22-D-0209
May 31, 2022

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

Procrea Holdings, Inc. (security code: 7384)<Assignment>
Long-term Issuer Rating:
Outlook:AStableThe Aomori Bank, Ltd. (security code: -)<Credit Monitor Removal> <Affirmation>
Long-term Issuer Rating: from #A-/Negative to AOutlook:
StableTHE MICHINOKU BANK, LTD. (security code: -)<Assignment>
Long-term Issuer Rating:
Outlook:AStableRationale
Issuer: Procrea Holdings, Inc.
(1) Procrea Holdings Inc. (“HD”) is a holding company established at the time of the management
integration of the Aomori Bank, Ltd. (“Aomori Bank”) and THE MICHINOKU BANK, LTD.
(“MICHINOKU BANK”) (collectively “Banks”). In Aomori Prefecture, where the Banks are rooted, they
have overwhelming business bases indicated by the shares exceeding 70% for deposits and loans
with the total fund volume reaching 5.1 trillion yen, which is one of the largest in Tohoku region. The
Banks are scheduled to merge in January 2025 and also unify their core systems. At the same timeof the establishment of HD, Class 1 Preferred Shares issued by HD to Class A Preferred Shares(public funds) issued by MICHINOKU BANK were appropriated.
(2) The combined consolidated core capital ratio adjusted for allowance for bad debts, etc. of the Banksof around 8%, and ROA based on core net business income (excluding gains on cancellation of
investment trusts, the same applies hereinafter) of around 0.1% are somewhat low among regional
financial institutions in the rating category of A- in terms of capital levels and earning capacity.
However, JCR believes that operating base will become significantly strong through the management
integration will bring a significant effect to support the rating. Moreover, feasibility of realizing
integration synergies is reasonably high and it will likely strengthen the earnings base. Based on theabove, JCR has evaluated the creditworthiness of the entire group as A- equivalent.
(3) HD owns 100% of the shares of the Banks, and also directors (excluding outside directors) arecomprised of those concurrently assuming directors of the Banks. Since HD assumes a core part thegroup management such as formulation of business strategies and risk control, the group’s unity isstrong. Although HD's non-consolidated income is highly dependent on dividends from thesubsidiaries, JCR judged that structural subordination does not need to be reflected since it does notseem to have a particular impact on the double leverage ratio. For these reasons, JCR assigned arating of A-, which is the same rating as the group's creditworthiness, to HD. Since the Banks’ assets
and revenue sizes are almost the same, both can be positioned as core banks, in JCR’s view.
Moreover, they are scheduled to merge. Therefore, JCR judged that the Banks' credit ratings arecomparable to the creditworthiness of the group. JCR has affirmed the credit rating of A- on Aomori
Bank after removing the credit monitor, and has assigned a credit rating of A- to MICHINOKU BANK.
(4) The group intends to integrate the strengths and customer bases of the Banks, and increase earnings
through offering financial services and solutions, etc. The Group plans to cut costs by consolidatingand eliminating branches and streamlining its workforce. It will also reallocate personnel. Despite theupfront integration-related expenses, such as branch consolidation and elimination, and system
integration, the Group expects an improvement in profitability through full-fledged synergies following
the merger of the Banks. JCR believes that feasibility of synergy effects, particularly realization of
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cost synergies, is reasonably high. Looking at the details of cost synergies, cost reductions throughpromotion of branch consolidation and elimination, and associated efficient personnel allocationaccount for a high percentage. Since the Banks have branches in the same service areas primarily
in the major cities in Aomori Prefecture, the cost synergy can be easily realized, in JCR’s view.
(5) JCR views the fact that the Banks’ business base will be substantially strengthened through the
management integration will also increase the feasibility of realizing the topline synergies. In addition
to the fact that the Banks' market shares of deposits and loans in Aomori Prefecture exceeds morethan 70%, which is extremely high, an overlap in the customer bases of the Banks is also relatively
small; thereby it can be assumed that there is considerable room for realizing cross-selling benefitsof products and services, which are the strengths of the Banks. The impact of share adjustments
may possibly be eased to a certain extent.
(6) There are no major concerns over the loan asset quality of the group. Although the amount ofreceivables which require disclosure and from other borrowers requiring caution has increased dueto the impacts of the COVID crisis, the ratio of receivables requiring disclosure is below the averageof regional banks, and the classification rate is not high. Risk of credit concentration to large
borrowers and others can also be expected through the integration. Impacts of prolongation of
COVID crisis and others need to be watched; however, JCR believes the credit costs will remain in
the range that can be absorbed by core net business income for the time being. Neither of interest
fluctuation risk level and price fluctuation risk level are excessive against the capital.
(7) Combined adjusted consolidated core capital ratio of the Banks was around 8% at the end of March
2022. It is slightly low among regional financial institutions in the rating category of A-. The situationthat accumulation of retained earnings is not progress smoothly can be assumed for the time being
due to the upfront integration-related costs. Despite the fact, JCR believes uptrend in the adjusted
core capital ratio together with earnings capacity can be maintained by fully realizing the cost synergy
effects after the merger of the Banks. JCR evaluates the capital content of public funds as high, but
gradually reduces the degree as the substantial repayment deadline approaches. Therefore, even if
payments are made in September 2024, there will be no significant impacts on the evaluation of thecapital adequacy.
Issuer: The Aomori Bank, Ltd.
(1) A fund volume of The Aomori Bank, Ltd. (the “Bank”) is approximately 3 trillion yen. It has a highmarket share for loans, which is slightly more than 40%, and has a strength of the stable businessbase established with local public organizations and relatively large corporate customers in theprefecture. The Bank is working on reduction of expenses through rationalizing the branch network,
reducing personnel, and others; however, core net business income has declined at a relatively rapid
pace due partly to the impact of decline in loan yields and the large amount of redemption of yendenominated bonds. ROA based on core net business income is also at a low level of around 0.1%.
Despite the fact, for FY2021, core net business income turned to increase to 3.4 billion yen, up
approximately 30% on year. In addition to the Bank’s continuing efforts of cost reductions, thecorporate fee business, which the Bank is focusing on, has started yielding outcome as shown thatfees and commissions related to M&A and others are gradually expanding. This is attributable toincreased degree of contribution from fees and commissions partly because of an increase in salescommission of assets in custody, and other factors. The amount of loans, particularly to SMEs andhousing loans, have been on an uptrend, and also decline in interest income on loans has narrowedon year as the decline in yields on business loans has come to the end. In the securities investment,
the impacts of bonds redemptions have also come to the end, and downward pressure on revenues
has eased.
(2) The Bank’s ratio of non-performing loans disclosed under the Financial Reconstruction Act is low at
1.41% at the end of March 2022, and it is also at a reasonable level also given the fact that the Bankhas many loans extended to local public organizations. Conservative provisions have also beenmade. Although the amount of receivables from other borrowers requiring caution and requiring
disclosure has been on increased due to the impacts of the COVID crisis, credit costs have been
controlled. There were not much costs associated with downgrading of borrowers also for FY2021,
and the credit costs remained at 400 million yen.
(3) For securities investment, the Bank has built a portfolio centering on domestic and overseas bonds
with high creditworthiness. The Bank’s exposure to interest rate risk is on increase and is high relative
to capital since the Bank strives to lengthen the duration and increase the balance to secure earnings.
The Bank’s exposure to price fluctuation risk associated with the stockholdings and other financial
instruments is also slightly high relative to capital.
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Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.

