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BULLETIN: Sumitomo Mitsui to Issue Preferred Shares to Goldman Sachs
Standard & Poors, Jan 2003
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
TOKYO (Standard & Poor's) Jan. 15, 2003--Standard & Poor's Ratings Services said today that the announcement that Sumitomo Mitsui Banking Corp. (SMBC; BBB/Negative/A-2) will issue -150.3 billion in preferred shares to be purchased by Goldman Sachs Group Inc. would not affect the rating on SMBC. While Standard & Poor's estimates the capital infusion will lift SMBC's regulatory capital ratio by about 0.2%, based on the bank's risk assets at September 2002, and the bank will benefit from closer ties with Goldman Sachs in international business, these effects will not be sufficient to immediately quell concerns over its asset quality problems and capital quality. With a net problem loans ratio higher than the peer average at 6.7% at September 2002, SMBC's...
Companies mentioned in this report are: Sumitomo Mitsui Banking Corp.,Goldman Sachs Group Inc. (The)
Action: S&P Event
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