Moody's lowers Orient to Baa3

Moody's Japan KK said it downgraded the issuer rating of Orient Corp. to Baa3 from Baa2.

The outlook is stable.

Moody's said the action follows its implementation of its new Finance Company Global Rating Methodology on March 19.

The Baa3 rating reflects the company's stand-alone credit profile, equivalent to a Ba2 rating, as well as the uplift from Moody's expectation of high support probability from Mizuho Financial Group, Inc. including Mizuho Corporate Bank, Ltd. and Mizuho Bank, Ltd. in times of stress, given Orient's strategic importance to Mizuho Financial, the agency said.

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