB- (FC/LC) Ratings on Turkey: Outlook Negative

JCR Affirmed AAA/AAA (FC/LC) Ratings on Singapore with Stable Outlook

JCR Affirmed A+/Stable and A+ on Kenedix Residential Next Investment Corporation

Dec. 05, 2019

JCR Assigned Green 1 (Final Evaluation) to 4th Series Unsecured Straight Bond Issued by SEIBU HOLDINGS

JCR Assigned A- Rating to Bonds of SEIBU HOLDINGS

JCR Assigned AA- Rating to Bonds of Hulic Reit

JCR Affirmed A/Stable, A and J-1 on Nippon Flour Mills

JCR Affirmed AA/Stable, AA and Preliminary AA on NISSHIN SEIFUN GROUP

JCR Affirmed A-/Stable, A- and J-1 on Showa Sangyo

JCR Affirmed A Ratings on Malayan Banking Berhad with Stable Outlook

JCR Affirmed AAA Ratings on The International Bank for Reconstruction and Development with Stable Outlook

Dec. 04, 2019

JCR's Rating Review of Volume-sales Consumer Electronics Retailers

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

JCR Upgraded Rating on Nojima from BBB/Positive and BBB to BBB+/Stable and BBB+; Affirmed J-2 Short-term Issuer Rating

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

JCR Affirmed A Rating on K'S HOLDINGS; Revised Outlook from Stable to Positive

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