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Fitch affirms ORIX ratings

Fitch Ratings affirmed ORIX Corp.'s long- and short-term foreign-currency issuer default ratings at A- and F2, with a stable outlook.

ORIX's long-term rating reflects its modest level of leverage, sound liquidity position and decent profitability, Fitch said.

The stable outlook reflects the rating agency's view that ORIX is unlikely to see any meaningful deterioration in its intrinsic profile in the foreseeable future, given a more stable domestic operating environment.

Fitch said the ratings may be affected by substantial changes in the company's business profile, especially its risk appetite and policies adopted to manage risk.

The rating agency may upgrade the ratings if the company significantly cuts risks arising from its investments in businesses that have experienced adverse conditions while maintaining stable and solid profitability.

On the other hand, Fitch could downgrade the ratings if ORIX's risk appetite increases. A substantial deterioration in liquidity position due to internal or external factors may also put pressure on the ratings.