Fitch Ratings has downgraded the Long-Term Issuer Default Rating (LT IDR) of SMBC Aviation Capital Limited (SMBC AC) to ‘BBB+’ from ‘A-‘ and its Shareholder Support Rating (SSR) to ‘BBB+’ from ‘A-‘. Fitch has also downgraded SMBC Aviation Capital Finance DAC’s LT IDR and senior unsecured notes ratings to ‘BBB+’ from ‘A-‘. The Rating Outlook on the IDRs of SMBC AC and SMBC Aviation Capital Finance DAC is Stable. The rating actions follow the recent downgrade of SMBAC AC’s 66% beneficial owner, Sumitomo Mitsui Financial Group, (SMFG) to ‘A-‘/Stable from ‘A’/Negative. “SMBC AC’s management expects to close the acquisition of

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