News Release

Nov. 15, 2019

JCR Assigned AA- Rating to Bonds of Hankyu Hanshin Holdings

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

JCR Affirmed BBB, Preliminary BBB, BB+ and J-2 on ZENSHO HOLDINGS; Revised Outlook from Stable to Positive

JCR Affirmed AA+/Stable, AA+, Preliminary AA+ and J-1+ on NTT DATA

JCR Affirmed A/Stable Long-term Issuer Rating on TIS
JCR Affirmed A/Stable Long-term Issuer Rating on INTEC

JCR Affirmed J-1 Rating on CP of T&D Lease

Nov. 14, 2019

Spica Limited 1910-S12

JCR Removed Credit Monitor; Affirmed A+ on LIXIL Group; Placed Stable Outlook

JCR Assigned AA Rating to Bonds of GLP J-REIT

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

Nov. 13, 2019

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

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

Nov. 12, 2019

[ Asset Securitization Products ] JCR Affirmed J-1+ on 3rd Trust Beneficial Interest

Mirach Limited 1910-M01

JCR Downgraded Rating on Mitsubishi Steel Mfg. from BBB+/Negative to BBB/Stable

JCR Affirmed A- Rating on OKAYA; Revised Outlook from Stable to Positive

JCR Assigned AA Rating to Bonds of Activia Properties

JCR Assigned AA Rating to Bonds of Japan Logistics Fund

JCR Assigned A- Rating to Bonds of Starts Proceed Investment Corporation

JCR Assigned Preliminary A Rating to Shelf Registration of TSUBAKIMOTO CHAIN

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

JCR Affirmed A/Stable and J-1 on PARCO

JCR Affirmed Ratings BBB-/BBB(FC/LC) on Brazil

[ Asset Securitization Products ] JCR Affirmed J-1+ on ABCP Programs of Super Trust 1 to 20, LLCs

Nov. 11, 2019

JCR Assigned BBB-/Stable Long-term Issuer Rating to Moya Holdings Asia Limited

JCR Affirmed A+/Stable, A+ and Preliminary A+ on NSK

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

Nov. 08, 2019

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

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

JCR Assigned A+ Rating to Bonds of MORI BUILDING

JCR Affirmed AAA/Stable and AAA on Tokyo Metro

JCR Affirmed BBB-/Stable Long-term Issuer Rating on AIRTECH JAPAN

JCR Affirmed A- Ratings on CPI Property Group with Stable Outlook

JCR Affirmed A+/Stable and A+ on Japan Hotel REIT Investment Corporation

Nov. 07, 2019

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

JCR Upgraded (FC/LC) Ratings on Russia from BBB- to BBB with Stable outlook

JCR Affirmed AAA/AAA(FC/LC) ratings on Norway with Stable Outlook

Nov. 06, 2019

JCR Affirmed BBB/Stable Long-term Issuer Rating on SOGO MEDICAL HOLDINGS

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

Nov. 05, 2019

JCR Assigned A+/Stable Long-term Issuer Rating to SOSiLA Logistics REIT

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

JCR Assigned Green 1(F) to Green Finance Framework of SOSiLA Logistics REIT

JCR Placed Rating on Mitsui E&S Holdings under Credit Monitor #BBB-/Negative and #J-2/Negative

JCR Assigned Preliminary BBB to Alma Diode Solar Green Project Bond Trust (Shimane) Beneficial Interest and Trust ABL

JCR Affirmed AA-/Stable and A on T&D Holdings
JCR Affirmed AA-/Stable Long-term Issuer Rating and Ability to Pay Insurance Claims on DAIDO LIFE INSURANCE
JCR Affirmed AA-/Stable and A+ on TAIYO LIFE INSURANCE
JCR Affirmed AA-/Stable Long-term Issuer Rating and Ability to Pay Insurance Claims on T&D FINANCIAL LIFE INSURANCE

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

Nov. 01, 2019

JCR Placed Rating on MICHINOKU BANK under Credit Monitor #BBB+/Negative

JETS International Five Limited 176

JCR Affirmed A/Stable and J-1 on Fukuoka Financial Group
JCR Affirmed A+/Stable Long-term Issuer Rating on BANK OF FUKUOKA
JCR Upgraded Rating on Kumamoto Bank from A/Stable to A+/Stable
JCR Upgraded Rating on SHINWA BANK from A/Stable to A+/Stable
JCR Upgraded Rating on Eighteenth Bank from A/Stable to A+/Stable

