--- title: "Credit rating methodology (JCR, R&I) for Japan structured finance" aliases: - "JCR" - "R&I" - "Japan Credit Rating Agency" - "Rating and Investment Information" - "Japan rating agencies" - "JCR structured finance criteria" - "R&I structured finance methodology" - "Japan NRSRO" - "FSA designated rating agencies" domain: structured-finance created: 2026-05-25 last_updated: 2026-07-29 last_tended: 2026-07-29 review_by: 2027-01-29 confidence: likely tags: [structured-finance, rating-agency, jcr, r-and-i, japan, methodology, nrsro] status: active sources: - "https://www.fsa.go.jp/menkyo/menkyoj/shinyoukakuduke.pdf" - "https://www.jcr.co.jp/en/service/company/company" - "https://www.r-i.co.jp/en/company/" - "https://www.jcr.co.jp/en/rrinfo/meth_sf/" - "https://jcr.co.jp/en/ratinglist/sf_sf/" --- # Credit rating methodology (JCR, R&I) for Japan structured finance ## TL;DR JCR and R&I are legal entities listed in Japan's FSA register of credit rating agencies. Registration is not an “NRSRO equivalent,” does not make their methodologies interchangeable, and does not establish that either agency is required or dominant for an asset class. A structured-finance conclusion must cite the agency's applicable criteria version and the named transaction's rating report; staff counts, annual action counts, ownership labels, rating gaps and tranche support cannot be inferred from a generic corporate page. ## Wiki route | You want | Go to | |---|---| | Market overview | [[structured-finance/japan-abs-market-overview]] | | Specific structures | [[structured-finance/japan-rmbs-issuance-structure]], [[structured-finance/japan-cmbs-issuance-structure]], [[structured-finance/auto-loan-abs-japan-toyota-honda]], [[structured-finance/consumer-loan-abs-japan-card-issuer]] | | SPV vehicle context | [[structured-finance/spv-tk-gk-vehicle-japan-tax]] | | JHF MBS context | [[structured-finance/jhf-mbs-mechanics]] | | Domain index | [[structured-finance/INDEX]] | ## 1. Agency identity and registration [FSA's current register](https://www.fsa.go.jp/menkyo/menkyoj/shinyoukakuduke.pdf), [JCR's company profile](https://www.jcr.co.jp/en/service/company/company), and [R&I's company page](https://www.r-i.co.jp/en/company/) support the following limited identity table. | Question | JCR | R&I | |---|---|---| | Legal entity | Use the legal name shown in the FSA register and JCR profile | Use the legal name shown in the FSA register and R&I profile | | Japan regulatory status | Registered credit rating agency; verify the current registration entry and review date | Registered credit rating agency; verify the current registration entry and review date | | Ownership / affiliation | Not characterized on this page without a current shareholder disclosure | Not characterized on this page without a current shareholder disclosure | | Structured-finance coverage | Prove with JCR's criteria and named rating list | Prove with R&I's applicable criteria and named rating record | | Foreign regulatory recognition | Check the relevant foreign regulator; Japan registration is not a substitute | Same | ## 2. Methodology evidence [JCR's structured-finance methodology library](https://www.jcr.co.jp/en/rrinfo/meth_sf/) supports the JCR evidence route in the following table; an R&I conclusion requires the corresponding public R&I document. | Claim | Minimum evidence | |---|---| | Applicable methodology | Title, publication / revision date and asset class of the criteria cited by the transaction report | | Pool assumptions | Named report's pool data, base case, stresses and exclusions | | Legal analysis | Named transaction documents and agency discussion of transfer, segregation and counterparty risk | | Cash-flow analysis | Actual waterfall, triggers, hedges and modeled scenarios | | Rating | Named tranche, date, scale and outlook / watch status | | Surveillance | Dated rating action or surveillance report; do not assume a cadence | ## 3. Registration is not rating equivalence [FSA's register](https://www.fsa.go.jp/menkyo/menkyoj/shinyoukakuduke.pdf) establishes the entities registered in Japan; the following table states what that evidence does and does not prove. | Registration proves | Registration does not prove | |---|---| | The named legal entity is on the FSA register at the review date | NRSRO status or recognition in another jurisdiction | | The entity falls under Japan's registered-credit-rating-agency regime | Identical methodology, rating scale performance or regulatory use | | A precise entity and registration entry can be cited | That its rating is required for a domestic or cross-border transaction | | Current status can be rechecked | Dominant market share or a standard dual-rating combination | ## 4. Named-transaction comparison Use [JCR's public structured-finance rating list](https://jcr.co.jp/en/ratinglist/sf_sf/) and the other agency's public rating action to compare only the same tranche and date. | Comparison field | Rule | |---|---| | Transaction and tranche | Must be identical | | Observation date | Must be the same or differences disclosed | | Rating scale | Record the agency's own symbol and definition | | Methodology | Record the cited criteria version | | Support and assumptions | Quote only transaction-specific enhancement and stress inputs | | Spread impact | Requires dated market pricing; never infer basis points from a notch gap | ## 5. Editorial boundary - Do not state that JCR or R&I “rates the bulk” of an asset class without a defined, dated population. - Do not invent staff counts, annual action counts, ownership affiliations, standard stress multipliers, downgrade notches or surveillance frequency. - Do not describe a domestic registration as NRSRO equivalence. - Do not infer investor eligibility, bank capital treatment or foreign recognition from a rating alone. ## Related - [[structured-finance/INDEX]] - [[structured-finance/japan-abs-market-overview]] - [[structured-finance/japan-rmbs-issuance-structure]] - [[structured-finance/japan-cmbs-issuance-structure]] - [[structured-finance/auto-loan-abs-japan-toyota-honda]] - [[structured-finance/consumer-loan-abs-japan-card-issuer]] - [[structured-finance/jhf-mbs-mechanics]] - [[structured-finance/jhf-mbs-vs-private-rmbs-spread]] - [[structured-finance/spv-tk-gk-vehicle-japan-tax]] - [[structured-finance/japan-trust-beneficial-interest-vs-spv]] - [[banking/INDEX]] - [[finance/INDEX]] ## Sources - [FSA, registered credit rating agencies](https://www.fsa.go.jp/menkyo/menkyoj/shinyoukakuduke.pdf). - [JCR, company information](https://www.jcr.co.jp/en/service/company/company). - [R&I, company information](https://www.r-i.co.jp/en/company/). - [JCR, structured-finance methodology library](https://www.jcr.co.jp/en/rrinfo/meth_sf/). - [JCR, structured-finance rating list](https://jcr.co.jp/en/ratinglist/sf_sf/). - FSA, credit-rating-agency designation pages. - JSDA (Japan Securities Dealers Association).