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 projected RAC ratio Modest profitability in terms of return on assets compared to global peers 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
