The major rating factors for ORIX Corp. are its solid customer base and expertise in financial products and services, vigorous business diversification and conservative risk management policy, and its sound asset quality. At the same time, while ORIX Corp.'s profitability and capitalization are improving, they remain weak. ORIX Corp. has a solid customer base, which mainly comprises domestic small and midsize enterprises (SMEs), and expertise in financial products and services. In addition to wholesale business such as corporate lending, operating leases, real estate-related business, life insurance, and investment banking, the company has aggressively diversified its retail operations targeting individuals, including direct deposits, housing loans and credit cards. ORIX Corp. has maintained its sound operating performance backed by progress in diversifying
