DBRS Initiates Coverage of Sumitomo Mitsui Banking Corporation, Canada Branch

DBRS Ratings Limited (DBRS) has today initiated ratings coverage of Sumitomo Mitsui Banking Corporation, Canada Branch (SMBC Canada Branch). The establishment of the branch has been approved by the Canadian Ministry of Finance, and final approval to commence operations is expected later in the year. DBRS has assigned a Long-Term Deposits & Senior Debt rating of A (high) and a Short-Term Instruments rating of R-1 (middle). The trend on all ratings is Negative, in line with the Sovereign rating. DBRS has assigned a support assessment of SA1 to SMBC Canada Branch, reflecting DBRS’s view that SMBC Canada Branch will be integral to the operations of its parent. The assigned ratings are also consistent with DBRS’s Support Methodology for branches in highly rated countries. As a result, the ratings are line with the parent, Sumitomo Mitsui Banking Corporation (SMBC).

Notes:
All figures are in JPY unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (July 2016). Other methodologies used include the DBRS Criteria: Support Assessment for Banks and Banking Organisations (March 2016), and DBRS Criteria: Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (February 2016). These can be found can be found at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include company documents and SNL Financial. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This rating included participation by the rated entity or any related third party. DBRS had access to accounts, management and other relevant internal documents for the rated entity or a related third party.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

Generally, the conditions that lead to the assignment of a Negative or Positive Trend are resolved within a twelve month period. DBRS’s outlooks and ratings are under regular surveillance

For further information on DBRS historic default rates published by the European Securities and Markets Administration (“ESMA”) in a central repository, see:
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Lead Analyst: Elisabeth Rudman
Rating Committee Chair: Roger Lister
Initial Rating Date: 13 February 1987
Most Recent Rating Update: 18 February 2016

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For additional information on this rating, please refer to the linking document located at: http://www.dbrs.com/research/236983/banks-and-banking-organisations-linking-document.pdf

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