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Moody's gives Sumitomo loan A2
Moody's Japan K.K. said it assigned an A2 rating to the series 17 unsecured floating-rate syndicated loan for Sumitomo Corp.
The loan consists of a ¥10.5 billion tranche A due 2019 and a ¥10.5 billion tranche B due 2021.
The outlook is stable.
The syndicated loan was originally assigned a provisional A2 rating on Jan. 31; the assignment of the definitive A2 rating follows the formal signing of the loan agreement.
Moody's said the A2 ratings incorporate Sumitomo's well-diversified business portfolio, a relatively low dependence on earnings from its energy and metals products businesses and a conservative financial policy.
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