Standard&Poor's Ratings Services bases its ratings on Sumitomo Mitsui Financial Group Inc. (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 stand-alone credit profile (SACP) on the operating bank, Sumitomo Mitsui Banking Corp. (SMBC), is 'a'. Our bank criteria use our Banking Industry Country Assessment (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 SACP for a bank operating only in Japan is 'a-'. The BICRA score is informed by our evaluation of economic risk. We view Japan as a developed and diverse economy
