23-D-0157
May 17, 2023

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

Zenkyoren 1st Subordinated Loan Securitization Company
LimitedZenkyoren 2nd Subordinated Loan Securitization CompanyLimited<Affirmation>
Notes:

AA-Rationale
Since JCR affirmed the AA+ long-term issuer rating on National Mutual Insurance Federation ofAgricultural Cooperatives ("Zenkyoren"), JCR also evaluated and affirmed the AA- rating on theSubordinated Loan to Zenkyoren. There are no concerns over the structure. Based on the above, JCR
has affirmed the AA- rating on the notes issued by 1st Subordinated Loan Securitization Company Limited
and 2nd Subordinated Loan Securitization Company Limited, the same rating as with the Subordinated
Loan, as detailed hereunder.
* For the credit rating on National Mutual Insurance Federation of Agricultural Cooperative, please refer to JCR’s
press release 23-D-0110 dated May 15, 2023.

Hideyuki Shoji, Riho Saiki

RatingIssuer: Zenkyoren 1st Subordinated Loan Securitization Company Limited<Affirmation>
Instrument Name:
Issue Amount:
Final Due Date:
Rating:

Bonds no. 1 (subordinated)
JPY 200 billion
October 25, 2051
AA-<Information on Outline of Issue>
Issue Date:
Coupon Rate:
Redemption Method:
Credit Enhancement & Liquidity Facility:

October 25, 2021
Till Oct. 25, 2031: 0.870%
After that date: 5-year JGB rate +1.795%
Bullet Redemption
Early redemption is possible every 5 years after Oct. 25,
2031 at the option of Zenkyoren
NAIssuer: Zenkyoren 2nd Subordinated Loan Securitization Company Limited<Affirmation>

Instrument Name:
Issue Amount:
Final Due Date:
Rating:

Bonds no. 1 (subordinated)
JPY 48.9 billion
October 21, 2052
AA-<Information on Outline of Issue>
Issue Date:
Coupon Rate:

October 18, 2022
Until October 21, 2027: 1.100%
From October 22, 2027 to October 21, 2032: 5-year JGB
interest rate + 1.035%
After that date: 5-year JGB interest rate + 2.035% (to berevised on the corresponding date every 5 years)

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Redemption Method:
Credit Enhancement & Liquidity Facility:

Bullet Redemption
Early redemption is possible every 5 years after October 21,
2027 at the option of ZenkyorenNARating Assignment Date: May 16, 2023
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 "Repackaged Financial Instruments" (August 5, 2019) 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.
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,
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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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