Moody’s affirms Sumitomo Mitsui

Moody's Investors Service said it affirmed Sumitomo Mitsui Financial Group, Inc.'s A1 long-term senior unsecured debt ratings.

At the same time, the agency affirmed Sumitomo Mitsui Banking Corp.'s A1 long-term deposit ratings and its a3 baseline credit assessment.

The outlook is stable.

Moody’s said the affirmation reflects Sumitomo’s modest but improving capitalization, the bank's ability to generate recurring profits despite Japan's ultra-low domestic interest rates, measured approach to risk taking and strong overall liquidity.

The agency said the rating assigned to the senior unsecured bonds issued by Sumitomo Mitsui Financial is at the same rating level as the A1 rating assigned to Sumitomo Mitsui Banking, reflecting an assessment of a very high likelihood of government support that will benefit both equally.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.