Sumitomo Mitsui Financial Group Inc. (Holding Company); Sumitomo Mitsui Banking Corp. (Lead Bank)

Stable outlooks on SMBC Group's nonoperating holding company, Sumitomo Mitsui Financial Group Inc. (SMFG), its lead bank, Sumitomo Mitsui Banking Corp. (SMBC), and the group's core banking subsidiaries reflect our expectation that the entities will maintain stable credit profiles for the coming two years. This reflects our view that a likelihood of government support in times of need will underpin their creditworthiness. The outlooks also reflect our view that, for the next two years, the group will maintain entity-specific factors--such as its solid business foundation, stable funding base, and strong liquidity--in a stable manner. We might consider a downgrade if we lower by three notches or more the group stand-alone credit profile (SACP), our assessment of its group creditworthiness excluding

... in the domestic market will likely continue to support SMBC Group's revenue stability. S&P Global Ratings expects Sumitomo Mitsui Banking Corp. (SMBC) Group, as the largest-class banking group in Japan, to remain highly competitive in domestic commercial banking and retail banking markets. We also believe SMBC Group will maintain a well-balanced business portfolio comprising diverse businesses and geographies in coming years. We expect the balance between the group's capital and risk-weighted assets to remain adequate in the next one to two years. The group is likely to continue expanding businesses with growth potential, including those in Asia and the U.S....

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