TOKYO (Standard&Poor's) May 8, 2008--Standard&Poor's Ratings Services said today it had assigned its 'BBB+' long-term issue rating to the noncumulative preferred securities issued by SMFG Preferred Capital USD 2 Ltd. ($1.8 billion, with a coupon rate of 8.75%). SMFG Preferred Capital USD 2 Ltd. is an overseas special purpose company wholly owned by Sumitomo Mitsui Financial Group Inc. (SMFG; A/Stable/A-1). The rating on the preferred securities is two notches lower than the long-term counterparty rating on SMFG, reflecting the deferability of dividend payments, as well as the overall financial strength of SMFG. SMFG's distributable amounts under Japan's Corporate Law as of Sept. 30, 2007, are adequate relative to the amount of dividends payable.
