...October 30, 2019 TOKYO (S&P Global Ratings) Oct. 30, 2019--S&P Global Ratings today said that ORIX Corp.'s (A-/Negative/--) planned share buyback will likely reduce the Japan-based general finance company's capital buffer. However, we believe the impact of the buyback will be within the tolerance levels for our current strong assessment of its capital, leverage, and earnings. The company announced on Oct. 28, 2019, that it plans to buy back up to Ñ100 billion in shares. We estimate that the share buyback will lower ORIX's risk adjusted capital (RAC) ratio by about 60 basis points (bps), but that the ratio will be maintained at slightly above 10%. However, we believe the company's RAC ratio may hover below previous levels in absolute terms in the next one to two years. This is because the company has stated that it will continue to return what it considers to be excess capital to shareholders. Our strong assessment of the company's capital, leverage, and earnings may be adversely affected...
