Fitch affirms Sumitomo

Fitch Ratings said it affirmed Sumitomo Mitsui Financial Group and Sumitomo Mitsui Banking Corp.'s foreign- and local-currency issuer default ratings at A.

The outlook is stable.

SMFG's long- issuer default ratings are driven by expectation of a very high probability of state support, according to the agency.

Modest profitability and large stock exposure constrain the group's viability ratings, the agency noted.

The ratings benefit from the group's significant domestic franchise, strong liquidity and sound asset quality, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.