22-S-0050
July 5, 2022

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

<Asset Securitization Products>
Sumitomo Mitsui Trust Bank Credit Linked Loan 2018-1<Rating Change>
ABL:
from A+ to AASumitomo Mitsui Trust Bank Credit Linked Loan 2018-1 is a credit-linked product. JCR has upgraded therating from A+ to AA-, as detailed hereunder.
Shigeo Sugiyama, Riho SaikiRating<Rating Change>

Instrument Name:
Sumitomo Mitsui Trust Bank Credit Linked Loan 2018-1
ABL Execution Amount (mn):
USD 30
Scheduled Repayment/Repayment Date*: June 21, 2028
Coupon Type:
FixedRating:
AA*In case where the calculation agent determines by the repayment date that an credit event has occurredor there is a possibility that a credit event has occurred at the reference entity, it will be the day defined by
the relevant agreement.
<Information on Outline of Issue>
ABL Execution Date:
Interest Payment Dates:
Repayment Method:
Credit Enhancement & Liquidity Facility:

October 15, 2018
June 20 and December 20 every year
Bullet Repayment
NA<Information on Structure and Stakeholders>
Entrustor:
Citigroup Global Markets Japan Inc.
Trustee & Borrower:
Sumitomo Mitsui Trust Bank, Limited
Swap Counterparty:
Citigroup Global Markets Japan Inc.
Arranger:
Citigroup Global Markets Japan Inc.
<Information on Underlying Assets>
Outline of Underlying Assets:

10-year JGBs (Series 351), CDS Agreement, andCurrency Swap Agreement

Rating Assignment Date: July 1, 2011
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.

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

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 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
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.)

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