Business Services Industry
MOODY'S ASSIGNS A2 TO PREFERRED SECURITIES OF SMFG'S SPC
Info-Prod Research (Middle East), January, 2008
Moody's Investors Service has assigned ratingof A2 to JPY135 billion Non-Cumulative Perpetual Preferred Securities issued by SMFG Preferred Capital JPY 1 Limited, a special purposecorporation of Sumitomo Mitsui Financial Group, Inc. (SMFG). The rating outlook is stable. The dividend payments for these preferred securities are linked directly to the availability of distributable amounts at Sumitomo Mitsui FinancialGroup, Inc., a financial holding company that includes Sumitomo MitsuiBanking Corporation (SMBC) as its major subsidiary.
The A2 rating is three notches below the Aa2 unsecured senior debt rating of Sumitomo Mitsui Banking Corporation, two notches of which are based on "Moody's Guidelines for Rating Bank Junior Securities," which ratepreferred capital securities at...
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