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 Japanese major banks Low profitability and weak earnings base The stable outlook on Aozora Bank (A-/Stable/A-2) 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. We hold this view because the bank's financing structure is improving and the bank has been holding its risks at a level that it can control. We may consider raising the rating on Aozora Bank if we see clearer signs to
