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Moody’s assigns A2 ratings to the Sumitomo Corporation’s series 37
By k on July 10, 2009
Tokyo, July 10, 2009 -- Moody's Investors Service has assigned A2 ratings to the issue of Series 37 JPY10 billion due 2019 Japan domestic bonds by Sumitomo Corporation (Sumitomo). The rating outlook is stable. These are takedowns from the company's JPY200 billion domestic shelf registration of December 2007, which is rated (P)A2. The A2 ratings for Sumitomo are supported by the company's 1) diversified business portfolio, with a relatively low dependence on earnings from the energy and metal segments, 2) strong commitment to risk management and internal control. The ratings also incorporate Sumitomo's leveraged balance sheet and the fundamental business risks inherent to a Japanese trading company. Moody's last rating action with respect to Sumitomo was taken on June 5, 2006, when the senior unsecured debt and issuer ratings were upgraded to A2 from A3. At the same time, Moody's has upgraded the long-term ratings of the company's supported subsidiaries to A2 from A3. Sumitomo's rating was assigned by evaluating factors we believe are relevant to its credit profile, such as franchise value, risk positioning, operating and regulatory environment, and financial fundamentals versus its competitors, as well as the company's projected performance in the near to medium term. These attributes were compared to those of other issuers both inside and outside its core industry. Headquartered in Tokyo, Sumitomo Corporation is one of the largest Japanese Trading Companies. Tokyo Tetsuya Yamamoto Vice President - Senior Analyst Financial Institutions Group Moody's Japan K.K. JOURNALISTS: (03) 5408-4110 SUBSCRIBERS: (03) 5408-4100
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