Fitch rates Thai ORIX bonds AAA(tha)

Fitch Ratings said it assigned an expected national long-term rating of AAA(tha) to the guaranteed bonds of up to 1.5 billion in Thai baht to be issued by Thai ORIX Leasing Co. Ltd.

The agency also said it assigned national long-term ratings of AAA(tha) to the company's outstanding guaranteed bonds.

The outlook is stable.

The ratings on the guaranteed bonds are based entirely on irrevocable and unconditional guarantees provided by ORIX Corp., Fitch said.

ORIX's long-term foreign-currency issuer default rating of A- is higher than Thailand's long-term local-currency issuer default rating of BBB+ and hence correlated to AAA(tha), the highest rating on the national scale, the agency explained.

The rating on ORIX reflects the company’s diversified business model, modest leverage and solid track record of profitability, Fitch said.

The rating also considers the risks embedded in its strategic investments, the agency said, and profit volatility risks from capital gains or losses on its principal investments.

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