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Announcement:

Moody's confirms SMBCE ratings

 The document has been translated in other languages

30 Sep 2010

Tokyo, September 30, 2010 -- Moody's Investors Service has today confirmed its Aa2 long-term deposit rating on Sumitomo Mitsui Banking Corporation Europe Limited (SMBCE).

SMBCE's bank financial strength rating (BFSR) of C is unaffected.

The outlook for the ratings is stable. This concludes the review initiated on March 19, 2010.

This confirmation reflects a number of interrelated factors. First, in Moody's view, SMBCE -- a non-Japan bank subsidiary of the Sumitomo Mitsui Banking Corporation (SMBC; Aa2 long term deposit rating, stable outlook) -- is highly integrated with its parent SMBC.

Second, Moody's believes that, because of this integration (as well as other evidence of support), SMBCE is likely to receive parental support from SMBC.

Finally, SMBCE is also highly likely to benefit from any systemic support provided to SMBC in the event of stress.

In Moody's assessment, SMBCE's integration with SMBC's international banking operations makes SMBCE's operations indispensable to SMBC's international banking strategy. We thus consider SMBCE a major factor in SMBC's position as one of Japan's three megabanks. Having SMBCE in the group allows SMBC to offer a greater variety financial services to clients, especially those in Europe, the Middle East, and Africa, which bolsters SMBC's global presence.

The view that SMBCE would receive parent support, given its importance and integration into SMBC's operations, is also underpinned by SMBC's keep-well letter for SMBCE. Although the letter in itself is not a guarantee that SMBC would cover SMBCE's obligations, it does commit SMBC to maintaining its majority ownership of SMBCE and providing it liquidity and capital support in the event of need. The keep-well letter represents a significant commitment on SMBC's part to support SMBCE in the event of need.

The final key factor supporting the rating is our assessment that SMBCE would benefit from any systemic support extended to its parent. We note that historically Japanese banks have supported their subsidiaries in stress situations, and that the Japanese regulator has not intervened when this has happened in the past. It has not intervened (for example, it has not asked it to sell SMBCE) since SMBC received its capital injection from the government.

Moreover, Japan has not seen a single regulatory intervention that prevented a parent bank from extending support to its banking subsidiaries -- even at the height of Japan's banking crisis.

Given the extent of the integration of SMBCE's banking operations into SMBC, as well as Japan's current banking resolution framework (which allows a bank to remain open to conduct ordinary banking business while it receives systemic support), Moody's believes that SMBCE is benefitting from the systemic support being provided to SMBC.

As a result, Moody's maintains the same BFSR of C to SMBCE as do to SMBC.

And, thus, SMBCE's ratings could be upgraded if SMBC's rating were upgraded.

Its ratings could be downgraded on a decline in SMBCE's strategic importance to SMBC, the termination of the keep-well letter, or a downgrade to SMBC's ratings.

Moody's last rating action for SMBCE took place on March 19, 2010, when the bank's ratings were placed under review for possible downgrade.

The principal methodologies used in rating SMBCE were Moody's "Bank Financial Strength Ratings: Global Methodology" (February 2007), "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology" (March 2007), "Rating Non-Guaranteed Subsidiaries: Credit Considerations in Assigning Subsidiary Ratings in the Absence of Legally Binding Parent Support" (March 2004), each of which can be found on www.moodys.com in the Research & Ratings directory, in the Ratings Methodologies subdirectory.

Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Ratings Methodologies subdirectory.

Tokyo
Maki Hanatate
VP - Senior Credit Officer
Financial Institutions Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Tokyo
Minoru Kubota
MD - Financial Institutions
Financial Institutions Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan

Moody's confirms SMBCE ratings
No Related Data.
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