Following a review of Sumitomo Mitsui Financial Group Inc. (SMFG) under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have revised the outlook on SMFG and its operating subsidiary banks to negative from stable. At the same time, we have affirmed our ratings on SMFG at 'A/A-1' and our ratings on its operating subsidiary banks at 'A+/A-1'. Our ratings on SMFG reflect our 'a-' anchor stand-alone credit profile for a bank with a majority of its operations in Japan, SMFG's strong business position, moderate capital and earnings, adequate risk position, above average funding, and strong liquidity. The final ratings incorporate a one-notch uplift of government support, considering SMFG's high systemic importance. In our view, SMFG's stand-alone
