Strong positions in specific areas, such as real estate finance and derivative products targeting regional financial institutions Relatively high profitability, thanks to a high proportion of overseas lending, despite spreads narrowing in the domestic market Limited business presence compared with Japan's major banks and regional banks, which have high market shares in specific parts of Japan Large exposure to domestic and overseas property loans, which makes earnings susceptible to changes in real estate markets and business conditions Dependence on wholesale financial markets rather than deposits for foreign-currency funding The negative outlook on Japan-based Aozora Bank Ltd. reflects S&P Global Ratings' view that there is a more than one-in-three chance we will lower the stand-alone credit profile (SACP) on the bank
