Olympus faces difficulties in developing and establishing governance and risk management structures, in our view. We nonetheless expect Olympus to maintain a strong market position in its core business, and good financial standing commensurate with our credit rating. We affirmed our long-term issuer credit rating on Olympus at 'BBB+'. The outlook remains stable. The stable outlook reflects our view that Olympus can maintain a sound position with governance and risk management in place. Several Olympus Corp. sites in Japan received quality control warnings from the U.S. Food and Drug Administration (FDA) in 2022 and 2023. In June 2025, the FDA warned against importing certain Olympus products into the U.S. The company has tried to strengthen its governance structure and quality
