(ADPnews) - Feb 18, 2011 - Rating and Investment Information (R&I) has given an A rating to Japanese financial company Orix Corp's (TYO:8591) series 147 and 148 unsecured straight bonds, which aggregate JPY 30 billion (USD 359.5m/EUR 265.2m).
The company's JPY 20 billion series 147 bonds mature on February 24, 2014, while its JPY 10 billion series 148 bonds are due on February 24, 2017. Both series will be issued on February 24, 2011.
Orix provides a broad portfolio of services and has a robust domestic and international franchise, the agency said. Despite the high overall risk appetite of the group, Orix boasts strong business management capability and is able to respond to altered business conditions and thus its risk resilience is in line with the A rating category, R&I added. The agency stressed Orix's low ability to absorb costs by basic profits for a firm in the A rating zone.
According to the agency, it may take a significant period of time for Orix's highly value-added services to grow under the management's plan for such expansion without an increase in the asset size.
The company has taken steps to ensure liquidity, despite its sizable borrowings, and its borrowing costs are steady, R&I concluded.
(JPY 100 = USD 1.198/EUR 0.884)
Rating agency website: www.r-i.co.jp
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