Japan Credit Rating Agency, Ltd 23-S-0131 January 24, 2024 Japan Credit Rating Agency, Ltd. (JCR) announces the following credit rating. <Asset Securitization Products> Beneficial Interest 202007 (Contract No. 210252) Beneficial Interest 202107 (Contract No. 210272) Beneficial Interest 202111 (Contract No. 210281) Beneficial Interest 202201 (Contract No. 210290) Beneficial Interest 202208 (Contract No. 210299) Beneficial Interest 202007 (Contract No. 210252) <Credit Monitor Placement> Beneficial Interest: from A to #A/Positive Beneficial Interest 202107 (Contract No. 210272) <Credit Monitor Placement> Beneficial Interest: from A to #A/Positive Beneficial Interest 202111 (Contract No. 210281) <Credit Monitor Placement> Beneficial Interest: from A- to #A-/Positive Beneficial Interest 202201 (Contract No. 210290) <Credit Monitor Placement> Beneficial Interest: from A- to #A-/Positive Beneficial Interest 202208 (Contract No. 210299) <Credit Monitor Placement> Beneficial Interest: from A- to #A-/Positive Rationale Certainty on on-time dividend payment and principal redemption by Trust Expiration Date of Mezzanine II Beneficial Interest is considered to be converged and linked to the creditworthiness of the Originator with the upper limit of the rating on Mezzanine I-2 Beneficial Interests. JCR has placed the rating on Mezzanine II Beneficial Interest under credit monitor with Positive direction. Hideyuki Shoji, Riho Saiki Rating <Beneficial Interest 202007 (Contract No. 210252)>
<Beneficial Interest 202107 (Contract No. 210272)>
Beneficial Interest 202111 (Contract No. 210281) < Credit Monitor Placement >
Beneficial Interest 202201 (Contract No. 210290) <Credit Monitor Placement >
Beneficial Interest 202208 (Contract No. 210299) <Credit Monitor Placement>

<Information on Outline of Issue>
Trust Establishment Date: Beneficial Interest 202007 (Contract No. 210252):   July 29, 2020 Beneficial Interest 202107 (Contract No. 210272):   July 28, 2021 Beneficial Interest 202111 (Contract No. 210281):   November 26, 2021 Beneficial Interest 202201 (Contract No. 210290):   January 27, 2022 Beneficial Interest 202208 (Contract No. 210299):   August 29, 2022 Beneficial Interest Assignment Date: Beneficial Interest 202007 (Contract No. 210252):   July 31, 2020 Beneficial Interest 202107 (Contract No. 210272):   July 30, 2021 Beneficial Interest 202111 (Contract No. 210281):   November 30, 2021 Beneficial Interest 202201 (Contract No. 210290):   January 31, 2022 Beneficial Interest 202208 (Contract No. 210299):   August 31, 2022 Redemption Method: Monthly Pass-through, Sequential Payment Cleanup Call Clause Provision Credit Enhancement & Liquidity Facility: Mezzanine II Beneficial Interest: Partial support from Originator and cash reserves <Information on Structure and Stakeholders> Originator: Arranger: Trustee: AEON Product Finance Co., Ltd. Mitsubishi UFJ Trust and Banking Corporation Mitsubishi UFJ Trust and Banking Corporation <Information on Underlying Assets> Outline of Underlying Assets: Reform solar loans receivable held by Originator
Rating Assignment Date: January 23, 2024
The assumptions for the credit ratings and the definitions of the rating symbols are published as "Types of Credit Ratings and Definitions of 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 "Installment Receivables and Card Shopping Receivables" (June 2, 2014)" 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. ess Building, 5-15-8 Ginza, Chuo-ku, Tokyo 104-0061, Japan Tel. +81 3 3544 7013. Fax. +81 3 3544 7026 leCommission between see a region and some of the server, season of the server, a region of the server a region of the server an such damages are foreseable or unforesorable. JCR's religious and croft successments are suicessments of XCR's current and comprohensive operating released in possibility, e sound by the same a simple and at allowed in the content of the same that a mane the content is series see a change to content in perior and the content to content to conten JCR is registed to a "Articleaely Roogesized Rading Openiasise" with the U.S. Sourcesis and Exclange Commercials with soper to the clovering fore classes. (1) Fasescal insti JCR publisho its poss redove regarding the resing actions beth in English on the size and the size that is tance to translate resing rates actionale. JCR may publicize the s