...April 26, 2021 TOKYO (S&P Global Ratings) April 26, 2021--S&P Global Ratings today said it will classify Orix Corp.'s (A-/Negative/--) subordinated loan as having intermediate equity content. Orix today announced that it will borrow a subordinated loan. We classify the loan as having intermediate equity content until the first callable date in 2026. The characteristics of the subordinated loan--the issuer's option to defer interest payments, sufficient permanence until effective maturity, and subordination in liquidation or bankruptcy proceedings--meet our standards for deeming it as having intermediate equity content. Orix retains the option to defer interest payments on the loan. Any outstanding deferred interest is cumulative and will be settled in cash if the borrower pays a dividend on its stock or interest on debt that is pari passu with the loan. However, we assess this condition as having no effect on categorization of the loan's equity content. The loan does not have a look-back...
