Investor RelationsInvestor Relations

Bonds and Ratings

Bonds information

Not applicable.


Rating

Institution Name

Rating

Comments on Rating
(excerpt)

Japan Credit Rating Agency, Ltd.
(JCR)

A- (Stable)

A high level of certainty to honor the financial obligations

For details regarding the ratings provided by each agency, please refer to the following websites :
Japan Credit Rating Agency, Ltd. (JCR)

Rating Definition (JCR)

AAA

The highest level of certainty of an obligor to honor its financial obligations

AA

A very high level of certainty to honor the financial obligations

A

A high level of certainty to honor the financial obligations

BBB

An adequate level of certainty to honor the financial obligations. However, this certainty is more likely to diminish in the future than with the higher rating categories.

BB

Although the level of certainty to honor the financial obligations is not currently considered problematic, this certainty may not persist in the future.

B

A low level of certainty to honor the financial obligations, giving cause for concern

CCC

There are factors of uncertainty that the financial obligations will be honored, and there is a possibility of default.

CC

A high default risk

C

A very high default risk

LD

JCR judges that while an obligor does not honor part of the agreed to financial obligations, but it honors all its other agreed to financial obligations.

D

JCR judges that all the financial obligations are, in effect, in default.
※A plus (+) or minus (-) sign may be affixed to the rating symbols from AA to B to indicate relative
 standing within each of those rating scales.
(a) A Long-term Issuer Rating Scale enables comparison of the overall capacity of an obligor (issuer) to
 honor its entire financial obligations with such overall capacity of others.
(b) The same Definitions of Rating Symbols and Scales shall be applied to the Ability to Pay Insurance
 Claims Rating.