News Release

May. 21, 2020

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

May. 01, 2020

JCR Assigned Preliminary AA Rating to Shelf Registration of DAIKIN INDUSTRIES

JCR Affirmed J-1+ Rating on CP of Tokyo Electron; Increase in CP Maximum Amount

JCR Affirmed BBB-/Stable and BBB- on Sankyo Tateyama

Apr. 30, 2020

JCR Affirmed A-/Stable Long-term Issuer Rating on Ryoden Corporation

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

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL 20-04

JCR Withdraws A/Stable and J-1 on Daido Steel

Apr. 28, 2020

JCR Affirmed A+ and J-1 on Takashimaya; Revised Outlook from Stable to Negative; Increase in CP Maximum Amount

JCR Assigned Preliminary AA-, A+ and A- to Shelf Registration of Mizuho Financial Group

JCR Assigned Perliminary A- Rating to Subordinated Bonds of Hulic

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

Apr. 27, 2020

HANWA's Downward Revisions to Earnings Forecasts - No Immediate Impact on Rating, but JCR will Watch Future Business Performance

JCR Affirmed A-/A+ (FC/LC) Ratings on Mexico; Revised Outlook from Stable to Negative

JCR Assigned BBB+ Rating to Subordinated Loan of Showa Denko

JCR Affirmed BBB Rating on Bharat Oman Refineries with Stable Outlook

[ Asset Securitization Products ] JCR Affirmed AAA and BBB- on Toyonosato Senior Beneficial Interest, Other Beneficial Interest and ABL

[ Asset Securitization Products ] JCR Affirmed AAA, BBB and A on MMJ Mortgage Trust II Senior Beneficial Interest and ABL

Apr. 24, 2020

JCR Assigned A Rating to Subordinated Loan of Suntory Holdings

JCR Assigned A Rating to Bonds of Ube Industries

JCR Assigned A+ Rating to Bonds of Nishi-Nippon Railroad

JCR Assigned Preliminary A+ Rating to Shelf Registration of NIPPON STEEL TRADING

JCR Affirmed AA/Stable and AA on FAST RETAILING

JCR Affirmed AA-/Stable and AA- on Comforia Residential REIT

Apr. 23, 2020

Mirach Limited 2004-M01

JCR Downgraded Rating on Avation from #BB-/Negative to #B/Negative; Maintains Credit Monitor

JCR Assigned AA Rating to Bonds of DAIWA HOUSE INDUSTRY

JCR Assigned A+ Rating to Bonds of Nagoya Railroad

Apr. 22, 2020

Idemitsu Kosan’s Revisions to Earning Forecasts - No Immediate Impact on Rating, but JCR will Monitor Future Business Performance

Trust Bonds no.203

JCR Assigned AA Rating to Bonds of Mitsui Fudosan

JCR Assigned AA to Bonds of KURARAY

JCR Assigned AAA Ratings to Bonds of African Development Bank

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

JCR Affirmed A-/A Ratings on Republic of Peru with Stable Outlook

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL 20-04

Apr. 21, 2020

Showa Denko's Wholly-owned Subsidiary Issues Preferred Shares - Equity Content Assessed as "Medium or 50%"

JCR Removed Credit Monitor; Affirmed A and J-1 on Showa Denko; Placed Negative Outlook

JCR Assigned A/Stable Long-term Issuer Rating to SHIP HEALTHCARE HOLDINGS

JCR Assigned J-1 to CP of Chuo-Nittochi Group
JCR Withdraws J-1 on NIPPON TOCHI-TATEMONO

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 20-04 (D Hospital)

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL 20-04 (F Hospital)

Apr. 20, 2020

JCR's Rating Review of City Gas Companies

JCR Affirmed AA/Stable Long-term Issur Rating and Ability to Pay Insurance Claims on SECOM GENERAL INSURANCE

JCR Affirmed A+/Stable and A+ on HEIWA REAL ESTATE REIT

Apr. 17, 2020

JCR Assigned AA-/Stable Long-term Issuer Rating to LJPFGK

JCR Assigned AA- Rating to Bonds of Odakyu Electric Railway

JCR Assigned A Rating to Bonds of TEPCO Power Grid

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

JCR Withdraws #BBB/Negative Long-term Issuer Rating on SOGO MEDICAL HOLDINGS

Apr. 16, 2020

Mirach Limited 2003-M02

JCR Assigned A Rating to Bonds of Tokyu Fudosan Holdings

JCR Affirmed AA/Stable and AA- on Gunma Bank

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

Apr. 15, 2020

JCR Affirmed A/Stable and J-1 on KAGOME

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

Apr. 14, 2020

SoftBank Group’s Forecasts of Financial Results for FY2019 - Limited Impact on Rating

Apr. 13, 2020

JCR Affirmed AA Rating on KURARAY; Revised Outlook from Stable to Negative

JCR Affirmed J-2 Rating on CP of JALUX; Increase in CP Maximum Amount

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Sanyo Electric Railway

JCR Affirmed A+/A+(FC/LC) Ratings on the Slovak Republic with Stable Outlook

JCR Affirmed BBB- on Giga Solar Green Project Bond Trust (Fukushima) Beneficial Interest and Trust ABL