Fitch Ratings has assigned
The notes will count towards SMFG's total loss-absorbing capacity (TLAC) requirements, as they will be structurally subordinated to the senior liabilities of its subsidiaries.
We expect the company to continue to issue TLAC-eligible debt as required, including to refinance maturing debt, and to meet the requirement comfortably with a buffer.
Key Rating Drivers
The rating on the notes is aligned with SMFG's Long-Term Issuer Default Rating (IDR).
For SMFG's key rating drivers and sensitivities, see Fitch Affirms Ratings on SMBC at 'A', SMFG and Other Subsidiaries at 'A-'; Outlook Stable, published
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
The rating on the notes will be downgraded if SMFG's Long-Term IDR is downgraded.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
The rating on the notes will be upgraded if SMFG's Long-Term IDR is upgraded.
Summary of Financial Adjustments
Total assets and total liabilities exclude acceptances and guarantees from
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visithttps://www.fitchratings.com/topics/esg/products#esg-relevance-scores.
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