(4) The adjusted consolidated core capital ratio was in the upper 9% range at the end of March 2022,
relatively good among regional financial institutions in the rating category of A-. The ratio was on
decline while the accumulation of retained earnings made progress in recent years. However, it has
recovered due to a decrease in risk-weighted assets.
Issuer: THE MICHINOKU BANK, LTD.
(1) The fund volume of MICHINOKU BANK, LTD. (the “Bank”) is approximately 2 trillion yen. It holds ahigh market share of slightly more than 30% for loans in Aomori Prefecture, and it also has establisheda certain business base in Hakodate area, Hokkaido Prefecture. It has strengths in businesses withlocal SMEs and in the retail sector. Core net business income had been sluggish due to a decline inloan yields and a decrease in interest and dividends on securities. However, it has been on a recovery
trend in recent years as a result of reconstruction of the securities portfolio and also promotion of cost
reductions by reviewing sales bases and reducing personnel. For FY2021, core net business income
increased to 3.9 billion yen, up approximately 30% on year due mainly to cost reductions. Although
ROA based on core net business income remains in the middle of 0.1% range, it has recovered
significantly in the past three years. Interest on loans and discounts is continuously declining; however,
the rate of decline narrowed on year as the decline in yield on business loans peaked out. The loans
have been growing, centering on housing loans while loans to SMEs have been sluggish in recent
years. The Bank’s issue to address is to enhance the loans to local corporations. On the other hand,the fee business for corporate customers, which the Bank is focusing on, is showing the results, andfees and commissions related to M&A are gradually expanding. In securities investment, interest anddividend income is increasing due to establishment of a portfolio mainly consisting of domestic andforeign bonds to enjoy stable income from the holdings.
(2) The Bank’s ratio of non-performing loans disclosed under the Financial Reconstruction Act is low at
1.36% at the end of March 2022, and it is also at a reasonable level given the fact that the Bank has
many loans extended to local public organizations. Conservative provisions have also been made.
Although the amount of receivables from other borrowers requiring caution and requiring disclosure
has been on increased due to the impacts of the COVID crisis, credit costs have been generally
controlled. There were not much costs associated with downgrading of borrowers, and the Bank alsocollected some credits, etc. As a result, a credit costs of 400 million yen was reversed back for FY2021.
(3) In securities investment, since the Bank curbed interest rate risk exposure, its risk exposure has
increased compared to the past due to reconstruction of the portfolio. However, interest risk, and pricefluctuation risk associated with stockholdings and others against the capital are not so large. Despite
the fact, attention needs to be paid as the Bank has losses on valuation of mainly foreign bonds dueto the recent rise in interest rates.
(4) Although the adjusted consolidated core capital ratio was in the middle of 6% range at the end of
March 2022 and is low among regional financial institutions in the rating category of A-, it is gradually
improving due to a decrease in risk-weighted assets in addition to the recent progress in accumulationof retained earnings.
Kengo Sakaguchi, Tatsuya Shimizu

