Japan-Based Sumitomo Mitsui Financial Group's Notes With TLAC Feature Assigned 'A-' Ratings

TOKYO (Standard&Poor's) March 3, 2016--Standard&Poor's Ratings Services today said that it has assigned its 'A-' issue ratings to three U.S. dollar senior unsecured notes issued by Sumitomo Mitsui Financial Group Inc. (SMFG; A-/Stable/--), a Japan-based bank holding company (see list below). We understand that the notes will likely qualify as having total loss-absorbing capacity (TLAC) when Japanese regulations on the introduction of TLAC requirements in Japan become effective, and this is the first issuance of such senior unsecured notes by SMFG. The 'A-' ratings on the notes reflect the long-term issuer credit ratings on SMFG, which are one notch lower than those on the group's core operating entities such as Sumitomo Mitsui Banking Corp. (SMBC; A/Stable/A-1).

...TOKYO (Standard & Poor's) March 3, 2016--Standard & Poor's Ratings Services today said that it has assigned its 'A-' issue ratings to three U.S. dollar senior unsecured notes issued by Sumitomo Mitsui Financial Group Inc. (SMFG; A-/Stable/--), a Japan-based bank holding company (see list below). We understand that the notes will likely qualify as having total loss-absorbing capacity (TLAC) when Japanese regulations on the introduction of TLAC requirements in Japan become effective, and this is the first issuance of such senior unsecured notes by SMFG. The 'A-' ratings on the notes reflect the long-term issuer credit ratings on SMFG, which are one notch lower than those on the group's core operating entities such as Sumitomo Mitsui Banking Corp. (SMBC; A/Stable/A-1). The notch difference reflects structural subordination of the holding company pursuant to our criteria. We maintain our view that our ratings on both SMFG and its operating entities should be based on the supported group credit...

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