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Moody's rates ORIX bonds A3
Moody's Investors Service said it assigned a provisional A3 rating to ORIX Corp.'s five-year dollar-denominated senior unsecured bonds that are to be issued on or about Jan. 13, 2011.
The outlook is negative.
The bonds will rank pari passu with other unsecured obligations, including bilateral bank loans and other publicly issued bonds.
The rating reflects the company's diversified franchise, which allowed it to weather the difficulties of the last two years, while reducing leverage and improving its wholesale funding profile, Moody's said.
The ability to remain profitable - even while recording large losses due to its real estate exposures - reflects the diversified nature of the company's operations, the agency said.
The outlook is negative, given 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.
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