Moody's lowers Sumitomo Mitsui

Moody's Japan K.K. said it downgraded the domestic long-term issuer rating of Sumitomo Mitsui Trust Panasonic Finance Co., Ltd. to Baa1 from A3.

The outlook is stable.

Moody's said the action results from the implementation of its revised global rating methodology for finance companies. The updated methodology incorporates the agency's view that finance companies have vulnerabilities such as business line concentrations, a reliance on wholesale funding and asset and/or cash flow volatility.

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