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S&P: ORIX unaffected
Standard & Poor's said that ORIX Corp.'s (BBB+/stable/--) plan to inject capital into Daikyo Inc. (NR) would not affect its ratings on the company.
According to Monday's announcement, ORIX plans to invest ¥63 billion in Daikyo in the form of common stock, preferred stock, and a loan facility. ORIX is expected to become the largest shareholder, controlling slightly more than 40% of voting rights in Daikyo.
S&P said the negative impact on ORIX from the capital injection should be minimal, given Daikyo's improving credit quality due to write-offs of unrealized losses through financial support from its main banks, as well as restructuring in order to focus its strategy on its core business. Furthermore, ORIX's solid capitalization at ¥619.2 billion as of September 2004 should be able to withstand the increase in risk as a result of this capital injection.
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