Fitch affirms Sumitomo Mitsui Financial

Fitch Ratings said it affirmed Sumitomo Mitsui Financial Group as well as those of its subsidiaries.

Sumitomo Mitsui Financial Group's long-term foreign- and local-currency issuer default rating was affirmed at A and short-term foreign- and local-currency issuer default ratings at F1, along with its preferred securities ratings at BBB. The outlook is stable.

Sumitomo Mitsui Banking Corp.'s long-term foreign- and local-currency issuer default ratings were affirmed at A, short-term foreign- and local-currency issuer default rating at F1, senior unsecured debt ratings at A and senior subordinated debt ratings at A-. The outlook is stable.

Sumitomo Mitsui Banking Corp. Europe's long-term foreign-currency issuer default rating was affirmed at A and short-term foreign- and local-currency issuer default rating at F1. The outlook is stable.

SMM Auto Finance Inc.'s long-term foreign issuer default rating was affirmed at A- and short-term foreign-currency issuer default rating at F1. The outlook is stable.

The group's capitalization was strengthened by the issuance of new common stocks in January 2010, contributing to an improvement in the company's standalone financial profile, Fitch said.

The ratings remain constrained by weak profitability and weak growth prospects for internal capital generation, the agency said.

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