22-D-0731
October 3, 2022

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

Aichi Financial Group, Inc. (security code: 7389)<Assignment>
Long-term Issuer Rating:
Outlook:A
StableThe Aichi Bank, Ltd. (security code: -)<Affirmation>
Long-term Issuer Rating:
Outlook:A
StableThe Chukyo Bank, Limited (security code: -)<Credit Monitor Removal> <Rating Change>
Long-term Issuer Rating:from #A-/Positive to A
Outlook:
StableBonds(Dated subordinated bonds):
from #BBB+/Positive to A-

Rationale(1) The Aichi Financial Group (the “Group”) is a regional financial group having The Aichi Bank, Ltd. and
The Chukyo Bank, Limited under the umbrella of Aichi Financial Group, Inc. (“Aichi FG”) as theholding company. It has a fund volume of 5.2 trillion yen, and its share for deposits and loans in Aichi
Prefecture where there are a number of financial institutions is the largest among regional banks. The
two subsidiary banks are scheduled to merge in around two years.
(2) The Group’s creditworthiness reflects JCR’s assessment of the earnings, finances, etc. of the twobanks combined based on the factors including strong ties between the holding company andsubsidiary banks. JCR deems it to be equivalent to the rating of A in light of the expanded businessbase, decent earnings capacity, the quality of loan assets that are diversified into small amounts andwell-covered, etc. JCR will closely watch whether the Group can increase the basic earnings capacity
on the whole, improve capital adequacy relative to various risks and so forth by, for instance,
implementing measures to create synergies toward the merger.
(3) Core net business income of the two banks combined has grown sharply over the last few years,
resulting in the earnings capacity adequate for a regional bank in JCR’s A rating category. Currently,
factors like a decline in yields in domestic lending operations are pushing down top-line profits. Yet,
JCR assumes that the basic earnings capacity will be underpinned by the promotion of housing loans
and enhancement of the fee business for corporate and individual customers through the sharing of
the two banks’ know-how, cost reductions at Chukyo Bank with the revision of the business
management system and so forth.
(4) Non-performing loans ratio disclosed under the Financial Reconstruction Act of the two banks
combined is decent at a bit below 2%, and credit costs remain low relative to the loan balance. Whileattention must be paid to the impact of the COVID crisis, soaring raw material prices, etc., credit costs
are not likely to grow large in light of assets that are diversified into small amounts. In the market
division, investment in domestic and foreign stocks, real estate, etc. through investment trusts issomewhat large, but the overall risk amount is kept low through the diversification of investments into
products with different risk characteristics, replacement of stocks, etc.
(5) Adjusted consolidated core capital ratio of the two banks combined is rather low among regionalbanks in JCR’s A rating category, standing at around 9% as of March 31, 2022. Looking ahead, thesystem and branch integration in anticipation of the merger will give rise to temporary costs, and theacquisition and cancellation of treasury shares and implementation of special dividends in the firsthalf of FY2022 at Chukyo Bank will delay the accumulation of internal reserves. As such, theimprovement of the capital level is hardly likely for the time being.

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Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.

