News Release

Jan. 21, 2019

JCR Affirmed AA+/Stable and J-1+ on Master Trust Bank of Japan

JCR Affirmed AA+/Stable and J-1+ on Japan Trustee Services Bank

Jan. 18, 2019

Hitachi's Downward Revision of Earnings Forecasts - Limited Impact on Rating

NIDEC's Downward Revision of Earnings Forecasts - Positive Outlook Unchanged

JCR Upgraded Ratings on Slovenia to AA-; Changed Outlook to Stable from Positive

JCR Affirmed AAA/AAA (FC/LC) Ratings on United States of America

JCR Assigned AA Rating to Bonds of ORIENTAL LAND; Affirmed AA/Stable and AA

JCR Assigned AA- Rating to Bonds of TOKYU

JCR Assigned AAA Rating to Bonds of Tokyo Metro

JCR Assigned AAA Rating to Bonds of East Nippon Expressway

JCR Assigned AAA Rating to Bonds of Japan Student Services

JCR Assigned AA+ Rating to Bonds of NARITA INTERNATIONAL AIRPORT

JCR Affirmed A+/Stable Long-term Issuer Rating on Fukuoka Kogyo Daigaku

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

JCR Affirmed AA-/Stable and AA- on Sumitomo Warehouse

JCR Affirmed BBB/Stable Long-term Issuer Rating on TOHOKU BANK

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

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

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

Jan. 17, 2019

JCR Upgraded Rating on Sintokogio from BBB/Positive to BBB+/Stable

JCR Assigned A-/Stable Long-term Issuer Rating to Sumitomo Mitsui Construction

JCR Assigned BBB+ Rating to Subordinated Bonds of MORI BUILDING

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

JCR Affirmed A+ Rating on MIRAI Corporation; Revised Outlook from Stable to Positive

JCR Affirmed A-/Stable and J-1 on JAPAN PULP AND PAPER

JCR Affirmed A+/Stable, A+ and Preliminary A+ on Sumitomo Riko

JCR Affirmed J-1+ Rating on CP of TOYOTA MOTOR

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

JCR Affirmed A/Stable, A, and J-1 on Yasuda Real Estate

Jan. 16, 2019

JCR Assigned A Rating to Bonds of JA Mitsui Leasing

JCR Affirmed AA-/Stable and Preliminary AA- on Hiroshima Bank

JCR Affirmed AA/Stable Long-term Issuer Rating on Toyo University

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

JCR Affirmed A-/Stable and A- on AISAN INDUSTRY

JCR Affirmed A/Stable Long-term Issuer Rating on FUKUYAMA TRANSPORTING

JCR Affirmed AAA/Stable and AAA on Japan Student Services

JCR Affirmed AA/Stable and AA on Nomura Real Estate Master Fund

Jan. 15, 2019

JCR Affirmed J-1 Rating on CP of NIPPON STEEL & SUMIKIN BUSSAN; Increase in CP Maximum Amount

JCR Affirmed A/Stable, A, Preliminary A, and J-1 on Sumitomo Osaka Cement

JCR Affirmed A-/Stable and A- on PACIFIC INDUSTRIAL

Jan. 11, 2019

JCR assigned Social 1 (F) to Social Finance Framework of Healthcare and Medical Investment Corporation

JCR assigned Social 1 to short-term and Long-term borrowings of Healthcare and Medical Investment Corporation

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Assigned Preliminary A Rating to Shelf Registration of DAIBIRU

JCR Affirmed A+/Stable Long-term Issuer Rating on Nissan Chemical Corporation

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

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

Jan. 10, 2019

JCR Assigned Green 1 to Series 82 Unsecured Corporate Bonds issued by Odakyu Electric Railway

JCR Assigned AA- Rating to Bonds of Odakyu Electric Railway

Jan. 09, 2019

JCR Assigned Green 1 (Preliminary Evaluation) to Bonds to be issued by Kenedix Office Investment Corporation

JCR Assigned AA-/Stable Long-term Issuer Rating and J-1+ to JERA

Jan. 07, 2019

JCR Assigned Green 1 (Preliminary) to Series 82 Unsecured Corporate Bonds issued by Odakyu Electric Railway

