S&P lowers ORIX to negative

Standard & Poor’s said it revised to negative from stable the outlook on ORIX Corp. and subsidiary, ORIX Bank Corp.

The agency also said it affirmed the A- long-term counterparty credit ratings on both companies.

The agency also said it affirmed the ratings on the senior unsecured debt issued by ORIX.

The outlook revision reflects a view that Japan’s economy has been recovering at a slower pace than initially expected, S&P said.

This likely will constrain the profitability and asset quality of Japanese finance companies including ORIX, the agency said.

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