Strong business position backed by its leading market position in Japan Strong liquidity backed by stable funding from large retail deposit base High likelihood of receiving government support Moderate capitalization in terms of projected RAC ratio Modest profitability in terms of return on assets compared to global peers Standard&Poor's bases its ratings on SMFG on the company's "strong" business position, "moderate" capital and earnings, "adequate" risk position, "above average" funding, "strong" liquidity, and a "high" likelihood of government support. The SACP on the operating bank, SMBC, is 'a'. Our bank criteria use our BICRA economic risk and industry risk scores to determine a bank's anchor SACP, the starting point in assigning an issuer credit rating (ICR). Our anchor
