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Rating Action:

Moody's confirms SMBC Nikko Securities' A1 ratings; outlook stable

 The document has been translated in other languages

02 Mar 2015

Tokyo, March 02, 2015 -- Moody's Japan K.K. has confirmed the long-term ratings of SMBC Nikko Securities, Inc. The ratings outlook is stable.

The following ratings were confirmed:

Long-term issuer rating (domestic currency): A1

Senior unsecured debt rating (domestic currency): A1

Senior unsecured medium term note rating (domestic currency): (P)A1

This confirmation concludes the review for downgrade that was initiated on 2 December 2014.

RATINGS RATIONALE

The ratings confirmation reflects Moody's view that SMBC Nikko is a key operating entity and closely integrated into the operations of its parent Sumitomo Mitsui Banking Corporation (SMBC, A1 stable, C/a3 stable). Reflecting this close integration and the very high probability of support from SMBC in both normal and stress situations, Moody's has incorporated substantial uplift to the baa range unsupported credit profile of SMBC Nikko.

Moody's believes that SMBC Nikko will benefit from government support and parental support in case of need in order to preserve financial stability and maintain the value of the overall banking franchise of SMBC. SMBC's commitment to maintain majority ownership and liquidity support is expressed in a keep well agreement.

SMBC has been increasing its collaboration with SMBC Nikko since October 2009 when SMBC Nikko became SMBC's wholly owned subsidiary. SMBC's corporate banking and securities operations are housed across the two companies which co-operate to provide wholesale clients with capital markets services with a particular strength in debt underwriting and M&A advisory services.

In 2013 SMBC Nikko and SMBC started collaborating in the retail business for selective offices, and in July 2014 expanded the bank-securities integration to all offices of SMBC Nikko and SMBC.

The closer integration has helped SMBC Nikko maintain stable profits, as well as a strong capital position and good liquidity profile, supporting its underlying credit profile. SMBC Nikko's client assets and revenues have steadily increased as a result of the strengthening business integration between SMBC and SMBC Nikko.

SMBC Nikko's operating performance has shown limited volatility owing to its: (1) well-controlled cost structure; and (2) focus on businesses where it has a relatively strong market position, such as the domestic retail segment. In contrast to its domestic securities peers that have suffered large losses from their overseas operations, overseas operations have not been a significant risk to SMBC Nikko which avoided large scale acquisitions. However, risks are increasing as the company is now gradually building up an international operating platform — in locations such as Asia, New York and London — to provide services to SMBC clients. It will need to manage this expansion prudently to avoid the volatility in international wholesale business that has troubled some of its major Japanese competitors.

The stable outlook reflects Moody's view that SMBC Nikko's business model, which in turn is heavily focused on its core domestic retail business, will remain unchanged, given the integration of the SMBC and SMBC Nikko's retail operations since July 2014. It also assumes that there are no significant changes in the company's financial policies and risk appetite.

Because SMBC Nikko's A1 ratings level is at the same level as SMBC's issuer rating, an upgrade of the subsidiary's ratings is unlikely without an increase in the parent rating, which in turn would likely require an increase in the Japanese government bond rating.

Conversely, negative ratings pressure could emerge if: (1) SMBC Nikko's standalone credit profile comes under pressure due to an increase in earnings volatility, risk management failures or an increase in leverage; (2) there is a decline in SMBC Nikko's strategic importance to SMBC; or (3) SMBC's ratings are downgraded.

The principal methodology used in this rating was Global Securities Industry Methodology (Japanese) published in July 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

SMBC Nikko Securities Inc., headquartered in Tokyo, is one of the leading securities companies in Japan. It is a wholly owned subsidiary of Sumitomo Mitsui Banking Corporation. Its consolidated assets totaled JPY9.5 trillion at end-December 2014.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's Japan K.K. is a credit rating agency registered with the Japan Financial Services Agency and its registration number is FSA Commissioner (Ratings) No. 2. The Financial Services Agency has not imposed any supervisory measures on Moody's Japan K.K. in the past year.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Tetsuya Yamamoto
Vice President - Senior Analyst
Financial Institutions Group
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: 813-5408-4110
SUBSCRIBERS: 813-5408-4100

Stephen Long
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: 813-5408-4110
SUBSCRIBERS: 813-5408-4100

Moody's confirms SMBC Nikko Securities' A1 ratings; outlook stable
No Related Data.
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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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