Bond Ratings│Tokyo Century Corporation

Tokyo Century Corporation's ratings assigned by Japan Credit Rating Agency, Ltd. and Rating and Investment Information, Inc.

As of February 25, 2020

Credit Rating Agency	Japan Credit Rating Agency, Ltd. (JCR)	Rating and Investment Information, Inc.（R&I）
Long-term	(Long-term Issuer Rating) Rating: AA- Outlook: Stable	(Issuer Rating) Rating: A Outlook: Stable
	(Preliminary Rating for Bonds Registered for Issuance)^＊ Rating: AA- Expected Issue Amount: ¥400 billion Issue Period: Two Years Beginning February 25, 2020	(Preliminary Rating for Bonds Registered for Issuance)^＊ Rating: A Expected Issue Amount: ¥400 billion Issue Period: Two Years Beginning February 25, 2020
	(Euro Medium-Term Note Program) Rating: AA- Maximum Outstanding Amount: Equivalent of US$2 billion	(Euro Medium-Term Note Program) Rating: A Maximum Outstanding Amount: Equivalent of US$2 billion
Short-term	(Commercial Paper) Rating: J-1+ Maximum Outstanding Amount: ¥800 billion	(Commercial Paper) Rating: a-1 Maximum Outstanding Amount: ¥800 billion