S&P assigns BBB+ to Sumitomo notes

S&P said it assigned a BBB+ issue rating to eurodollar bonds to be issued by Sumitomo Corp. The senior unsecured bonds, due March 9, 2028, and worth $500 million, have a coupon rate of 5.55%.

The bonds will be issued under Sumitomo’s euro medium-term note program.

“Our rating on the bonds is the same as our long-term issuer credit rating on Sumitomo Corp., a Japan-based general trading and investment company. This is because the ratio of Sumitomo Corp's total secured debt plus its subsidiaries' debt to total consolidated debt (priority debt ratio) is lower than the threshold for us to consider notching down the issue rating,” S&P said in a press release.

The outlook is positive.

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