JCR Assigned A- Rating to Bonds of HIKARI TSUSHIN

JCR Affirmed AA/Stable, AA, Preliminary AA, A+ and J-1+ on Sekisui House

Oct. 31, 2019

JCR Reviewed Trust Beneficiary Rights 00012747

JCR Assigned BBB/Stable Long-term Issuer Rating to Nippon Yakin Kogyo

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

JCR Affirmed AA-/Stable and J-1+ on Mitsubishi UFJ NICOS

JCR Affirmed AA-/Stable and AA- on Japan Excellent

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL19-10

JCR Withdraws BBB-/Stable Long-term Issuer Rating on Gyokushoukai

JCR Withdraws A (FC) Rating on Lotte Card

Oct. 30, 2019

JCR Assigned Green 1(F) to Green Finance Framework of GLP J-REIT

JCR Assigned Preliminary A+ Rating to Shelf Registration of SUMITOMO CHEMICAL

JCR Assigned Preliminary A- Rating to Subordinated Bonds of SUMITOMO CHEMICAL

JCR Affirmed AA-/Stable and AA- on Premier Investment Corporation

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL19-10

Oct. 29, 2019

JCR Downgraded Rating on UMC Electronics from #J-2/Negative to #J-3/Negative; Maintains Credit Monitor

JCR Upgraded Rating on Mitsubishi UFJ Lease & Finance from AA-/Positive, AA- and Preliminary AA- to AA/Stable, AA and Preliminary AA; Affirmed J-1+
JCR Upgraded Rating on EMTN of MUL Asset Finance from AA- to AA

JCR Placed Rating on Bonds of Aflac Life Insurance Japan under Credit Monitor #A+/Positive

JCR Upgraded Rating on Shutoken Leasing from J-1 to J-1+

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

JCR Assinged A- Rating to Bonds of Canadian Solar Infrastructure Fund

JCR Assigned Preliminary AAA Rating to Shelf Registration of Central Japan Railway

JCR Affirmed A-/Stable, A- and J-1 on Konoike Transport

Oct. 28, 2019

JCR Placed Rating on JA Solar Green Project Bond Trust (Fukushima) Beneficial Interest and Trust ABL under Credit Monitor #BBB-/Negative

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

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

JCR Affirmed A+/Stable ratings on Empresa Nacional del Petroleo

JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-10 (D Hospital)

Oct. 25, 2019

JCR Assigned BBB to PT. Indomarco Prismatama with Stable Outlook

JCR Assigned AA Rating to Bonds of Sekisui House Reit

JCR Affirmed A/Stable, A, and J-1 on SKY Perfect JSAT Holdings

JCR Affirmed AA/Stable, AA and Preliminary AA on ASAHI KASEI

JCR Affirmed A+/Stable on Hyundai Capital Services

Oct. 24, 2019

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Assigned AA Rating to Bonds of ORIX JREIT

JCR Assigned Preliminary A+ Rating to Shelf Registration of Mitsui Chemicals

JCR Affirmed A-/Stable Long-term Issuer Rating on Sumitomo Mitsui Construction

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

JCR Affirmed AA-/Positive Ability to Pay Insurance Claims on Hitachi Capital Insurance

JCR Affirmed A-/Stable and J-1 on Mitsubishi Electric Credit

Oct. 23, 2019

SoftBank Group's Commitment to Provide Significant Funding to WeWork - Limited Impact on Rating

JCR Assigned Preliminary A Rating to Shelf Registration of Nomura Real Estate Holdings

JCR Affirmed AA-/Stable, AA-, Preliminary AA- and J-1+ on Odakyu Electric Railway

JCR Affirmed BBB/Stable Long-term Issuer Rating on Showa Aircraft Industry

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

JCR Affirmed J-2 Rating on CP of DAIHO

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL19-10

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL19-10

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

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

Oct. 21, 2019

JCR Assigned Green 1 (Final Evaluation) to AEON REIT Green Trust