News Release

Oct. 21, 2019

JCR Assigned Green 1 (Final Evaluation) to Long-term Loan borrowed by AEON REIT Investment Corporation

JCR Assigned Preliminary A Rating to Shelf Registration of Japan Airlines

JCR Affirmed BBB+, Preliminary BBB+, BBB- and J-2 on Toyo Tire; Revised Outlook from Stable to Positive; Increase in CP Maximum Amount

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

JCR Affirmed A/Stable, A, and Preliminary A on Kawasaki Heavy Industries

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

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL19-10 (F Hospital)

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

Oct. 18, 2019

For Public Comments on Establishment of Rating Methodology for Investment Funds

JCR Assigned A+ to Sanwa Holdings; Affirmed A+/Stable, A+ and J-1

JCR Assigned A- Rating to Bonds of NIPRO

JCR Assigned A Rating to Bonds of DIC

JCR Assigned A Rating to Bonds of KYOWA EXEO

JCR Assigned A Rating to Bonds of Fuyo General Lease

JCR Assigned A+ Rating to Bonds of Sumitomo Mitsui Trust Panasonic Finance

JCR Assigned AA- to Hitachi Capital; Affirmed AA-/Positive, AA- and J-1+

JCR Assigned AAA Rating to Bonds of Japan Student Services

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Assigned A Rating to Bonds of Invincible Investment Corporation

JCR Affirmed BBB+/Stable Long-term Issuer Rating on WARABEYA NICHIYO HOLDINGS

JCR Affirmed BBB-/Stable Long-term Issuer Rating on Jimoto Holdings
JCR Affirmed BBB-/Stable Long-term Issuer Rating on Kirayaka Bank
JCR Affirmed BBB-/Stable Long-term Issuer Rating on Sendai Bank

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

Oct. 17, 2019

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

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

JCR Affirmed AA and A+ on JAPAN POST INSURANCE; Revised Outlook from Stable to Negative

JCR Assigned AA- Rating to Bonds of TOKYU REIT

JCR Affirmed AA+/Stable Long-term Issuer Rating on JAPAN POST HOLDINGS

Oct. 16, 2019

JCR Reviewed Bonds Issued by RICOH LEASING

JCR Upgraded Rating on Nishimatsu Construction from A-/Positive and A- to A/Stable and A

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

JCR Affirmed J-2 Rating on CP of KOKUSAI PULP&PAPER

JCR Affirmed A/Stable Long-term Issuer Rating on NISHIMATSUYA CHAIN

JCR Affirmed A/Negative, A, BBB+ and J-1 on Rakuten

JCR Affirmed A/Negative and J-1 on Rakuten Bank

JCR Affirmed A/Negative and J-1 on Rakuten Card

JCR Affirmed A/Negative Long-term Issuer Rating on Rakuten General Insurance

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

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

Oct. 15, 2019

Frequent Occurrences of Natural Disasters in Japan - Impact on Non-Life Insurers' Financial Results to Be Closely Watched

Seven & i Holdings’ Structural Reform of Businesses - No Impact on Rating, JCR Will Pay Attention to Achievements in Measures for Each Business

JCR Upgraded Rating on Shimadzu from A+/Positive and J-1 to AA-/Stable and J-1+

JCR Affirmed BBB+/Stable and J-2 on RESORTTRUST

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

Oct. 11, 2019

Kansai Electric Power's Executives Receive Money and Goods - No Immediate Impact on Rating

JCR Placed Rating on CP of UMC Electronics under Credit Monitor #J-2/Negative

JCR Assigned A Rating to Bonds of Topre

JCR Assigned BBB+ Rating to Bonds of Kintetsu Group Holdings

JCR Assigned A+ Rating to Bonds (Tier 2 with loss absorption clause) of Mizuho Financial Group

JCR Assigned A- Rating to Bonds of NEC Capital Solutions

JCR Assigned AAA Rating to Bonds of West Nippon Expressway

JCR Assigned Preliminary A Rating to Shelf Registration of HOKKAIDO GAS

JCR Affirmed BBB/Stable and J-2 on Taiyo Oil

JCR Affirmed J-2 Rating on CP of Seibu Oil

JCR Affirmed A-/Negative and J-1 on KOBELCO CONSTRUCTION MACHINERY

JCR Affirmed AA+p/Stable Long-term Issuer Rating on West Japan Railway

JCR Affirmed BBB+/Stable and BBB+ on Kanagawa Chuo Kotsu

Oct. 10, 2019

Nippon Paper Industries Will Purchase Paperboard Fiber Based Packaging Business in Australia & New Zealand - No Impact on Rating

JCR Assigned AA Rating to Bonds of Tohoku Electric Power

JCR Assigned A+ Rating to Bonds of HORIBA

JCR Assigned A- Rating to Bonds of IHI

JCR Assigned A- Rating to Bonds of Tonami Holdings

JCR Affirmed A-/Stable, A- and BBB+ on SBI SECURITIES

Oct. 09, 2019

JCR Assigned A- Rating to Bonds (Tier 1 with loss absorption clause) of Mitsubishi UFJ Financial Group

JCR Assigned AA- Rating to Bonds of Sumitomo Mitsui Finance and Leasing

JCR Affirmed A-, Preliminary A- and J-1 on IHI; Revised Outlook from Stable to Positive

JCR Downgraded Rating on TAIKO BANK from A/Negative to A-/Stable

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

JCR Affirmed AA/Stable and AA on Industrial & Infrastructure Fund Investment Corporation

JCR Affirmed AA/Stable and AA on United Urban Investment

Oct. 08, 2019

Series 37

ARLO XII Limited CLN-83

JCR Assigned A+ Rating to Bonds of TAIYO NIPPON SANSO

Oct. 07, 2019

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

Oct. 04, 2019

Tokio Marine Group's Acquisition of U.S. Specialized Insurance Group - No Impact on Rating

JCR Assigned Green 1 (Final Evaluation) to the 38th Bonds Issued by RICOH LEASING

JCR Assigned AA- Rating to Bonds of RICOH LEASING

JCR Upgraded Rating on FUJI SOFT from BBB+/Positive and J-2 to A-/Stable and J-1

JCR Downgraded Rating on SHIMIZU BANK from A/Negative to A-/Stable

JCR's Rating Review of Blast Furnace Steel Manufacturers

JCR Assigned A+ Rating to Bonds of SONY

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

JCR Assigned AA Rating to Bonds of DAIKIN INDUSTRIES

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Assigned AAA Rating to Bonds of Metropolitan Expressway

Oct. 03, 2019

Jupiter Capital Limited 2018-11

JCR Assigned AA-/Stable Long-term Issuer Rating to Marubeni Private Real Estate Investment Trust

JCR Assigned Preliminary A+ Rating to Shelf Registration of HORIBA; Upgraded from A/Positive to A+/Stable

JCR Assigned AA+ Rating to Bonds of Electric Power Development

JCR Assigned A Rating to Bonds of TEPCO Power Grid

JCR Assigned A- Rating to Bonds of JACCS

JCR Affirmed A-/Stable, A-, Preliminary A- and J-1 on Nankai Electric Railway

JCR Affirmed BBB+/Stable, BBB+ and Preliminary BBB+ on Kintetsu Group Holdings

JCR Affirmed AAA Rating on Inter-American Development Bank with Stable Outlook

Oct. 02, 2019

JETS International Five Limited 240

JETS International Five Limited 144

JETS International Five Limited 125

JETS International Two Limited 84

JETS International Two Limited 78

JETS International Two Limited 76

JETS International Two Limited 74