RatingIssuer: Procrea Holdings, Inc.
<Assignment>
Long-term Issuer Rating: A-

Outlook: Stable

Issuer: The Aomori Bank, Ltd.
<Credit Monitor Removal> <Affirmation>
Long-term Issuer Rating: A-

Outlook: Stable

Issuer: THE MICHINOKU BANK, LTD.
<Assignment>

Long-term Issuer Rating: A-

Outlook: Stable

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

Rating Assignment Date: May 26, 2022
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 "JCR's Rating Methodology" (November 7, 2014), "Banks" (October 1, 2021) and"Rating Methodology for Financial Groups' Holding Companies and Group Companies" (March 29, 2019) in Information about
JCR Ratings on JCR's website (https://www.jcr.co.jp/en/).

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

I n f o r m at i o n D i s c l o s u r e F o r mJapan Credit Rating Agency, Ltd.

Disclosure Required by Paragraph (a)(1)(ii) of Rule 17g-7

1

Issuer:Procrea Holdings, Inc.

Rating Publication
Date:

May 31, 2022

Issuer:

The Aomori Bank, Ltd.

Rating Publication
Date:

May 31, 2022

Issuer:

The Michinoku Bank, Ltd.

Rating Publication
Date:

May 31, 2022

The Symbol, Number, or Score in the Rating Scale used to Denote Credit Rating Categories andNotches and, the Identity of the Obligor or the Identity and a Description of the Security or Money
Market Instrument as Required by Paragraph (a)(1)(ii)(A) of Rule 17g-7
Please see the news release. If the credit rating is a private rating, please see the report for private
rating.

2

The version of the procedure or methodology used to determine the credit rating; as Required by
Paragraph (a)(1)(ii)(B) of Rule 17g-7
Please see the news release. If the credit rating is a private rating, please see the report for private
rating.

