S&P assigns A+ to Sumitomo Mitsui bonds

Standard & Poor's said it assigned its A+ rating to the U.S. dollar-denominated straight bonds issued by Sumitomo Mitsui Banking Corp. (SMBC; A+/negative/A-1).

The long-term counterparty credit rating on SMBC reflects the bank's consolidated financial profile, as well as the consolidated financial profile and market position of its parent company, Sumitomo Mitsui Financial Group Inc. (SMFG; A/negative/A-1). This is because the businesses of SMBC and other group companies are highly related, and the holding company retains the ability to reorganize the entity and to reallocate capital within the group.

SMFG maintains a strong competitive position in the markets in which it operates, which leads S&P to its "strong" assessment of its business position, the agency said.

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