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S&P affirms ORIX on notes issuance
S&P said it affirmed the A- ratings on ORIX Corp. and its senior unsecured issues as well as its BBB junior subordinated issue ratings. ORIX plans to sell ¥100 billion in subordinated debt.
“We will fully incorporate the subordinated debt, which we classify as having intermediate equity content, in the company's total adjusted capital (TAC). However, the amount of subordinated debt that ORIX will issue is equal to the maximum stock repurchase the company announced in October 2019. Accordingly, we expect the subordinated debt together with the stock repurchase to have a neutral effect on the company's risk-adjusted capital (RAC) ratio, and we have affirmed the rating accordingly,” said S&P in a press release.
The outlook is negative.
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