Issuer: Aichi Financial Group, Inc.
Aichi FG is a financial holding company established on October 3, 2022 by Aichi Bank and Chukyo Bankby way of a joint share transfer. The issuer rating is deemed to be at the same level as the Group’s
creditworthiness. It does not reflect the structural subordination of the holding company, on the grounds,
among others, that double leverage ratio will be kept at around 100% based on the Group’s financial
management policy.
Issuer: The Aichi Bank, Ltd.
(1) Aichi Bank is a regional bank II headquartered in Nagoya City, Aichi Prefecture with a fund volume of
3.3 trillion yen. In line with its sound management policy, it has never posted a net loss since its
foundation. The issuer rating is deemed to be at the same level as the Group’s creditworthiness inlight of Aichi Bank’s core position in the Group. Core net business income (excluding gains on
cancellation of investment trusts; hereinafter the same) tripled over the three years through FY2021
thanks to the aggressive promotion of COVID-related loans, expansion of the solution business forcorporate customers, etc., ensuring a decent level of the earnings capacity. Aichi Bank has since
FY2022 been taking such measures as optimizing the branch network and reinforcing theheadquarters’ sales force to promote solutions services for corporate customers, housing loans, etc.
in anticipation of the merger.
(2) Core net business income grew sharply in FY2021 to 12.2 billion yen from the previous year’s 8.0
billion yen and remained firm in the first quarter of FY2022, too, at 3.4 billion yen as opposed to 3.2
billion yen for the same period a year before. Outstanding loans to SMEs continue to increase evenafter the completion of COVID-related loans, while growth in housing loans is contributing to the
expansion of both interest income and commission revenues. Commission revenues from corporate
customers are also improving thanks to the initiatives taken for syndicated loans, businesssuccession, M&As, etc. Despite the declining loan yields and anticipation that expenses will likely
remain flat due to digital investment and so forth, JCR predicts that Aichi Bank will still be able tomaintain and even improve core net business income.
(3) Non-performing loans ratio disclosed under the Financial Reconstruction Act is decent at a bit below
2%. Although there are many assets requiring caution because of a high composition ratio of SME
lending, the ratio of categorized loans other than normal assets to the total credits is kept low with
sufficient coverage backed by the acquisition of prime guarantee, etc. Credit costs for FY2021 stayedat 7 bps of the loan balance and were just below 20% of core net business income, thus having notmuch impact on the earnings. They are not likely to grow large even in the future. In terms of securities
investment, the ratio of investment trusts is high, but Aichi Bank appropriately controls pricefluctuation risk through fine-tuned monitoring, including sensitivity analysis. Stock valuation gains as
a risk buffer are also sufficient.
(4) Adjusted consolidated core capital ratio is at a level commensurate with the A rating, standing ataround 9.5% as of March 31, 2022. JCR will watch whether Aichi Bank can maintain a certain capitallevel when losses will swell temporarily toward the merger.
Issuer: The Chukyo Bank, Limited(1) Chukyo Bank is a regional bank II headquartered in Nagoya City, Aichi Prefecture with a fund volumeof 1.8 trillion yen. The issuer rating is deemed to be at the same level as the Group’s creditworthinessin light of Chukyo Bank’s core position in the Group. Core net business income more than doubled
over the three years through FY2021 thanks to the enhancement of solution sales for corporate andindividual customers, reduction in sales bases by around 30% mainly in Mie and Nara prefectures,
approximately 20% cut in workforce through the reorganization of the headquarters. While the basic
earnings capacity still needs to be improved, Chukyo Bank is constantly working on cost reductions,as well as improving its abilities to provide solutions to corporate and individual customers, by, forinstance, clarifying customer segments and utilizing the sales manual.
(2) Core net business income came to 4.1 billion yen in FY2021, up from the previous year’s 3.7 billion
yen, and 1.1 billion yen in the first quarter of FY2022, up from 0.8 billion yen for the same period ayear before, which shows continuous improvement. While loan interest, etc. are weakening, both
personnel and non-personnel expenses are expected to decrease substantially for the time being
with the revision of the business management system. Given that the generation of sales resources,
etc. through collaboration with Aichi Bank can also be expected, JCR assumes that the basic earnings
capacity will increase going forward.

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Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.

(3) Non-performing loans ratio disclosed under the Financial Reconstruction Act is decent at a bit below
2%. As Chukyo Bank strives to diversify loans to local customers into small amounts, where it isfocusing on, the ratio of categorized loans other than normal assets to the total credits, as well as
assets requiring caution, is also contained. Credit costs for FY2021 stayed at 18 bps of the loanbalance and are not likely to grow large relative to the loan balance even in the future. Yet, attention
must be paid to the fact that they are as large as a bit over 60% of core net business income, thus
having large impact on the earnings. In terms of securities investment, because of a low securitiesto-deposit ratio and high composition ratio of domestic bonds, the overall risk amount is kept relatively
low despite the rather long duration of foreign currency bonds.
(4) Adjusted consolidated core capital ratio as of March 31, 2022 was in the lower 8% range but appears
to have fallen to below 8% as of now because of a tender offer for Chukyo Bank’s shares held by
MUFG Bank, Ltd. and special dividends in the first half of FY2022. JCR will watch whether Chukyo
Bank can accumulate internal reserves by, for instance, controlling credit costs and improve thecapital level when losses will swell temporarily toward the merger.
Michiya Kidani, Kei Aoki

RatingIssuer: Aichi Financial Group, Inc.
<Assignment>
Long-term Issuer Rating: A

