News Release

Dec. 04, 2019

JCR Downgraded Rating on NISSAN MOTOR from AA-/Negative to A+/Stable

JCR Downgraded Rating on NISSAN FINANCIAL SERVICES from AA-/Negative to A+/Stable

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Assigned A+ Rating to Bonds of YOKOHAMA MINATOMIRAI RAILWAY

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

Dec. 03, 2019

Astellas Pharma Acquires US Biotechnology Firm - Limited Impact on Rating

JCR Assigned AA Rating to Bonds of Frontier Real Estate Investment Corporation

JCR Affirmed A/Stable, A, Preliminary A and J-1 on BOT Lease

[ Asset Securitization Products ] JCR Affirmed AAA on Grass Park Beneficial Interest Series 1

Dec. 02, 2019

JCR Affirmed A+/Stable and A+ on Keisei Electric Railway

JCR Affirmed A-/Stable Long-term Issuer Rating on TAKASAGO INTERNATIONAL

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

JCR Affirmed BBB+/Stable and BBB+ on BELLUNA

JCR Affirmed A/Stable, A, Preliminary A and J-1 on JA MITSUI LEASING

Nov. 29, 2019

JCR Assigned Green 1(F) to Green Bond Framework of Tokyu Fudosan Holdings

JCR Assigned Green 1(Preliminary) to 22nd Unsecured Bonds to be Issued by Tokyu Fudosan Holdings

JCR Assigned Green 1 (Final Evaluation) to the 5th Private Placement Bonds Issued by Shizen Energy

JCR Provided a Third Party Opinion on Sustainability Linked Loans to Nippon Yusen

JCR Removed Credit Monitor; Upgraded Rating on Bonds of Aflac Life Insurance Japan from #A+/Positive to AA-

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

JCR Assigned A+ Rating to JPY Bonds of Banco Santander

JCR Assigned AA Rating to Bonds of Mitsubishi Logistics

JCR Assigned AA- Rating to Bonds of Odakyu Electric Railway

JCR Assigned BBB Rating to Bonds of Nippon Yakin Kogyo

JCR Assigned AA- Rating to Bonds of Sumitomo Metal Mining

JCR Assigned A+ Rating to Bonds of Denka

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

JCR Affirmed A-/Stable and A- on J-OIL MILLS

JCR Affirmed BBB/Stable and BBB on KYORITSU MAINTENANCE

JCR Affirmed A/Stable Long-term Issuer Rating on Nishi-Nippon Financial Holdings
JCR Affirmed A/Stable and A- on NISHI-NIPPON CITY BANK

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

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL19-11

JCR Withdraws J-2 Rating on CP of MMC Diamond Finance

Nov. 28, 2019

JCR Reviewed Series 82 Unsecured Corporate Bonds Issued by Odakyu Electric Railway

JCR Assigned A+ Rating to Bonds of Mitsui Chemicals

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL19-11

Nov. 27, 2019

JCR Affirmed BB+/Stable Long-term Issuer Rating on IKAI

JCR Affirmed A-/Stable and J-1 on KROSAKI HARIMA

JCR Affirmed BBB/Negative and J-2 on Shinsho

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

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

Nov. 26, 2019

T&D Life Group to Invest in Closed Book Business in the U.S. - Limited Impact on Rating

ASAHI KASEI's Acquisition of US Pharmaceutical Company - No Impact on Rating

JCR Assigned Social 1(F) to Social Finance Framework of Kenedix Residential Next Investment Corporation

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

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

Nov. 25, 2019

JCR Upgraded Rating on NIPPON STEEL TRADING from A/Positive to A+/Stable; Affirmed J-1

JCR Assigned Preliminary A Rating to Shelf Registration of Kawasaki Heavy Industries

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

Nov. 22, 2019

JETS International Five Limited 317

JCR Assigned Green 1(F) to Green Finance Framework of ITOCHU Advance Logistics Investment Corporation.

Establishment of Rating Methodology for Investment Funds

JCR Assigned A Rating to Bonds of ANA HOLDINGS

JCR Assigned A- Rating to Bonds of Mitsui Mining and Smelting

JCR Assigned BBB+ Rating to Bonds of NIPPON THOMPSON

JCR Assigned A+ Rating to Bonds of Marubeni

JCR Assigned AA- Rating to Bonds of Kyushu Electric Power

JCR Assigned A+ Rating to Bonds of Keikyu

JCR Assigned BBB+ Rating to Bonds of Kanagawa Chuo Kotsu

JCR Assigned A Rating to Bonds of POCKET CARD

JCR Affirmed BBB+/Stable and BBB+ on Starzen

JCR Affirmed A/Stable Long-term Issuer Rating on Ezaki Glico

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

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

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

JCR Affirmed AAA/AAA (FC/LC) Ratings on Kingdom of the Netherlands with Stable Outlook

Nov. 21, 2019

Mirach Limited 1910-M02

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

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

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Assigned AA Rating to Bonds of Chubu Electric Power

JCR Assigned A- Rating to Bonds of Sojitz

JCR Assigned Preliminary A- Rating to Shelf Registration of ARAKAWA CHEMICAL INDUSTRIES; Affirmed A-/Stable and A-

JCR Affirmed A-/Stable Long-term Issuer Rating on Takeda Healthcare Foundation

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL19-11

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL19-11

Nov. 20, 2019

2019-1033

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

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-11 (F Hospital)

Nov. 19, 2019

Mitsubishi Chemical Holdings’ Making Mitsubishi Tanabe Pharma a Wholly-owned Subsidiary - JCR will Pay Attention to Improvement of Financial Structure and Synergistic Effects

Japan Rental Housing Investments to Merge with Nippon Healthcare Investment Corp. - Outcome of Merger and Future Synergies Will Be Closely Watched and Reflected in Rating

JCR Removed Credit Monitor; Downgraded Rating on Mitsui E&S Holdings from #BBB-/Negative, #BBB-/Negative, Preliminary #BBB-/Negative and #J-2/Negative to BB+, BB, Preliminary BB and J-3; Placed Stable Outlook

JCR Assigned AA- Rating to Bonds (Tier 2 with loss absorption clause) of Gunma Bank

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-11 (D Hospital)

Nov. 18, 2019

Z Holdings’ Business Integration with LINE - Limited Impact on Rating; JCR will Pay Attention to Future Synergistic Effects

JCR Upgraded Rating on Fuyo General Lease from A/Positive, A and Preliminary A to A+/Stable, A+ and Preliminary A+; Affirmed J-1 on CP

JCR Upgraded Rating on Sharp Finance from A/Positive to A+/Stable; Affirmed J-1 on CP

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

JCR Affirmed A/Stable and J-1 on GUNZE

JCR Affirmed A/Stable and J-1 on Nabtesco

JCR Affirmed A-/Stable Long-term Issuer Rating on Nippon Light Metal Holdings

JCR Affirmed A+/Stable Long-term Issuer Rating on NIPPON STEEL ENGINEERING

JCR Affirmed A-/Stable Long-term Issuer Rating on Southern TOHOKU Research Institute for Neuroscience

JCR Affirmed BBB+/Positive and BBB+ on Makino Milling Machine

JCR Affirmed AA-/Stable Long-term Issuer Rating on Mitsubishi Estate Logistics REIT Investment Corporation

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

Nov. 15, 2019

JCR Assigned Green 1 (Final Evaluation) to the 6th Bonds Issued by AEON REIT Investment Corporation

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

JCR Assigned AA- Rating to Bonds of AEON REIT Investment Corporation

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