Tokyo -- Standard&Poor's CreditWire 5/22/98 -- Standard&Poor's today affirmed Orix Corp.'s long-term counterparty credit rating at triple-'B' and revised the outlook to negative from stable. The revision is in response to Orix's announced intention to divest its indirectly wholly owned U.S. subsidiary, Orix Commercial Alliance Corp. The sale will likely net Orix a substantial capital gain, allowing it to reduce its high leverage. It will also allow management to focus its financial and managerial resources on its core business. However, Orix Commercial Alliance has contributed about 30% of Orix's consolidated after-tax net earnings in recent years. The negative outlook reflects uncertainty as to whether Orix will be able to generate sufficient profits from its other operations
