Fitch lowers Sumitomo Mitsui

Fitch Ratings said it downgraded Sumitomo Mitsui Financial Group's long-term foreign- and local-currency issuer default ratings to A from A+, preferred securities to BBB from A and individual rating to C from B/C. The F1 short-term foreign- and local-currency issuer default ratings, 1 support rating and A support rating floor were affirmed.

The long-term issuer default ratings were removed from Rating Watch negative because they are now at their support floor of A, and the individual and preferreds ratings remain on Rating Watch negative.

The rating actions follow the agency's ongoing review of the three Japanese major bank groups' performance and prospects. Fitch said the downgrades reflect the impact of a rapidly worsening operating environment, which resulted in the group's poorer-than-expected performance in the financial year ended March 2009, and weaker capital quality.

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