JCR Assigned A-/Stable Long-term Issuer Rating to Sangetsu

JCR Assigned A Rating to Bonds of TOBU RAILWAY

Jan. 04, 2019

JCR Withdraws J-1 Rating on CP of Nippon Steel & Sumikin Coated Sheet

Dec. 28, 2018

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JCR assigned Green 1 (Final Evaluation) to Class A Senior Beneficial Interest et al. of Beneficial Interest 201812 (Contract No. 00012883)

JCR Affirmed J-1 Rating on CP of Yokohama Rubber with Increase in CP Maximum Amount; Assigned Preliminary A+

JCR Assigned Preliminary AA- Rating to Shelf Registration of RICOH LEASING

JCR Affirmed BBB+ (FC) Ratings on ICICI Bank Limited with Stable Outlook

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL18-12

Dec. 27, 2018

JCR Placed Rating on MG Leasing under Credit Monitor #A+/Negative

JCR Assigned Green 1 to Long-term Loan Borrowed by Nippon Yusen Kabushiki Kaisha

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

JCR Affirmed AAA/Stable, AAA, Preliminary AAA, and J-1+ on NTT FINANCE; Increase in CP Maximum Amount

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL18-12

[ Asset Securitization Products ] JCR Assigned J-1+ to Saitama Resona Bank A Corporation Bills Receivable Senior Beneficial Interest 18-12

Dec. 26, 2018

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JCR Upgraded Rating on NGK SPARK PLUG from A+/Positive to AA-/Stable

JCR Affirmed AA-/Stable, AA-, Preliminary AA-, and J-1+ on Sumitomo Rubber Industries

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

JCR Affirmed BBB/Stable Long-term Issuer Rating on Toyo Logistics

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

JCR Affirmed A+/Stable and A+ on Kenedix Residential NEXT Investment Corporation

Dec. 25, 2018

SB18-12

JCR Downgraded Rating on Deutsche Bank from A+p to Ap (FC) with Negative Outlook

JCR Affirmed A- on MITSUI-SOKO HOLDINGS; Revised Outlook from Negative to Stable

JCR Affirmed AA/Stable and AA on FAST RETAILING

JCR Affirmed A-/Stable and A- on Maruzen Showa Unyu

JCR Affirmed AAA/Stable, AAA, and Preliminary AAA on Development Bank of Japan

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL18-12 (D Hospital)

Dec. 21, 2018

FamilyMart UNY Holdings’Announcement on Results of Tender Offer for Shares in Don Quijote Holdings - No Immediate Impact on Ratings

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

JCR Affirmed A (FC) Rating on Hotel Lotte with Stable Outlook

JCR Affirmed AAA/Stable and AAA on Japan Finance Corporation

Dec. 20, 2018

JAPAN POST HOLDINGS' Investment in and New Alliance with Aflac - Burden May Increase But Impact on Creditworthiness Will be Limited

JCR Affirmed AA-, Preliminary AA- and J-1+ on Sumitomo Mitsui Finance and Leasing; Revised Outlook from Stable to Positive

JCR Affirmed J-1 Rating on CP of Nissay Leasing

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

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL18-12

Dec. 19, 2018

JCR Assigned BBB-/Stable Long-term Issuer Rating and Ability to Pay Insurance Claims to Asahi Mutual Life Insurance

JCR Assigned Preliminary A+ Rating to Subordinated Bonds of JAPAN POST INSURANCE

JCR Affirmed A-/Stable and A- on ARAKAWA CHEMICAL INDUSTRIES

JCR Affirmed AA-/Stable, AA-, Preliminary AA- and J-1+ on Asahi Group Holdings

JCR Affirmed BBB/Stable and BBB on KYORITSU MAINTENANCE

JCR Affirmed A+ Rating on Specified Bonds of Meiji Yasuda Life Fund SPC

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL18-12 (F Hospital)

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL18-12

Dec. 18, 2018

Hitachi to Acquire Power Grids Business from ABB - Limited Impact on Rating