24-S-0054
September 10, 2024

Japan Credit Rating Agency, Ltd. (JCR) announces the following credit rating.

<Asset Securitization Products>
Daiwa Securities Credit Linked Loan 2024-09 7614
<Assignment>
Loan:

Preliminary A

Daiwa Securities Credit Linked Loan 2024-09 7614 is a credit-linked product, to which JCR has assigneda preliminary rating of A, as detailed hereunder.
Daisuke Sugo, Tatsuya Shimizu

Rating<Assignment>

Instrument Name:
Execution Amount (bn):
Execution Date:
Scheduled Repayment Date:
Preliminary Rating:Daiwa Securities Credit Linked Loan 2024-09 7614
JPY 1
September 27, 2024
July 6, 2027
A

<Information on Structure and Stakeholders>
Originator:
Arranger:
Resident Country of Reference Entity:
Industry of Reference Entity:
Issuer Rating of Reference Entity:

NA
Daiwa Securities Co., Ltd.
Undisclosed
Undisclosed
Undisclosed<Information on Outline of Issue>
Loan Amount (bn):
Loan Execution Date:
Scheduled Repayment Date:

JPY 1
September 27, 2024
July 6, 2027

Rating Assignment Date: September 5, 2024
The assumptions for the credit ratings and the definitions of the rating symbols are published as "Types of Credit Ratings and Definitionsof Rating Symbols" (January 6, 2014) in Information about JCR Ratings on JCR's website (https://www.jcr.co.jp/en/).
Outline of the rating methodology is shown as "Credit-Linked Products" (December 3, 2012) in Information about JCR Ratings
on JCR's website (https://www.jcr.co.jp/en/). Rating methodologies for other ancillary points such as eligible deposit accounts
and bankruptcy remoteness are also shown within the same page.
The rating stakeholder participated in the rating process of the aforementioned credit ratings.
A preliminary rating is a credit rating assigned as a preliminary evaluation while material terms for issue to be rated are notyet finalized. When the issuing terms are finalized, JCR will confirm them and will assign a credit rating anew. The rating levelof the final rating may be different from that of the preliminary rating, depending on the final content of the terms, etc.

Japan Credit Rating Agency, Ltd.
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Information herein has been obtained by JCR from the issuers and other sources believed to be accurate and reliable. However, because of the possibility of human or mechanical error as well as other factors,JCR makes no representation or warranty, express or implied, as to accuracy, results, adequacy, timeliness, completeness or merchantability, or fitness for any particular purpose, with respect to any suchinformation, and is not responsible for any errors or omissions, or for results obtained from the use of such information. Under no circumstances will JCR be liable for any special, indirect, incidental orconsequential damages of any kind caused by the use of any such information, including but not limited to, lost opportunity or lost money, whether in contract, tort, strict liability or otherwise, and whether
such damages are foreseeable or unforeseeable. JCR's ratings and credit assessments are statements of JCR's current and comprehensive opinion regarding redemption possibility, etc. of financial obligations
assumed by the issuers or financial products, and not statements of opinion regarding any risk other than credit risk, such as market liquidity risk or price fluctuation risk. JCR's ratings and credit assessments
are statements of opinion, and not statements of fact as to credit risk decisions or recommendations regarding decisions to purchase, sell or hold any securities such as individual bonds or commercial paper.
The ratings and credit assessments may be changed, suspended or withdrawn as a result of changes in or unavailability of information as well as other factors. JCR receives a rating fee paid by issuers forconducting rating services in principle. JCR retains all rights pertaining to this document, including JCR's rating data. Any reproduction, adaptation, alteration, etc. of this document, including such rating
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and dealers, (2) Insurance Companies, (3) Corporate Issuers, (4) Issuers of government securities, municipal securities and foreign government securities.
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which will be replaced by the full translated version within three business days. (Regarding Structured Finance products, JCR only publicize the summary version in English.)

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