Outlook: Stable

Issuer: The Aichi Bank, Ltd.
<Affirmation>

Long-term Issuer Rating: A

Outlook: Stable

Issuer: The Chukyo Bank, Limited<Credit Monitor Removal> <Rating Change>
Long-term Issuer Rating: A
Issue
Subordinated Bonds no. 8

Outlook: Stable
Amount (bn)Issue Date
JPY 5
Oct. 17, 2013

Due Date
Oct. 17, 2023

Coupon1.134%

RatingA-

Rating Assignment Date: September 28, 2022
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 "JCR's Rating Methodology" (November 7, 2014), "Banks" (October 1, 2021),"Rating Methodology for Financial Groups' Holding Companies and Group Companies" (September 1, 2022) and "Rating
Methodology for Financial Institutions' Capital and TLAC Instruments" (April 27, 2017) in Information about JCR Ratings on
JCR's website (https://www.jcr.co.jp/en/).

Japan Credit Rating Agency, Ltd.
Jiji Press Building, 5-15-8 Ginza, Chuo-ku, Tokyo 104-0061, Japan
Tel. +81 3 3544 7013, Fax. +81 3 3544 7026
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 for
conducting 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
data, is prohibited, whether or not wholly or partly, without prior consent of JCR.
JCR is registered as a "Nationally Recognized Statistical Rating Organization" with the U.S. Securities and Exchange Commission with respect to the following four classes. (1) Financial institutions, brokers
and dealers, (2) Insurance Companies, (3) Corporate Issuers, (4) Issuers of government securities, municipal securities and foreign government securities.
JCR publishes its press releases regarding the rating actions both in Japanese and in English on the same day. In case that it takes time to translate rating rationale, JCR may publicize the summary version,
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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Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.

I n f o r m at i o n D i s c l o s u r e F o r mJapan Credit Rating Agency, Ltd.

Disclosure Required by Paragraph (a)(1)(ii) of Rule 17g-7

1

Issuer:Aichi Financial Group, Inc.

Issuer:

The Aichi Bank, Ltd.

Issuer:

The Chukyo Bank, Ltd.

Rating Publication
Date:

October 3, 2022

The Symbol, Number, or Score in the Rating Scale used to Denote Credit Rating Categories andNotches and, the Identity of the Obligor or the Identity and a Description of the Security or Money
Market Instrument as Required by Paragraph (a)(1)(ii)(A) of Rule 17g-7
Please see the news release. If the credit rating is a private rating, please see the report for private
rating.

2

The version of the procedure or methodology used to determine the credit rating; as Required by
Paragraph (a)(1)(ii)(B) of Rule 17g-7
Please see the news release. If the credit rating is a private rating, please see the report for private
rating.

3

The Main Assumptions and Principles used in Constructing the Procedures and Methodologies used
to Determine the Credit Rating as Required by Paragraph (a)(1)(ii)(C) of Rule 17g-7
The credit rating methodology assumes, in principle, to be applied to assess the likelihood of a given
debt payment in light of its issuer’s condition and business environment, etc. in the relevant future.
There is certain limitation, however, in the time horizon that the rating foresees.
The credit rating methodology assumes, in principle, that the factors posted in the below areparticularly important for such likelihood to be determined, and that the rating determination is madeby evaluating each of them not only quantitatively but also employing qualitative analyses.

A) Business Bases
The likelihood of a given debt payment is highly conditional to its issuer’s business bases - how they
can be maintained/ expanded into the future and thereby secure earnings and cash flows in adequacy
and in a sustainable way.

1/5B) Financial Grounds and Asset Quality
The likelihood of debt payment is highly dependent on the degree of the issuer’s indebtedness and loss
absorption capacity in terms of equity capital. Also notable is that a financial institution might see asignificant loss of financial grounds as a result of changes in value of the assets under its possession.
C) Liquidity Positions
The likelihood of debt payment is highly dependent on the adequacy of the issuer’s cash and othersources of repayment (liquidity positions).
D) Related Parties’ Status and Stance of Support/ Assistance for the Issuer
The likelihood of debt payment is affected one way or the other by the issuer’s related parties such as
parent company, subsidiary, guarantor, and the government of the issuer’s business domicile, etc. - bytheir own conditions and/ or position of support/ assistance for the issuer.
E) Order of Seniority in Debt Payment
The likelihood of debt payment can be different between given debts of the same issuer. The likelihoodof debt payment for an individual debt is dependent on the issuer’s discretion, and/ or its rank relative
to other debts of the same issuer in the order of seniority in principal/ interest payment which isdetermined by design as financial product or by laws, etc.

