Moody's gives Sumitomo loan A2

Moody's Japan K.K. said it assigned a provisional A2 rating to the series 17 unsecured floating-rate syndicated loan for Sumitomo Corp.

The outlook is stable.

It will be fully drawn down at its disbursement date on Feb. 28, and will have maturities of five years and seven years. It ranks pari passu with other unsecured obligations, including bilateral bank loans and publicly issued bonds.

Moody's said Sumitomo's A2 ratings incorporate the company's (a) well-diversified business portfolio; (b) a relatively low dependence on earnings from its energy and metals products businesses; and (c) a conservative financial policy.

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