Strong wholesale banking businesses, including real estate financing High likelihood of maintaining its capitalization at a level commensurate with the current rating Sufficient liquidity relative to the bank's funding needs Limited market share compared with Japan's major banks and regional banks with high market shares in specific regions High concentration of lending to the real estate sector, which makes earnings susceptible to changes in the real estate market and business climate Low profitability and weak earnings base The stable outlook on the ratings on Aozora Bank Ltd. reflects our view that the balance between its business position and capital and earnings will remain at a level commensurate with the current ratings over the medium term. Standard&Poor's Ratings Services
