Solid and diverse business franchise in Japan Strong track record of efforts to stabilize its financial profile and strengthen its risk management in response to changes in the external environment Diversifying business portfolio and expanding revenue sources Susceptibility of some business segments to market volatility, including real estate and investment and operation Susceptibility of funding to financial market turmoil because the company does not belong to a specific bank group Potential increases in complexity in terms of geographic diversification and organizational structure due to expansion of business areas The negative outlook on the long-term issuer credit rating on ORIX Corp. reflects downward pressure on S&P Global Ratings' anchor for Japan's financial company (finco) sector. We use the anchor as a
