Moody’s affirms SMBC Nikko

Moody's Investors Service said it affirmed SMBC Nikko Securities Inc.'s A1 and P-1 issuer ratings.

The outlook is stable.

The affirmation of SMBC Nikko's rating reflects the company's weak to moderate liquidity and funding, relatively stable profitability, with its main focus on the domestic retail business, low risk appetite but high leverage, and very high probability of government support, the agency said.

Moody’s said that SMBC Nikko's A1 issuer rating is two notches higher than its standalone assessment post-affiliate support of A3 owing to the agency’s assessment of a very high probability of government support.

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