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S&P assigns rating to Sumitomo Mitsui Finance & Leasing

S&P Global Ratings assigned a long-term issuer credit rating of A- to Sumitomo Mitsui Finance & Leasing Co. Ltd., with a stable outlook.

The rating agency said Feb. 21 that the rating reflects the Japanese company's close financial and operational ties with its parent Sumitomo Mitsui Financial Group Inc. and its diversified revenue sources. S&P considers Sumitomo Mitsui Finance & Leasing a strategically important entity of Sumitomo Mitsui Financial despite the parent's plan to reduce its stake to 50% from 60% as part of its reorganization plan.

The stable outlook reflects those on the parent company's main banking subsidiaries. It also incorporates the expectation that Sumitomo Mitsui Finance & Leasing's creditworthiness will remain at the current level over the next two years.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.