Moody's rates Sumitomo Mitsui Banking bonds A1

Moody's Investors Service said it assigned an A1 rating to the $1.5 billion senior subordinated bonds due March 1, 2022 issued by Sumitomo Mitsui Banking Corp.

The outlook is stable.

The rating on the bank's senior subordinated foreign-currency bonds is A1 and includes the systemic support input of the Aa2 rating on Japan, Moody's said.

The ratings also consider the company's strong franchise in retail and wholesale banking in Japan, high risk positioning, represented by its credit concentration in large Japanese corporate credits and significant exposure to Japanese equity, the agency said.

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