S&P changes Orix outlook to negative

S&P said it revised its outlook for Orix Corp. to negative from stable and affirmed its ratings, including the A- senior unsecured and BBB junior subordinated ratings.

“The outlook revision reflects our view of an at least a one-in-three chance Orix's risk-adjusted capital (RAC) ratio will remain below 10% due to its acquisition this week of Japan's major manufacturer and distributor of health foods and cosmetics, DHC Corp. The RAC ratio of 10% is at the lower end of the range we assume to assess its capitalization as strong,” the agency said in a press release.

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