3

The Main Assumptions and Principles used in Constructing the Procedures and Methodologies
used to Determine the Credit Rating as Required by Paragraph (a)(1)(ii)(C) of Rule 17g-7
The credit rating methodology assumes, in principle, to be applied to assess the likelihood of agiven debt payment in light of its issuer’s condition and business environment, etc. in the relevant
future. There is certain limitation, however, in the time horizon that the rating foresees.
The credit rating methodology assumes, in principle, that the factors posted in the below areparticularly important for such likelihood to be determined, and that the rating determination ismade by evaluating each of them not only quantitatively but also employing qualitative analyses.

1/5A) Business Bases
The likelihood of a given debt payment is highly conditional to its issuer’s business bases - how they
can be maintained/ expanded into the future and thereby secure earnings and cash flows in adequacy
and in a sustainable way.
B) Financial Grounds and Asset Quality
The likelihood of debt payment is highly dependent on the degree of the issuer’s indebtedness and loss
absorption capacity in terms of equity capital. Also notable is that a financial institution might see asignificant loss of financial grounds as a result of changes in value of the assets under its possession.
C) Liquidity Positions
The likelihood of debt payment is highly dependent on the adequacy of the issuer’s cash and othersources of repayment (liquidity positions).
D) Related Parties’ Status and Stance of Support/ Assistance for the Issuer
The likelihood of debt payment is affected one way or the other by the issuer’s related parties such as
parent company, subsidiary, guarantor, and the government of the issuer’s business domicile, etc. - bytheir own conditions and/ or position of support/ assistance for the issuer.
E) Order of Seniority in Debt Payment
The likelihood of debt payment can be different between given debts of the same issuer. The
likelihood of debt payment for an individual debt is dependent on the issuer’s discretion, and/ or its
rank relative to other debts of the same issuer in the order of seniority in principal/ interest payment
which is determined by design as financial product or by laws, etc.

4

The Potential Limitations of the Credit Rating as Required by Paragraph (a)(1)(ii)(D) of Rule 17g-7
The credit rating herewith presented by JCR is its summary opinion with regard to the likelihood ofgiven debt payment and hence not necessarily a perfect representation of such likelihood. The credit
rating is not intended to estimate the probability of default or the loss on given default, either.
The objective of the credit rating herewith presented does not include any concerns other than thelikelihood of debt payment, such as risks of price changes, market liquidity, etc.
The credit rating herewith presented is necessary to be reviewed along with possible changes of theissuer of rated objects in its business performance and/ or circumstances which include regulatoryenvironment, and hence subject to possible alteration.

5

Information on the Uncertainty of the Credit Rating as Required by Paragraph (a)(1)(ii)(E) of Rule
17g-7
The information used for the determination of credit rating as herewith presented is obtained by
JCR from the issuer of rated objects and other sources that JCR trusts in terms of accuracy andreliability but possibly contains errors due to human, non-human or other causes. Consequently, thecredit rating determined on the grounds of such information does not constitute, explicitly or
implicitly, any representation or warrant of JCR on the information itself or any consequences of its
use in terms of accuracy, relevance, timeliness, wholeness, market value, or usefulness for any
specific purposes.

6

Use of Due Diligence Services of a Third Party in Taking the Rating Action as Required by Paragraph(a)(1)(ii)(F) of Rule 17g-7
There is no use of any third-party due diligence service in the determination of the credit ratingherewith presented.

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7

Use of Servicer or Remittance Reports to Conduct Surveillance of the Credit Rating Required by
Paragraph (a)(1)(ii)(G) of Rule 17g-7
There is no use of any servicer or remittance report to conduct surveillance of the credit ratingherewith presented.

