S&P affirms ORIX

Standard & Poor's said it affirmed the A- rating on ORIX Corp.'s unsecured straight bonds, which total about $800 million.

The bonds are due on Jan. 12, 2016 and carry a coupon rate of 5%.

Of the total amount, $400 million is an additional issuance added to the original senior unsecured straight bonds that were rated A- in January. The total issuance amount is $800 million.

The company holds a strong and well-diversified business base in Japan, S&P said, as well as a high level of expertise in its businesses.

In the fall of 2008, ORIX faced a sharp economic downturn triggered by the financial crisis, the agency said.

This was during the same period when the company had been increasingly reliant on its real estate and investment banking operations. Those operations are generally vulnerable to real estate market changes, as well as economic trends and interest-rate movements, S&P said.

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