24-p-0019
June 11,2024

Japan Credit Rating Agency, Ltd. (JCR) announces the following results of its review of the credit ratings.

Results of Review of Structured Finance Products(Excluding Those to Which Credit Ratings Are Assigned)
May 2024
JCR has reviewed the credit ratings of the following structured finance products, and after considerationof the structure, status of underlying assets, impacts of analyses of loss, cash flow and sensitivity, etc.,
JCR has determined that there is no need to change the rating level and others (rating symbol, ratingoutlook, and direction for Credit Monitor) without assigning a rating. This is a collective announcement of
the results of the review conducted without assignment of a rating. The results of the review conductedwith assignment of a rating are published in a separate news release.
(Structured Finance Dept Ⅰ.)

RatingIssuerRating Subject

SPIRE SASPIRE SASPIRE SA
Mitsubishi UFJ Trust & Banking(CLLBP2017-1)
Mitsubishi UFJ Trust & Banking(CLLBP2017-2)
Mitsubishi UFJ Trust & Banking(CLLBP2018-1)
Voyager II Limited
Sunlight
Sunlight
Sunlight
Sunlight
Sunlight
SunlightSunlight
Sunlight
Sunlight
Sunlight
Sunlight
Sunlight
Sunlight

Series 2021-166
Series 2022-346
Series 2023-237
CLLBP 2017-1

RatingAAAAAAAA-CLLBP 2017-2

AA-

CLLBP 2018-1

AA-Series 2017-146
Sunlight Series 2014-3 Senior
Beneficial Interest
Sunlight Series 2014-6 Senior
Beneficial Interest
Sunlight Series 2014-9 Senior
Beneficial Interest
Sunlight Series 2014-12 Senior
Beneficial Interest
Sunlight Series 2015-3 Senior
Beneficial Interest
Sunlight Series 2015-6 Senior
Beneficial Interest
Sunlight Series 2015-9 Senior
Beneficial Interest
Sunlight Series 2015-12 Senior
Beneficial Interest
Sunlight Series 2016-3 Senior
Beneficial Interest
Sunlight Series 2016-6 Senior
Beneficial Interest
Sunlight Series 2016-9 Senior
Beneficial Interest
Sunlight Series 2016-12 Senior
Beneficial Interest
Sunlight Series 2017-3 Senior
Beneficial Interest

AAAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA

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

Date of Review
Implemented
May 9, 2024
May 9, 2024
May 9, 2024
May 23, 2024
May 23, 2024
May 23, 2024
May 27, 2024
May 29, 2024
May 29, 2024
May 29, 2024
May 29, 2024
May 29, 2024
May 29, 2024
May 29, 2024
May 29, 2024
May 29, 2024
May 29, 2024
May 29, 2024
May 29, 2024
May 29, 2024

Issuer
Sunlight
Sunlight
Sunlight
Sunlight
SPIRE SASPIRE SARating SubjectRating

Sunlight Series 2017-6 Senior
Beneficial Interest
Sunlight Series 2017-9 Senior
Beneficial Interest
Sunlight Series 2017-12 Senior
Beneficial Interest
Sunlight Series 2018-3 Senior
Beneficial Interest
Series 2022-107
Series 2022-197

AAAAAAAAA
AAA
AAAA-

Date of Review
Implemented
May 29, 2024
May 29, 2024
May 29, 2024
May 29, 2024
May 31, 2024
May 31, 2024

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, brokersand 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.