8

The Types of Data Relied Upon for the Purpose of Determining the Credit Rating as Required by
Paragraph (a)(1)(ii)(H) of Rule17g-7
The information posted in the below, which includes data, is used for the determination of the credit
rating herewith presented.
A) Audited financial statements presented by the rating stakeholders
B) Explanations of business performance, management plans, etc. presented by the rating stakeholders

9Overall assessment of the Quality of Information Available and Considered in Determining theCredit Rating as Required by Paragraph (a)(1)(ii)(l) of Rule 17g-7
JCR holds its basic policies for securing the quality of information as a base of due diligence for thedetermination of credit ratings. The information used as a base for the determination of credit ratingherewith presented satisfies such policies, which include the audit by an independent auditor, thewarranty made by the issuer, the publication by the issuer, some independent media or, otherwise,
JCR analyst’s scrutiny, etc.
JCR sees no particular weakness in the quality of information used for the determination of thecredit rating herewith presented as compared to the information used in other cases of the credit
rating for comparable issuers or ratable objects.
If the credit rating is an Indication, please see the report for Indication.

10 Information Relating to Conflicts of Interest as Required by Paragraph (a)(1)(ii)(J) of Rule 17g-7
JCR receives payment of compensation for the determination of the credit rating herewith presented
from either one of those parties who are issuer, underwriter, depositor or sponsor.
JCR did not receive in the last fiscal year in the past payment of compensation from the same party
for any kind of JCR’s service other than the determination of public or private credit rating, such as
one in the ancillary business.

or Measure of the Potential Volatility of the Credit Rating as Required by Paragraph
11 Explanation(a)(1)(ii)(K) of Rule 17g-7
A) Business Bases
The credit rating is subject to alteration if there is improvement or deterioration of the issuer’s
business bases, since its revenue, etc. may improve or deteriorate by the change in its business
management policies, clients’ preferences, competitive situation, or a technological innovation. The
resultant alteration of the credit rating is usually by a notch, with possibility of a few notches if andwhen the change in the business bases is large.

3/5B) Financial Grounds and Asset Quality
The credit rating is subject to alteration if the issuer increases/ decreases its debt/ capital or vice versa
and thereby makes its individual debt payment liability less or more bearable and its loss absorption
capacity into the future decreased or increased. Also, the changes in the quality of asset under theissuer’s holding may affect the credit rating, since such changes could raise or lower the likelihood of
future loss of the issuer’s financial grounds. The resultant alteration of the credit rating is usually by anotch, with possibility of a few notches if and when the change in the financial grounds and/ or asset
quality is large.
C) Liquidity Positions
The credit rating is subject to alteration if there is a change in the issuer’s financial management
policy or in the relations with fund procurement sources and the change thereby makes its liquidity
positions improve or deteriorate. The resultant alteration of the credit rating is usually by a notch, withpossibility of a few notches if and when the change is large.
D) Related Parties’ Status and Stance of Support/ Assistance for the Issuer
The credit rating is subject to alteration if there is a change in the issuer’s parent company or
subsidiary, guarantor or other provider of credit enhancement, or the government of the issuer’s
business domicile, or other related parties’ own conditions and/ or position of support/ assistance forthe issuer, and the change thereby makes its business bases, financial grounds and/ or liquidity
positions improve or deteriorate, and/ or making the effectiveness of guarantee and other credit
enhancement improve or deteriorate. The resultant alteration of the credit rating is usually a notch,with possibility of a few notches if and when the change is large.
E) Order of Seniority in Debt Payment and Non-Payment Forgiven by Contract
The credit rating is subject to alteration if there is a change in the rated debt’s status in the order ofseniority relative to other debts caused by the improvement/ deterioration of the issuer’s financial
condition. The resultant alteration of the credit rating is usually a notch, with possibility of a few
notches if and when the change is large. Also, in case of the financial products for which non-payment
of interest/ principal is contractually permissible, the credit rating is subject to alteration if and when
the likelihood of such non-payment is projected to increase or decrease. The resultant alteration of thecredit rating could be by a notch but often as much as a few notches.
F) Rise and Fall in General Economy and Markets
The credit rating is subject to alteration if there is a rise/ fall in the general economy and/ or themarkets inducing the issuer’s revenues/ expenses to increase/ decrease and vice versa, etc. The
resultant alteration of the credit rating is usually by a notch, with possibility of a few notches if andwhen the change is exceptionally large.
G) Various Events
The credit rating is subject to alteration on occurrence of various events, such as change in the issuer’s
major shareholders, M&A and other organizational change, accident, violation of the law, litigation,legal/ regulatory change, natural disaster, etc., which are unforeseeable at the time when the credit
rating is determined, causing a significant change on the issuer’s business bases, financial grounds, etc.
The resultant alteration of the credit rating could be by a notch but more often than not as much as afew notches.

