23-S-0131
January 24, 2024

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

<Asset Securitization Products>
Beneficial Interest 202007 (Contract No. 210252)
Beneficial Interest 202107 (Contract No. 210272)
Beneficial Interest 202111 (Contract No. 210281)
Beneficial Interest 202201 (Contract No. 210290)
Beneficial Interest 202208 (Contract No. 210299)
Beneficial Interest 202007 (Contract No. 210252)<Credit Monitor Placement>
Beneficial Interest:

from A to #A/Positive

Beneficial Interest 202107 (Contract No. 210272)<Credit Monitor Placement>
Beneficial Interest:

from A to #A/Positive

Beneficial Interest 202111 (Contract No. 210281)<Credit Monitor Placement>
Beneficial Interest:

from A- to #A-/Positive

Beneficial Interest 202201 (Contract No. 210290)<Credit Monitor Placement>
Beneficial Interest:

from A- to #A-/Positive

Beneficial Interest 202208 (Contract No. 210299)<Credit Monitor Placement>
Beneficial Interest:

from A- to #A-/Positive

Rationale
Certainty on on-time dividend payment and principal redemption by Trust Expiration Date of Mezzanine
II Beneficial Interest is considered to be converged and linked to the creditworthiness of the Originatorwith the upper limit of the rating on Mezzanine I-2 Beneficial Interests. JCR has placed the rating onMezzanine II Beneficial Interest under credit monitor with Positive direction.
Hideyuki Shoji, Riho Saiki
Rating<Beneficial Interest 202007 (Contract No. 210252)><Credit Monitor Placement>
Instrument Name
Mezzanine II
Beneficial Interest

Initial Issue Amount

InitialSubordination
Ratio

JPY 1,320,000,000

5.0%

Trust
Expiration
Date*

CouponTypeRating

July 31, 2041

Fixed

#A/Positive

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

<Beneficial Interest 202107 (Contract No. 210272)><Credit Monitor Placement>
Instrument Name
Mezzanine II
Beneficial Interest

Initial Issue Amount

InitialSubordination
Ratio

JPY 1,296,000,000

5.0%

Trust Expiration
DateCoupon
TypeRating

July 31, 2042

Fixed

#A/Positive

Trust Expiration
DateCoupon
TypeRating

November 28, 2042

Fixed

#A-/Positive

Trust Expiration
Date*

CouponTypeRating

January 30, 2043

Fixed

#A-/Positive

Trust Expiration
Date*

CouponTypeRating

August 31, 2043

Fixed

#A-/Positive

Beneficial Interest 202111 (Contract No. 210281)< Credit Monitor Placement >InitialInstrument Name

Initial Issue Amount

Subordination
Ratio

Mezzanine II
Beneficial Interest

JPY 982,000,0005.0%

Beneficial Interest 202201 (Contract No. 210290)<Credit Monitor Placement >InitialInstrument Name

Initial Issue Amount

Subordinati
on Ratio

Mezzanine II
Beneficial Interest

JPY 1,782,000,0005.0%

Beneficial Interest 202208 (Contract No. 210299)<Credit Monitor Placement>
Instrument Name

Initial Issue Amount

InitialSubordinati
on Ratio

Mezzanine II
JPY 1,848,000,000
Beneficial Interest
Total issue amount: JPY 24,449,000,000

7.4%<Information on Outline of Issue>
Trust Establishment Date:
Beneficial Interest 202007 (Contract No. 210252):
Beneficial Interest 202107 (Contract No. 210272):
Beneficial Interest 202111 (Contract No. 210281):
Beneficial Interest 202201 (Contract No. 210290):
Beneficial Interest 202208 (Contract No. 210299):
Beneficial Interest Assignment Date:
Beneficial Interest 202007 (Contract No. 210252):
Beneficial Interest 202107 (Contract No. 210272):
Beneficial Interest 202111 (Contract No. 210281):
Beneficial Interest 202201 (Contract No. 210290):
Beneficial Interest 202208 (Contract No. 210299):
Redemption Method:

July 29, 2020
July 28, 2021
November 26, 2021
January 27, 2022
August 29, 2022
July 31, 2020
July 30, 2021
November 30, 2021
January 31, 2022
August 31, 2022
Monthly Pass-through, Sequential Payment
Cleanup Call Clause Provision

Credit Enhancement & Liquidity Facility:
Mezzanine II Beneficial Interest:

Partial support from Originator and cash reserves<Information on Structure and Stakeholders>
Originator:
Arranger:
Trustee:

AEON Product Finance Co., Ltd.
Mitsubishi UFJ Trust and Banking Corporation
Mitsubishi UFJ Trust and Banking Corporation<Information on Underlying Assets>
Outline of Underlying Assets:

Reform solar loans receivable held by Originator

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Rating Assignment Date: January 23, 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 "Installment Receivables and Card Shopping Receivables" (June 2, 2014)" inInformation 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.

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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