4

The Potential Limitations of the Credit Rating as Required by Paragraph (a)(1)(ii)(D) of Rule 17g-7
The credit rating herewith presented by JCR is its summary opinion with regard to the likelihood ofgiven debt payment and hence not necessarily a perfect representation of such likelihood. The credit
rating is not intended to estimate the probability of default or the loss on given default, either.
The objective of the credit rating herewith presented does not include any concerns other than thelikelihood of debt payment, such as risks of price changes, market liquidity, etc.
The credit rating herewith presented is necessary to be reviewed along with possible changes of theissuer of rated objects in its business performance and/ or circumstances which include regulatoryenvironment, and hence subject to possible alteration.

5

Information on the Uncertainty of the Credit Rating as Required by Paragraph (a)(1)(ii)(E) of Rule
17g-7
The information used for the determination of credit rating as herewith presented is obtained by JCR
from the issuer of rated objects and other sources that JCR trusts in terms of accuracy and reliability
but possibly contains errors due to human, non-human or other causes. Consequently, the credit rating
determined on the grounds of such information does not constitute, explicitly or implicitly, any
representation or warrant of JCR on the information itself or any consequences of its use in terms ofaccuracy, relevance, timeliness, wholeness, market value, or usefulness for any specific purposes.

6

Use of Due Diligence Services of a Third Party in Taking the Rating Action as Required by Paragraph(a)(1)(ii)(F) of Rule 17g-7
There is no use of any third-party due diligence service in the determination of the credit ratingherewith presented.

7

Use of Servicer or Remittance Reports to Conduct Surveillance of the Credit Rating Required by
Paragraph (a)(1)(ii)(G) of Rule 17g-7

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There is no use of any servicer or remittance report to conduct surveillance of the credit rating herewithpresented.

8

The Types of Data Relied Upon for the Purpose of Determining the Credit Rating as Required by
Paragraph (a)(1)(ii)(H) of Rule17g-7
The information posted in the below, which includes data, is used for the determination of the credit
rating herewith presented.
A) Audited financial statements presented by the rating stakeholders
B) Explanations of business performance, management plans, etc. presented by the rating stakeholders

9Overall assessment of the Quality of Information Available and Considered in Determining theCredit Rating as Required by Paragraph (a)(1)(ii)(l) of Rule 17g-7
JCR holds its basic policies for securing the quality of information as a base of due diligence for thedetermination of credit ratings. The information used as a base for the determination of credit ratingherewith presented satisfies such policies, which include the audit by an independent auditor, thewarranty made by the issuer, the publication by the issuer, some independent media or, otherwise, JCR
analyst’s scrutiny, etc.
JCR sees no particular weakness in the quality of information used for the determination of the credit
rating herewith presented as compared to the information used in other cases of the credit rating forcomparable issuers or ratable objects.
If the credit rating is an Indication, please see the report for Indication.

10 Information Relating to Conflicts of Interest as Required by Paragraph (a)(1)(ii)(J) of Rule 17g-7
JCR receives payment of compensation for the determination of the credit rating herewith presented
from either one of those parties who are issuer, underwriter, depositor or sponsor.
JCR did not receive in the last fiscal year in the past payment of compensation from the same party forany kind of JCR’s service other than the determination of public or private credit rating, such as one
in the ancillary business.

or Measure of the Potential Volatility of the Credit Rating as Required by Paragraph
11 Explanation(a)(1)(ii)(K) of Rule 17g-7
A) Business Bases
The credit rating is subject to alteration if there is improvement or deterioration of the issuer’s businessbases, since its revenue, etc. may improve or deteriorate by the change in its business management
policies, clients’ preferences, competitive situation, or a technological innovation. The resultant
alteration of the credit rating is usually by a notch, with possibility of a few notches if and when thechange in the business bases is large.
B) Financial Grounds and Asset Quality
The credit rating is subject to alteration if the issuer increases/ decreases its debt/ capital or vice versa
and thereby makes its individual debt payment liability less or more bearable and its loss absorption
capacity into the future decreased or increased. Also, the changes in the quality of asset under theissuer’s holding may affect the credit rating, since such changes could raise or lower the likelihood of
future loss of the issuer’s financial grounds. The resultant alteration of the credit rating is usually by a

3/5

notch, with possibility of a few notches if and when the change in the financial grounds and/ or asset
quality is large.

