Moody's rates ORIX bonds A3

Moody's Investors Service said it assigned an A3 rating to ORIX Corp.'s five-year dollar-denominated senior unsecured bonds.

The outlook is negative.

The rating reflects the company's diversified franchise, which allowed it to weather the difficulties of the last two years, Moody's said, while reducing leverage and improving its wholesale funding profile.

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 added.

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