12

Information on the Content of the Credit Rating, Including the Historical Performance of the Credit
Rating and the Expected Probability of Default and the Expected Loss in the Event of Default as
Required by Paragraph (a)(1)(ii)(L) of Rule 17g-7
Historical records of the credit rating herewith presented are posted in the end of this paper.
The credit rating herewith presented by JCR is its summary opinion with regard to the likelihood ofgiven debt payment and hence not necessarily a perfect representation of such likelihood. The credit
rating is not intended to estimate the probability of default or the loss on given default, either.
Facts of the probability of default are posted as Form NRSRO Exhibit 1 on the JCR website under
the URL:
https://www.jcr.co.jp/en/service/company/regu/nrsro/

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on the Sensitivity of the Credit Rating to Assumptions Made as Required by Paragraph
13 Information(a)(1)(ii)(M) of Rule 17g-7
A) Business Bases
The credit rating herewith presented could be changed if and when the assumptions made at the timeof its determination turn out to be inaccurate with regard to the issuer’s business bases and powers ofearning or cash flow generation, etc. The resultant change of the credit rating is most likely by a notch,
as JCR speculates, but possibly as much as a few notches if the development is rapid in improvement
or deterioration of the issuer’s business bases on some drastic change in the operational environments,
etc.
B) Financial Grounds and Asset Quality
The credit rating herewith presented could be changed if and when the assumptions made at the timeof its determination turn out to be inaccurate with regard to the issuer’s financial grounds and asset
quality. The resultant change of the credit rating is most likely by a notch, as JCR speculates, but
possibly as much as a few notches if the development is rapid in improvement or deterioration of theissuer’s financial grounds and/ or asset quality on some drastic change in its business bases.
C) Liquidity Risks
The credit rating herewith presented could be changed if and when the assumptions made at the timeof its determination turn out to be inaccurate with regard to the issuer’s liquidity positions. The
resultant change of the credit rating is most likely by a notch, as JCR speculates, but possibly as muchas a few notches if the development is rapid in improvement or deterioration of the issuer’s liquidity
positions on some drastic change in its financial management policy or relations with fundprocurement sources, etc.
D) Related Parties’ Status and Stance of Support/ Assistance for the Issuer
The credit rating herewith presented could be changed if and when the assumptions made at the timeof its determination turn out to be inaccurate with regard to the issuer’s parent company or subsidiaries,
guarantor or other providers of credit enhancement, the government of the issuer’s business domicile
or other related parties’ status and stance of support/ assistance for the issuer. The resultant change ofthe credit rating is most likely by a notch, as JCR speculates, but possibly as much as a few notches if
there is a major change on the part of related parties, such as replacement, disappearance, some drastic
improvement/ deterioration of financial grounds/ balances, etc.
E) Rise and Fall in General Economy and Markets
The credit rating herewith presented could be changed if and when the assumptions made at the timeof its determination turn out to be inaccurate with regard to the prospects of general economy andmarkets. JCR expects the change should be most likely by a notch but could be as much as a few
notches, should the economy or the markets change so greatly.
on the Representations, Warranties, and Enforcement Mechanisms of an Asset14 Information
backed Security as Required by Paragraph (a)(1)(ii)(N) of rule 17g-7
The credit rating herewith presented is not for an ABS product, and hence no relevant issue.

