Moody’s ups ORIX to Baa1

Moody's Japan K.K. said it upgraded ORIX Corp.’s long-term issuer and senior unsecured foreign debt ratings to Baa1 from Baa2.

The outlook is stable.

ORIX's Baa1 final ratings are in the same ratings category as its baa1 standalone credit assessment because Moody's does not assume any government or parental support in assigning ratings to ORIX.

The upgrades were prompted by the improvement in ORIX's liquidity levels and supported by its improving financial fundamentals, particularly its profitability, the agency said.

ORIX's liquidity profile has improved significantly since the global financial crisis, due to an increase in the holdings of liquidity assets and a decrease in debt due within 24 months, as the company lengthened the average maturity of its debt.

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