News Release

Apr. 10, 2020

JCR Upgraded Rating on MIZUHO Leasing from A/Stable to A+/Stable
JCR Upgraded Rating on Mizuho-Toshiba Leasing from A/Stable to A+/Stable; Affirmed J-1 on CP

JCR Upgraded Rating on MG Leasing from A/Stable to A+/Stable; Affirmed J-1

JCR Downgraded Ratings on Turkey from BBB- to BB+ (FC/LC) with Negative Outlook

JCR Affirmed A+/Stable, A+, Preliminary A+, and J-1 on Sumitomo Mitsui Trust Panasonic Finance; Increase in CP Maximum Amount

JCR Affirmed AA- on EMTN Program of Nomura Europe Finance
JCR Affirmed AA- on EMTN Program of Nomura Global Finance; Increase in Maximum Amount

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Assigned AA Rating to Bonds of Chubu Electric Power

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Assigned AAA Rating to Bonds of Central Nippon Expressway

JCR Assigned AA+ Rating to Bonds of Kanagawa Prefectural Housing Supply Corporation

JCR Assigned Preliminary A Rating to Shelf Registration of Ube Industries

Apr. 09, 2020

JCR Downgraded Rating on Avation from BB to #BB-/Negative; Placed it under Credit Monitor

JCR Assigned Preliminary A+ Rating to Shelf Registration of Nagoya Railroad

JCR Assigned Preliminary A Rating to Shelf Registration of ANA HOLDINGS

JCR Affirmed A/Stable Long-term Issuer Rating on J. F. Oberlin University and Affiliated Schools

JCR Affirmed AAA/AAA(FC/LC) Ratings on Commonwealth of Australia

Apr. 08, 2020

JCR Affirmed A-/Stable Long-term Issuer Rating on Samty Residential Investment Corporation

Preventive Measures Against COVID-19 Pandemic and JCR’s Rating Operations

Apr. 07, 2020

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

JCR Affirmed AA-/Stable and AA- on Hankyu Hanshin REIT

Apr. 03, 2020

JCR Placed Rating on UNIZO Holdings under Credit Monitor #BBB+/Negative

JCR Affirmed A+ Rating on NISSAN MOTOR; Revised Outlook from Stable to Negative

JCR Affirmed A+ Rating on NISSAN FINANCIAL SERVICES; Revised Outlook from Stable to Negative

JCR Affirmed BBB+ Rating on YOROZU; Revised Outlook from Stable to Negative

JCR Assigned Preliminary AAA Rating to Shelf Registration of NTT DOCOMO

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

JCR Assigned AA Rating to Bonds of Nippon Prologis REIT

JCR Affirmed AA Rating on Guaranteed Bonds of China Eastern Airlines

JCR Affirmed BBB+ Ratings on Cantor Fitzgerald with Stable Outlook

Apr. 02, 2020

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

Affirmed J-1+ Rating on CP of Hitachi Capital; Increase in CP Maximum Amount

JCR Affirmed A/Stable and A on One REIT

Apr. 01, 2020

KOKUSAI PULP&PAPER Announces Acquisition of Largest Paper Trader in Europe - No Immediate Impact on Rating But Attention to Be Paid to Future Synergies

JCR Affirmed A+ Rating on Daiwa Securities Living Investment; Revised Outlook from Stable to Positive

JCR Affirmed J-1 Rating on CP of Mitsui Mining and Smelting; Increase in CP Maximum Amount

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

JCR Assigned A-/Stable Long-term Issuer Rating to Chuo-Nittochi Group
JCR Affirmed A-/Stable, A-, Preliminary A- and J-1 on NIPPON TOCHI-TATEMONO

JCR Affirmed J-1 Rating on CP of BOT Lease; Decrease in CP Maximum Amount

JCR Assigned J-1+ Rating to CP of East Japan Railway

JCR Assigned Preliminary A Rating to Shelf Registration of Japan Airlines

JCR Affirmed AA-/Stable, AA-, A, Preliminary AA- and J-1+ on Tokyo Century
JCR Affirmed AA-/Stable and J-1+ on NIPPON CAR SOLUTIONS
JCR Affirmed J-1 Rating on CP of Orico Auto Leasing
JCR Affirmed AA-/Stable and J-1+ on FUJITSU LEASING
JCR Affirmed J-1 Rating on CP of IHI Finance Support

JCR Withdraws AA/Stable Long-term Issuer Rating on Kokugakuin University

Mar. 31, 2020

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JCR Assigned Green 1 (Final Evaluation) to 3rd Unsecured Bond issued by Mitsubishi Electric Credit

JCR Assigned Green 1 to Trust Beneficiary Rights 202003 (Contract No. 210246)

JCR Provided a Third Party Opinion on Sustainability Linked Loans to COSMO ENERGY HOLDINGS

