Credit Ratings

(as of February 14,2017)

  Issuer Credit Ratings Senior unsecured debt Ratings Short-term Ratings
Japan Credit Rating Agency, Ltd. (JCR) BBB+ BBB+ J-2
Moody's Investors Service Ba1 - -
Rating and Investment Information, Inc. (R&I) BBB BBB a-2
Standard & Poor's (S&P) BBB- - -
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Corporate credit ratings are set by credit rating companies, which are third-party institutions, based on their own survey results. These ratings assess the level of certainty and financial stability of the company itself and whether it pays the principal and interest of corporate bonds issued by the company as promised.
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Issuer credit ratings refer to the company's comprehensive ability to fulfill its obligations. The Senior unsecured debt ratings cover obligations of more than one year senior unsecured debt, while the short-term credit rating is for obligations of less than one year.

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Please refer to the following websites for further information

Japan Credit Rating Agency, Ltd. (JCR)outer

Moody's Investors Serviceouter

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

Standard & Poor's (S&P)outer

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