Sumitomo Mitsui Financial Group's (TYO:8316) perpetual, subordinated additional tier 1 notes have gained a BB+ long-term issue credit rating from S&P Global Ratings, according to a Wednesday release.
The rating on the $1.25 billion notes is five notches below S&P's assessment of the banking group's "a" standalone credit profile, since the rating agency does not expect extraordinary government support.
Due to structural subordination, the rating is also a notch below the company's standalone credit profile.
The notes have intermediate equity content, anchoring S&P's view that the group's capital levels will be sustained in the next 12 to 24 months.
The notes will also boost the bank's diversification efforts for its long-term foreign currency profile funding, S&P said.
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