JCR has assigned a AA- rating to the bonds to be issued shortly by the issuer.

Issuer: Sumitomo Mitsui Finance and Leasing Company, Limited
Issue Amount(bn) Issue Date Due Date Coupon Rating
bonds no.1 Y20 Aug. 5, 2010 Aug. 5, 2015 0.676% AA-
Covenants: Negative Pledge
Bond Administrator: No

<Rationale>
Sumitomo Mitsui Finance and Leasing Company, Limited is a large full-service leasing company in the group of Sumitomo Mitsui Financial Group, Inc. (hereinafter "SMFG"). The Company is a consolidated subsidiary of SMFG with a 60 percent equity position and an equity method affiliate of Sumitomo Corporation with a 40 percent equity position. The Company has close relationship with both shareholders in terms of business transaction, human resources, and fundraising. The rating on the Company reflects its close relationship with the shareholders, one of the strongest business bases in its industry and solid fundraising base. Although the business environment remains tough as shown by the lowered domestic capital investments and the continued standing high credit costs, its profits are on the road to recovery, and JCR considers that it can maintain a certain level of earnings power and financial soundness. The rating outlook is Stable, taking also into consideration support from the shareholders.