JCR Assigned BBB+ Rating to Subordinated Loan of DIC

JCR Assigned BB+ Rating to Subordinated Loan of COSMO ENERGY HOLDINGS

JCR Assigned AAA to Bonds of NTT FINANCE

JCR Assigned A- to Ecology Trust Bond 2nd Series Fund Trust Bonds and Trust ABL

[ Asset Securitization Products ] JCR Assigned AAA to Class A Beneficial Interest 202003

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL 20-03

JCR Withdraws BBB+/Stable Long-term Issuer Rating on SATO HOLDING

JCR Withdraws A/Stable Long-term Issuer Rating on TOMAKOMAI SHINKIN BANK

Mar. 30, 2020

Expansion of Novel Coronavirus Infection and Japanese Corporations - Uncertainty about Real Economy is Different from that at time of Financial Crisis due to Lehman Brothers Bankruptcy

JETS International Five Limited 48

JFE Holdings' Downward Revisions to Financial Results Forecasts - No Immediate Impact on Rating, but JCR Will Closely Watch Future Business Trend

JCR Assigned Preliminary A+ Rating to Shelf Registration of Denka

JCR Affirmed BBB+/Stable and BBB+ on NAGATANIEN HOLDINGS

JCR Affirmed AA/Stable, AA and A+ on DAIWA HOUSE INDUSTRY

JCR Affirmed A/Positive and A on NIFCO

JCR Affirmed BBB+/Stable and J-2 on MARUDAI FOOD

JCR Affirmed AAA/Stable Long-term Issuer Rating on Kyushu University

JCR Affirmed AA-/AA-(FC/LC) Ratings on Slovenia with Stable Outlook

[ Asset Securitization Products ] JCR Assigned AAA to Grass Park Beneficial Interest Series 2

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL 20-03

Mar. 27, 2020

JXTG Holdings Revises Down Results forecasts - No Immediate Impact on Rating But Attention to Be Paid to Future Performance Trends

JCR Assigned Green 1 (Final Evaluation) to Daiwa Green Finance Program Trust Beneficiary Interests

JCR Assigned Green 1 (Final Evaluation) to Daiwa Green Finance Program Trust ABL

JCR Assigned A to Daiwa Green Finance Program Beneficial Interest and Trust ABL (Iwamizawa and Kushiro Solar Power Plants)

JCR Assigned Preliminary A Rating to Shelf Registration of POCKET CARD

JCR Affirmed AA/Stable Long-term Issuer Rating on NITTO DENKO

JCR Affirmed AA+/Stable Long-term Issuer Rating on SECOM

JCR Affirmed A/Stable, A and J-1 on Sanyo Special Steel

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

[ Asset Securitization Products ] JCR Assigned J-1+ to Saitama Resona Bank A Corporation Bills Receivable Senior Beneficial Interest 20-03

Mar. 26, 2020

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JCR Assigned Green 1(F) to Green Finance Framework of GPSS Holdings

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Sumitomo Mitsui Trust Bank to SUBARU

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Sumitomo Mitsui Trust Bank to Sumitomo Forestry

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Sumitomo Mitsui Trust Bank to Toyo Aluminium

JCR Affirmed A-/Stable and A- on SENKO Group Holdings

JCR Affirmed A/Stable on America Movil

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

JCR Affirmed AAA Rating on Asian Development Bank with Stable outlook

JCR Affirmed AA-/Stable, AA- and Preliminary AA- on AEON REIT Investment Corporation

Mar. 25, 2020

Mitsui Sugar and Dai-Nippon Meiji Sugar Started Talks on Business Integration - JCR will Examine Progress of Talks to be Reflected in Mitsui Sugar's Rating

Marubeni's Downward Revisions to Earnings Forecasts - No Immediate Impact on Rating, but JCR Will Pay Attention to Future Financial Improvement

Mar. 24, 2020

SoftBank Group's JPY 4.5 Trillion Program - Limited Impact on Rating

JCR Provided a Third Party Opinion to Positive Impact Finance Provided by Sumitomo Mitsui Trust Bank to Sumitomo Metal Mining

JCR Provided a Third party Opinion to Positive Impact Finance Provided by Sumitomo Mitsui Trust Bank to Nippon Paper Industries

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

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

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

JCR Affirmed A/A+ (FC/LC) Ratings with Stable Outlook and A bonds Ratings on Poland

Mar. 23, 2020

JCR Assigned Social 1 to Bonds Issued by Real Estate Fund Arranged by Bridge C Capital Inc.

JCR Affirmed A and J-1 on Mortgage Corporation of Japan; Revised Outlook from Stable to Positive

JCR Assigned A-/Stable Long-term Issuer Rating to KYOEI STEEL