TOKYO (Standard & Poor's) Jan. 6, 2012--Standard & Poor's Ratings Services today assigned its 'A+' rating to the U.S. dollar-denominated straight bonds issued by Sumitomo Mitsui Banking Corp. (SMBC; A+/Negative/A-1) (see list below). The long-term counterparty credit rating on SMBC reflects its consolidated financial profile, as well as the consolidated financial profile and market position of its parent company, Sumitomo Mitsui Financial Group Inc. (SMFG; A/Negative/A-1). This is because the businesses of SMBC and other group companies are highly related, and the holding company retains the ability to reorganize the entity and to reallocate capital within the group. In addition, given its importance in Japan's financial system, the long-term counterparty rating on SMBC benefits from a one-notch uplift from the...
Companies mentioned in this report are:
- Sumitomo Mitsui Banking Corp.
- Sumitomo Mitsui Financial Group Inc.
Action: New Rating
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.