The rating outlook is negative.The specific bond issue rated is:** USD 500 million senior unsecured notes, due on March 9, 2031RATINGS RATIONALEORIX's A3 rating reflects Moody's expectation that the company will sustain its strong liquidity, which will support its business through this period of economic and financial market disruption as a result of the coronavirus pandemic.Since the global financial crisis in 2008-09, ORIX has reduced its reliance on short-term debt and has lengthened its debt maturities. Consequently, ORIX has reduced its reliance on the most confidence-sensitive sources of wholesale funding. Moody's expects the company to maintain its strong liquidity.ORIX maintains strong funding relationships with Japanese banks.