Ratings and Bonds

Ratings

（As of June, 2024）

Institution Name	Rating	Rating Outlook	Comments on Rating (excerpt)
Rating and Investment Information, Inc. (R&I)	A-	Stable	High creditworthiness supported by a few excellent factors.
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 :

Rating and Investment Information, Inc. (R&I)

Rating Definition (R&I)

AAA	Highest creditworthiness supported by many excellent factors.
AA	Very high creditworthiness supported by some excellent factors.
A	High creditworthiness supported by a few excellent factors.
BBB	Creditworthiness is sufficient, though some factors require attention in times of major environmental changes.
BB	Creditworthiness is sufficient for the time being, though some factors require due attention in times of environmental changes.
B	Creditworthiness is questionable and some factors require constant attention.
CCC	Creditworthiness is highly questionable and a financial obligation of an issuer is likely to default.
CC	All of the financial obligations of an issuer are likely to default.
D	R&I believes that all of the financial obligations of an issuer are in default.

※A plus (+) or minus (-) sign may be appended to the categories from AA to CCC to indicate relative standing within each rating category. The plus and minus signs are part of the rating symbols.

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.

Corporate Bonds

Straight Bond

Issue	Issue Date	Amount (millions of yen)	Coupon rate	Security	Maturity date
6th Unsecured Bonds	December 15, 2017	15,000	0.300	No	December 13, 2024
7th Unsecured Bonds	December 15, 2017	15,000	0.390	No	December 15, 2027
8th Unsecured Bonds	March 6, 2024	30,000	0.550	No	March 5, 2027
9th Unsecured Bonds	March 6, 2024	10,000	1.023	No	March 6, 2029