Moody's affirms ORIX

Moody's Investors Service said it affirmed ORIX Corp.'s A3 senior unsecured, senior unsecured medium-term note program and long-term issuer ratings.

The outlook remains negative reflecting ongoing challenges the company faces as a result of weak profitability in three key divisions - corporate financial services, real estate and investment banking, Moody's said.

This is due primarily to the large exposures to the real estate market, the agency said.

But the company's exposure to real estate has been reducing and that the property sector as a whole appears to be stabilizing, Moody's said.

Nevertheless ORIX's exposure to this sector remains material and a primary area of concern to the rating, the agency added.

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