C) Liquidity Positions
The credit rating is subject to alteration if there is a change in the issuer’s financial management policy
or in the relations with fund procurement sources and the change thereby makes its liquidity positions
improve or deteriorate. The resultant alteration of the credit rating is usually by a notch, with possibilityof a few notches if and when the change is large.
D) Related Parties’ Status and Stance of Support/ Assistance for the Issuer
The credit rating is subject to alteration if there is a change in the issuer’s parent company or subsidiary,guarantor or other provider of credit enhancement, or the government of the issuer’s business domicile,or other related parties’ own conditions and/ or position of support/ assistance for the issuer, and thechange thereby makes its business bases, financial grounds and/ or liquidity positions improve or
deteriorate, and/ or making the effectiveness of guarantee and other credit enhancement improve or
deteriorate. The resultant alteration of the credit rating is usually a notch, with possibility of a few
notches if and when the change is large.
E) Order of Seniority in Debt Payment and Non-Payment Forgiven by Contract
The credit rating is subject to alteration if there is a change in the rated debt’s status in the order ofseniority relative to other debts caused by the improvement/ deterioration of the issuer’s financial
condition. The resultant alteration of the credit rating is usually a notch, with possibility of a few
notches if and when the change is large. Also, in case of the financial products for which non-payment
of interest/ principal is contractually permissible, the credit rating is subject to alteration if and when
the likelihood of such non-payment is projected to increase or decrease. The resultant alteration of thecredit rating could be by a notch but often as much as a few notches.
F) Rise and Fall in General Economy and Markets
The credit rating is subject to alteration if there is a rise/ fall in the general economy and/ or the markets
inducing the issuer’s revenues/ expenses to increase/ decrease and vice versa, etc. The resultant
alteration of the credit rating is usually by a notch, with possibility of a few notches if and when thechange is exceptionally large.
G) Various Events
The credit rating is subject to alteration on occurrence of various events, such as change in the issuer’s
major shareholders, M&A and other organizational change, accident, violation of the law, litigation,legal/ regulatory change, natural disaster, etc., which are unforeseeable at the time when the credit
rating is determined, causing a significant change on the issuer’s business bases, financial grounds, etc.
The resultant alteration of the credit rating could be by a notch but more often than not as much as afew notches.

12

Information on the Content of the Credit Rating, Including the Historical Performance of the Credit
Rating and the Expected Probability of Default and the Expected Loss in the Event of Default as
Required by Paragraph (a)(1)(ii)(L) of Rule 17g-7
Historical records of the credit rating herewith presented are posted in the end of this paper.
The credit rating herewith presented by JCR is its summary opinion with regard to the likelihood ofgiven debt payment and hence not necessarily a perfect representation of such likelihood. The credit
rating is not intended to estimate the probability of default or the loss on given default, either.
Facts of the probability of default are posted as Form NRSRO Exhibit 1 on the JCR website under the
URL:
https://www.jcr.co.jp/en/service/company/regu/nrsro/on the Sensitivity of the Credit Rating to Assumptions Made as Required by Paragraph
13 Information(a)(1)(ii)(M) of Rule 17g-7
A) Business Bases
The credit rating herewith presented could be changed if and when the assumptions made at the time ofits determination turn out to be inaccurate with regard to the issuer’s business bases and powers of
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earning or cash flow generation, etc. The resultant change of the credit rating is most likely by a notch,
as JCR speculates, but possibly as much as a few notches if the development is rapid in improvement or
deterioration of the issuer’s business bases on some drastic change in the operational environments, etc.

