Sumitomo Bank Not Affected by US Divestiture Plan: S&P.TOKYO--(BUSINESS WIRE)--Standard & Poor's CreditWire 12/9/97 -- Standard & Poor's today affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. its long-term counterparty Counterparty The other participant, including intermediaries, in a swap or contract. credit, certificate of deposit, and senior debt ratings on Sumitomo Bank Ltd. at 'A-' and its short-term counterparty credit and certificate of deposit ratings at 'A-2'. The affirmation follows Sumitomo's announcement of a plan to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. its U.S. retail operations, including 85%-owned Sumitomo Bank of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. , with US$5.2 billion in assets, and 15 branches of its commercial banking department, with US$1.7 billion in assets. The long-term counterparty credit and preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. ratings on Sumitomo Bank of California remain on CreditWatch with developing implications. The intended divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). , when completed, will have no impact on the ratings of Sumitomo Bank, as the operations to be sold are relatively small compared to the bank's overall size and profitability. The move reflects the bank's reshaped strategy of emphasizing the wholesale and investment banking arenas in overseas markets. Standard & Poor's views the strategic repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. of Japanese banks, which in the past has been extremely gradual, as accelerating under the pressures of intensifying competition and scarce capital, Standard & Poor's said. - CreditWire. -0-
AFFIRMED RATINGS
Sumitomo Bank Ltd.
Counterparty credit rtg A-/Stable/A-2
CD A-/A-2
Sr unsecd debt A-
Subordinated debt BBB+
$300 mil 5 yr sub/jr sub nts BBB+/BBB
Sumitomo Finance (Asia) Ltd.
Counterparty credit rtg A-/Stable/--
Sumitomo Bank of Canada
CD (gtd Sumitomo Bank Ltd.) A-2
Sumitomo Bank Capital Markets Inc.
Counterparty credit rtg A-/Stable/A-2
CP (gtd Sumitomo Bank Ltd.) A-2
SBCM Derivative Products Ltd.
Counterparty credit rtg AAA/--/--
Sumitomo Bank International Finance N.V.
Counterparty credit rtg BBB+/Stable/--
Sr unsecd debt (sub guarantor Sumitomo Bank Ltd.)
BBB+
Subordinated debt (gtd Sumitomo Bank Ltd.)
BBB+
Sumitomo International Finance Australia Ltd.
Counterparty credit rtg A-/Stable/A-2
CP (gtd Sumitomo Bank Ltd.) A-2
RATINGS REMAINING ON CREDITWATCH - DEVELOPING
Sumitomo Bank of California, San Francisco, CA
Counterparty credit rtg BBB+/Watch Dev/--
Preferred stock BBB-/Watch Dev
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CONTACT: Yoshiyuki Mitsugi, Tokyo (81) 3-3593-8721 Ernest D Napier, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (1) 212-208-1556 Copyright 1997, Standard & Poor's Rating Services |
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