Moody's rates Sumitomo Mitsui bonds Aa3

Moody's Investors Service said it assigned Aa3 ratings to Sumitomo Mitsui Banking Corp.'s €750 million subordinated bonds due Nov. 9, 2020.

The outlook is stable.

The ratings are derived from the bank's C bank financial strength rating with a baseline credit assessment of A3.

The ratings also take into account factors such as the company's strong franchise in retail and wholesale banking in Japan, its high risk positioning and management's risk appetite, along with average financial fundamentals, Moody's said.

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