Summary: Ratings On 19 Sumitomo Mitsui Banking Corp.-Supported Issues Affirmed On Enhancement Provider Downgrade; Joint Criteria

Standard&Poor's Ratings Services affirmed the long-term and short-term components of its 'AAA/A-1' ratings on 19 Sumitomo Mitsui Banking Corp. letter of credit (LOC)-backed U.S. Public Finance issues. This action follows Standard&Poor's Sept. 17, 2015, lowering of its long-term rating on Sumitomo Mitsui Banking Corp. one notch to 'A' from 'A+'. (See, "Ratings On 12 Japanese Financial Entities And One Foreign Subsidiary Bank Lowered Following Downgrade Of Japan", published Sept. 18, 2015, on RatingsDirect.) The long-term components of the affected ratings are based jointly (assuming low correlation) on the ratings on the issues' respective obligors and the LOC provider, Sumitomo Mitsui Banking Corp., and reflect our opinion of the likelihood that bondholders will receive interest and principal

...Standard & Poor's Ratings Services affirmed the long-term and short-term components of its '###/A-1' ratings on 19 Sumitomo Mitsui Banking Corp. letter of credit (LOC)-backed U.S. Public Finance issues. This action follows Standard & Poor's Sept. 17, 2015, lowering of its long-term rating on Sumitomo Mitsui Banking Corp. one notch to 'A' from 'A+'. (See, "Ratings On 12 Japanese Financial Entities And One Foreign Subsidiary Bank Lowered Following Downgrade Of Japan", published Sept. 18, 2015, on RatingsDirect.) The long-term components of the affected ratings are based jointly (assuming low correlation) on the ratings on the issues' respective obligors and the LOC provider, Sumitomo Mitsui Banking Corp., and reflect our opinion of the likelihood that bondholders will receive interest and principal payments when due if they do not exercise their put option. The short-term components of the ratings are based solely on the short-term rating on Sumitomo Mitsui Banking Corp. (A-1) and reflect...

Summary