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

5/5

The Historical Performance of the Credit Rating
Issuer Name

The Aomori Bank, Ltd.
The Aomori Bank, Ltd.
The Aomori Bank, Ltd.
The Aomori Bank, Ltd.
The Aomori Bank, Ltd.
The Aomori Bank, Ltd.
The Aomori Bank, Ltd.
The Aomori Bank, Ltd.
The Aomori Bank, Ltd.
The Aomori Bank, Ltd.
The Aomori Bank, Ltd.
The Aomori Bank, Ltd.
The Aomori Bank, Ltd.
The Aomori Bank, Ltd.
The Aomori Bank, Ltd.
The Aomori Bank, Ltd.
The Aomori Bank, Ltd.
The Aomori Bank, Ltd.
The Aomori Bank, Ltd.
The Aomori Bank, Ltd.
The Aomori Bank, Ltd.
The Aomori Bank, Ltd.
The Aomori Bank, Ltd.

Issue Name

Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)
Issuer(Long-term)

1/1

Publication Date

RatingOutlook/Direction

April 30, 1999
May 29, 2000
June 4, 2001
July 5, 2002
October 15, 2003
September 24, 2004
October 7, 2005
December 15, 2006
November 15, 2007
November 17, 2008
November 4, 2009
November 2, 2010
October 19, 2011
October 26, 2012
December 4, 2013
February 19, 2015
January 12, 2016
January 30, 2017
February 1, 2018
December 5, 2018
January 24, 2020
January 21, 2021
May 14, 2021

A+
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A#A-

StableStableNegative
StableStableStableStableStableStableStableStableStableStableNegative
StableNegative

The Historical Performance of the Credit Rating
Issuer Name

Issue Name

Publication Date

RatingJune 15, 2004
A
August 8, 2005
A
October 17, 2005
#A
November 29, 2005
AJune 13, 2007
ASeptember 5, 2008
AMay 7, 2009
ANovember 2, 2009
ANovember 2, 2010
AOctober 19, 2011
AOctober 26, 2012
ADecember 4, 2013
AFebruary 27, 2015
AJanuary 12, 2016
AFebruary 7, 2017
AFebruary 1, 2018
BBB+
December 5, 2018
BBB+
November 1, 2019 #BBB+
January 24, 2020
BBB
January 21, 2021
BBB
April 2, 2021 Withdrawal

THE MICHINOKU BANK, LTD. Issuer(Long-term)
THE MICHINOKU BANK, LTD. Issuer(Long-term)
THE MICHINOKU BANK, LTD. Issuer(Long-term)
THE MICHINOKU BANK, LTD. Issuer(Long-term)
THE MICHINOKU BANK, LTD. Issuer(Long-term)
THE MICHINOKU BANK, LTD. Issuer(Long-term)
THE MICHINOKU BANK, LTD. Issuer(Long-term)
THE MICHINOKU BANK, LTD. Issuer(Long-term)
THE MICHINOKU BANK, LTD. Issuer(Long-term)
THE MICHINOKU BANK, LTD. Issuer(Long-term)
THE MICHINOKU BANK, LTD. Issuer(Long-term)
THE MICHINOKU BANK, LTD. Issuer(Long-term)
THE MICHINOKU BANK, LTD. Issuer(Long-term)
THE MICHINOKU BANK, LTD. Issuer(Long-term)
THE MICHINOKU BANK, LTD. Issuer(Long-term)
THE MICHINOKU BANK, LTD. Issuer(Long-term)
THE MICHINOKU BANK, LTD. Issuer(Long-term)
THE MICHINOKU BANK, LTD. Issuer(Long-term)
THE MICHINOKU BANK, LTD. Issuer(Long-term)
THE MICHINOKU BANK, LTD. Issuer(Long-term)
THE MICHINOKU BANK, LTD. Issuer(Long-term)

1/1

Outlook/Direction

StableStableStableNegative
Negative
StableStableStableStableStableStableNegative
StableStableNegative
StableStableAttachment

Attestation Required by Paragraph (a)(1)(iii) of Rule 17g-7

I, Shozo Matsumura, have responsibility to this Rating Action and to the best of my knowledge:

A) No part of the credit rating was influenced by any other business activities.
B) The credit rating was based solely upon the merits of the obligor, security, or money market
instrument being rated.
C) The credit rating was an independent evaluation of the credit risk of the obligor, security, or
money market instrument.

Shozo Matsumura
General Manager of Financial Institution Rating Department

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