Cedyna Financial Corp. May 11

Standard & Poors, May 2011

Abstract
Strong position in daily credit card transactions and its record of high frequency of use by consumers A core strategic subsidiary in Sumitomo Mitsui Financial Group Inc. 's credit card business and high probability of extraordinary support from the group, in addition to ordinary support from SMFG Relatively higher dependence than its major peers on earnings from cash advance services that entail the burden of refunds of overcharged interest and the amended Money Lending Business Law Lower capitalization than Japan's major credit issuers Cedyna Financial Corp. (A-/Stable/A-2) became a wholly owned subsidiary of Sumitomo Mitsui Financial Group Inc. (SMFG; A/Stable/A-1) through an equity swap on May 1, 2011. Prior to this, the company was a consolidated subsidiary of SMFG. Cedyna...

Companies mentioned in this report are: Cedyna Financial Corp.,SMBC Derivative Products Ltd.,SMBC Consumer Finance Co. Ltd.,Sumitomo Mitsui Banking Corp.,Sumitomo Mitsui Banking Corp. (New York Branch),Sumitomo Mitsui Banking Corp. Europe Ltd.,Sumitomo Mitsui Financial Group Inc.,SMFG Preferred Capital USD 1 Ltd.,SMFG Preferred Capital GBP 1 Ltd.,SMFG Preferred Capital USD 2 Ltd.,SMFG Preferred Capital GBP 2 Ltd.,SMFG Preferred Capital USD 3 Ltd.,SMBC Nikko Securities Inc.,Sumitomo Mitsui Banking Corporation (China) Ltd.
Action: Review

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: Full Analysis

Cedyna Financial Corp.,SMBC Derivative Products Ltd.,SMBC Consumer Finance Co. Ltd.,Sumitomo Mitsui Banking Corp.,Sumitomo Mitsui Banking Corp. (New York Branch),Sumitomo Mitsui Banking Corp. Europe Ltd.,Sumitomo Mitsui Financial Group Inc.,SMFG Preferred Capital USD 1 Ltd.,SMFG Preferred Capital GBP 1 Ltd.,SMFG Preferred Capital USD 2 Ltd.,SMFG Preferred Capital GBP 2 Ltd.,SMFG Preferred Capital USD 3 Ltd.,SMBC Nikko Securities Inc.,Sumitomo Mitsui Banking Corporation (China) Ltd.

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