Strong business position backed by its leading market position in Japan Strong liquidity and stable funding backed by a large retail deposit base High likelihood of receiving government support Moderate capitalization in terms of our projection for its risk-adjusted capital (RAC) ratio Modest profitability in terms of return on assets compared with global peers Standard&Poor's Ratings Services' outlook on Sumitomo Mitsui Financial Group Inc. (SMFG) is stable. We may consider raising our ratings on SMFG and its core operating subsidiaries if we revise upward our stand-alone credit profile (SACP) for SMFG or if we upgrade Japan (A+/Stable/A-1). We may consider raising our SACP for SMFG if the group improves its capitalization and earnings substantially. However, we consider this
