23-S-0119
February 08,2024

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)
January 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, rating
outlook, 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

RatingCypher Limited
Sylph Limited
Sylph Limited
Nissay 2nd Subordinated
Loan
Securitization
Company Limited
Nissay 3rd Subordinated
Loan
Securitization
Company Limited
Nissay2019
FundSecuritizatonCompanyLimited
Meiji Yasuda Life 2019
Fund Special Purpose
Company, Ltd.
Nissay 4th Subordinated
LoanSecuritization
Company Limited
Nissay 5th Subordinated
LoanSecuritization
Company Limited
Nissay 6th Subordinated
Loan
Securitization
Company Limited
Nissay2021
FundSecuritizaton
Company
Limited
Nissay 7th Subordinated
LoanSecuritization
Company Limited
Nissay 8th Subordinated
Loan
Securitization
Company Limited
Violet Protected Asset
SPC
Violet Protected Asset
SPC

Series 290
Series 1839
Series 1888
Bonds no.1(subordinated)

AAAAAA-

Bonds no.1(subordinated)
Bonds No.1

AAAAAASpecified Bonds no.1 (withgeneral security)
Bonds No.1(subordinated)
Bonds no.1 (subordinated)
Bonds no.1 (subordinated)
Bonds no.1AAAAAAAAAA

Bonds no.1 (subordinated)
Bonds no.1 (subordinated)
Series VPA 1 S01

AAAAAA-Series VPA 1 S02

AA-1/2
Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.

Date of Review
Implemented
Jan. 19, 2024
Jan. 19, 2024
Jan. 19, 2024
Jan. 26, 2024
Jan. 26, 2024
Jan. 26, 2024
Jan. 26, 2024
Jan. 26, 2024
Jan. 26, 2024
Jan. 26, 2024
Jan. 26, 2024
Jan. 26, 2024
Jan. 26, 2024
Jan. 30, 2024
Jan. 30, 2024

Issuer
Violet Protected Asset
SPCSylph Limited
Beneficial Interest ProjectSunrise

Rating Subject

RatingSeries VPA 1 S08

AA-Series 50742
Project Sunrise I Series
2023-1

AAJ-1

Date of Review
Implemented
Jan. 30, 2024
Jan. 31, 2024
Jan. 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, 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.)

2/2Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.