Strong positions in specific areas of the corporate finance and financial institution business and in retail banking A capital base that will likely remain commensurate with the current ratings after full repayment of public funds Limited business base compared with Japan's major banks and regional banks with high market shares in specific regions Large exposure to domestic and overseas property loans, which makes earnings susceptible to changes in real estate markets and business conditions S&P Global Ratings' outlook on Japan-based Aozora Bank Ltd. is negative. The outlook reflects our view that economic risk in Japan's banking sector is rising, and there is at least a one-in-three chance that we may lower by one notch our anchor for banks operating mainly
