S&P Global Ratings revised Credit Rating Outlook for Japan P&I Club to Positive（BBB+） To the Members We are pleased to announce that S&P Global Ratings (S&P) has revised the credit rating outlook for the Association to “BBB+ (Positive)” from its previous “Stable” outlook.   This upward revision reflects S&P’s recognition of the Association’s robust profitability, underpinned by disciplined underwriting and prudent risk management. Throughout the 2025 business year, the Association successfully continued its significant accumulation of free reserves. As a result, our capital adequacy remains resilient at the 99.99% confidence level, maintaining substantial buffers according to S&P’s capital model.   The Association remains committed to maintaining its financial strength and providing stable, high-quality service to all our Members.