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Rating and Investment Information, Inc. (R&I) (格付投資情報センター)

Confidence: Likely Updated 2026-05-25 Review by 2026-11-25 Sources 4 Machine-translated Original (JA)
#JapanFG#credit-rating-agency#mizuho-related#capital-markets
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This entry sits under financial-regulators INDEX. Read it against Japan Credit Rating Agency (JCR) for peer / contrast context and Financial Services Agency (FSA) for the broader regulatory boundary.

TL;DR

One of the 2 major players among Japan’s domestic credit-rating agencies (the other 1 社 being JCR). Founded in 1998-04 through the merger of Japan Bond Research Institute (Mizuho FG (Mizuho FG)) and Nippon Investors Service (of the Nikkei line). It is positioned as a Mizuho Financial Group affiliate (with Mizuho FG (Mizuho FG) as the principal shareholder). It covers sovereigns / financial institutions / operating companies / structured finance / investment-trust evaluation, etc. A major differentiating factor from JCR is that it also runs an investment-trust evaluation business (R&I Fund Information). It is also a major player in the sustainability-finance second-party-opinion (SPO) market.

1. Corporate structure / history

Official name: Rating and Investment Information, Inc. English name: Rating and Investment Information, Inc. (R&I) Establishment: 1998-04-01 (merger of Japan Bond Research Institute + Nippon Investors Service) Head office: Ōtemachi, Chiyoda-ku, Tokyo Business type: Credit-rating agency (registered under Article 66 -27 of the Financial Instruments and Exchange Act) Principal shareholder: Mizuho FG (Mizuho FG)-affiliated entities at the core (Mizuho line) Competent authority: Financial Services Agency (FSA) (supervision of credit-rating agencies)

History / predecessors

1979       Japan Bond Research Institute established (Industrial Bank of Japan line = source of what later became [[megabanks/mizuho-fg|みずほ FG]])
1985       Nippon Investors Service established (Nihon Keizai Shimbun line)
1998-04    The two merged → Rating and Investment Information, Inc. (R&I) launched

Key chronology

Year-monthEvent
1979Japan Bond Research Institute established (IBJ line = Mizuho-line source)
1985Nippon Investors Service established (Nikkei line)
1998-04The two merged → R&I launched
2000-04Mizuho Holdings launched → R&I’s affiliation relationship clarified
2010-04Registration as a credit-rating agency (in connection with the entry into force of the FIEA registration system)
2013~Strengthening transparency of structured-finance ratings
2017~Full-scale launch of ESG-evaluation business such as R&I Green Bond Assessment
2020~Surge in corporate-bond issuance during the COVID phase → increase in the number of ratings

2. Business map

AreaContent
Issuer ratingsSovereigns / financial institutions / operating companies / government-related institutions
Structured financeRMBS / ABS / CMBS / ABCP / PF
Insurance financial-strength ratingsLife / non-life
Investment-trust evaluation (R&I Fund Information)One of the largest investment-trust evaluation services in Japan
ESG / sustainability evaluationGreen / social / sustainability-linked bond SPO
Second-party opinionsFramework-conformity opinions
Rating-related information servicesData distribution / analytical reports

Rating scale

  • Long-term ratings: AAA → AA+ / AA / AA- → A+ / A / A- → BBB+ / BBB / BBB- → BB and below → D
  • Short-term ratings: a-1+ / a-1 / a-2 / a-3 / b / c / d
  • The insurance financial-strength evaluation uses a separate scale (AAA → … → D)

vs JCR

| Item | R&I | JCR | |---|---|---| | Year of establishment | 1998 (predecessors from 1979) | 1985 | | Affiliation | Mizuho line | Independent | | Investment-trust evaluation | Runs R&I Fund Information | None | | Number of issuer ratings | On the scale of several thousand | On the scale of several thousand | | Structured finance | Strong | Strong | | ESG evaluation | Green Bond Assessment | Sustainability-evaluation business |

vs the global 3 majors (S&P / Moody’s / Fitch)

  • In the domestic market, the 2 社 ratings of R&I + JCR are standard, and international issuers conventionally additionally obtain S&P or Moody’s
  • ECAI (External Credit Assessment Institution) certified → usable for banks’ risk-weighted-asset calculation under the Basel standards

Investment-trust evaluation business

  • R&I Fund Information is one of the largest players in domestic investment-trust evaluation
  • Quantitative / qualitative evaluation of funds, star ratings, benchmark evaluation, etc.
  • R&I’s investment-trust evaluation is widely referenced at the sales front lines of financial institutions
  • Competitors: Morningstar, Mitsubishi Asset Brains, etc.

4. Supervision / regulation

  • Competent authority: Financial Services Agency (FSA)
  • Governing law: Financial Instruments and Exchange Act, Article 66 -27 and following
  • Registration: Credit-rating-agency registration (conflict-of-interest management concerning being of the Mizuho line is an important supervisory point)
  • ECAI certification: eligible under the Basel standards
  • Conforms to the IOSCO Code of Conduct

Issues in conflict-of-interest management

  • Insofar as it belongs to the Mizuho line, ensuring independence in rating Mizuho FG group companies is an ongoing supervisory point
  • R&I stipulates firewalls (separation of personnel / information / revenue / credit judgment) in its internal rules

Sources

[!info] Verification status