Robust capitalization Successful management of wind-down of loan book and funding. Residual structured funding model and derivative exposures. High industry and guarantor concentrations. High operational risks during wind down. The positive outlook reflects our view that the likelihood of an orderly wind-down of the entity will continue to increase as the funded loan book reduces. We believe that the continued reduction of the structured funding book increasingly reduces key risk factors for the rating. In addition, the lack of an appeal of the decisive March 28, 2014, verdict in the Tokyo District Court has reduced a major legal risk. The positive outlook also reflects our belief that the reduced complexity of the shrinking balance sheet could eventually increase the likelihood
