ORIX has announced it will issue ¥100 billion in subordinated debt. The subordinated debt issuance and a stock repurchase will have a neutral impact on capital because the issue amount is equal to the maximum stock repurchase the company announced last year. We are affirming our 'A-' long-term issuer credit rating on ORIX. The outlook remains negative, reflecting more than a one-in-three chance that large investments may push the company's business risk above tolerances for the current rating. TOKYO (S&P Global Ratings) March 9, 2020--S&P Global Ratings today said it has affirmed its 'A-' long-term issuer credit rating on ORIX Corp. The outlook remains negative. We also affirmed our 'A-' senior unsecured and 'BBB' junior subordinated issue ratings on the
