Kroll Bond Rating Agency Assigns Senior Long-Term and Short-Term Debt Ratings to Sumitomo Mitsui Financial Group, Inc.
Kroll Bond Rating Agency Assigns Senior Long-Term and Short-Term Debt Ratings to Sumitomo Mitsui Financial Group, Inc. Business Wire NEW YORK -- January 14, 2014 Kroll Bond Rating Agency (KBRA) has assigned senior long-term and short-term debt ratings of A and K1, respectively, to Sumitomo Mitsui Financial Group, Inc. (“SMFG”, the “Group”), a bank holding company. In addition, KBRA has assigned a long-term rating of A+ and short-term rating of K1 to the deposits of the parent’s wholly-owned subsidiary, Sumitomo Mitsui Banking Corporation (“SMBC”, the “Bank”). The outlook on all ratings is stable. The ratings are supported by the Bank’s sound financial fundamentals as indicated by improving asset quality, healthy capital levels, and an adequate liquidity profile. The ratings are also reflective of the institution’s track record through the downturn and its strong market position in Japan. These strengths are balanced by concerns surrounding remaining nonperforming assets and pressure on earnings due to the continued low interest rate environment. The ratings are based on KBRA’s SRS Foreign Bank Methodology, published on June 10, 2011 and Global Bank and Bank Holding Company Rating Methodology, published on May 2, 2013. This rating was not solicited by SMBC and the Bank did not participate in the ratings process. About Kroll Bond Rating Agency KBRA was established in 2010 by Jules Kroll to restore trust in credit ratings by creating new standards for assessing risk and by offering accurate, clear and transparent ratings. KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP). Contact: Kroll Bond Rating Agency Marjan Riggi, 646-731-2354 Senior Director firstname.lastname@example.org or Ashley Phillips, 240-394-4150 Financial Analyst email@example.com or Gregory Root, 646-731-2381 Managing Director firstname.lastname@example.org