B) Financial Grounds and Asset Quality
The credit rating herewith presented could be changed if and when the assumptions made at the time ofits determination turn out to be inaccurate with regard to the issuer’s financial grounds and asset
quality. The resultant change of the credit rating is most likely by a notch, as JCR speculates, but
possibly as much as a few notches if the development is rapid in improvement or deterioration of theissuer’s financial grounds and/ or asset quality on some drastic change in its business bases.
C) Liquidity Risks
The credit rating herewith presented could be changed if and when the assumptions made at the time ofits determination turn out to be inaccurate with regard to the issuer’s liquidity positions. The resultant
change of the credit rating is most likely by a notch, as JCR speculates, but possibly as much as a few
notches if the development is rapid in improvement or deterioration of the issuer’s liquidity positions
on some drastic change in its financial management policy or relations with fund procurement sources,
etc.
D) Related Parties’ Status and Stance of Support/ Assistance for the Issuer
The credit rating herewith presented could be changed if and when the assumptions made at the time ofits determination turn out to be inaccurate with regard to the issuer’s parent company or subsidiaries,
guarantor or other providers of credit enhancement, the government of the issuer’s business domicile orother related parties’ status and stance of support/ assistance for the issuer. The resultant change of thecredit rating is most likely by a notch, as JCR speculates, but possibly as much as a few notches if there
is a major change on the part of related parties, such as replacement, disappearance, some drastic
improvement/ deterioration of financial grounds/ balances, etc.
E) Rise and Fall in General Economy and Markets
The credit rating herewith presented could be changed if and when the assumptions made at the time ofits determination turn out to be inaccurate with regard to the prospects of general economy and markets.
JCR expects the change should be most likely by a notch but could be as much as a few notches, should
the economy or the markets change so greatly.
on the Representations, Warranties, and Enforcement Mechanisms of an Asset-backed
14 Information
Security as Required by Paragraph (a)(1)(ii)(N) of rule 17g-7
The credit rating herewith presented is not for an ABS product, and hence no relevant issue.

Japan Credit Rating Agency, Ltd.
Jiji Press Building, 5-15-8 Ginza, Chuo-ku, Tokyo 104-0061, Japan
Tel. +81 3 3544 7013, Fax. +81 3 3544 7026

5/5

The Historical Performance of the Credit Rating
Issuer Name

The Aichi Bank, Ltd.
The Aichi Bank, Ltd.
The Aichi Bank, Ltd.
The Aichi Bank, Ltd.
The Aichi Bank, Ltd.
The Aichi Bank, Ltd.
The Aichi Bank, Ltd.
The Aichi Bank, Ltd.
The Aichi Bank, Ltd.
The Aichi Bank, Ltd.
The Aichi Bank, Ltd.
The Aichi Bank, Ltd.
The Aichi Bank, Ltd.
The Aichi Bank, Ltd.
The Aichi Bank, Ltd.
The Aichi Bank, Ltd.
The Aichi Bank, Ltd.
The Aichi Bank, Ltd.
The Aichi Bank, Ltd.

Issue Name

Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)

1/1

Publication Date

RatingOutlook/Direction

June 12, 2003
April 7, 2004
May 20, 2005
June 5, 2006
June 12, 2007
May 27, 2008
June 3, 2009
August 27, 2010
September 22, 2011
November 16, 2012
January 31, 2014
February 9, 2015
January 27, 2016
February 24, 2017
February 16, 2018
February 18, 2019
January 16, 2020
February 25, 2021
April 4, 2022

A
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A+
A
A
A

StableStableStableStableStableStableStableStableStableStableStableNegative
Negative
StableStableStable

The Historical Performance of the Credit Rating
Issuer Name

The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited
The Chukyo Bank, Limited

Issue Name

Publication Date

Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Bonds no.8(subordinated)
Bonds no.8(subordinated)
Bonds no.8(subordinated)
Bonds no.8(subordinated)
Bonds no.8(subordinated)
Bonds no.8(subordinated)
Bonds no.8(subordinated)
Bonds no.8(subordinated)
Bonds no.8(subordinated)

1/1

RatingJanuary 25, 2005
A
November 28, 2005
A
April 23, 2007
A
March 10, 2008
A
May 19, 2009
A
April 2, 2010
A
May 31, 2011
A
June 29, 2012
A
August 6, 2013
A
August 20, 2014
A
August 31, 2015
A
August 25, 2016
A
February 16, 2018
AFebruary 18, 2019
AJune 25, 2020
ASeptember 21, 2021
ADecember 10, 2021
#AOctober 9, 2013
AAugust 20, 2014
AAugust 31, 2015
AAugust 25, 2016
AFebruary 16, 2018 BBB+
February 18, 2019 BBB+
June 25, 2020 BBB+
September 21, 2021 BBB+
December 10, 2021 #BBB+

Outlook/Direction

StableStableStableStableStableStableStableStableStableStableNegative
StableStableStableStablePositive

Positive

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