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Moody's: Sumitomo notes A1
Moody's Japan K.K. said it assigned A1 ratings to Sumitomo Mitsui Trust Bank, Ltd.'s $500 million of senior notes due 2016 and $500 million of senior notes due 2018. The outlook is stable.
The agency said the bank's ratings incorporate its stable and strong trust banking franchise, high-quality balance sheet, low profitability owing to the adverse nature of the operating environment and relatively high risk positioning.
The ratings also reflect Moody's assessment that the systemic support probability for the bank is very high based on the importance of the bank, which holds the fifth largest amount of total assets in Japan's domestic banking system.
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