ORIX Corp. announced today that it will make Daikyo Inc. a consolidated subsidiary by converting preferred shares it holds in Daikyo to common shares. We believe that despite the effects that the planned consolidation will have on ORIX, its financial risk profile will remain at levels commensurate with the current rating. We are affirming our 'A-' long-term ratings on ORIX. The outlook is stable. TOKYO (Standard&Poor's) Jan. 17, 2014--Standard&Poor's Ratings Services today affirmed its 'A-' long-term counterparty credit rating on ORIX Corp. following the company's announcement that it will make Daikyo Inc. a consolidated subsidiary by converting preferred shares it holds in Daikyo to common shares. We expect the transaction to increase ORIX's concentration risks in
