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'AA-' Ratings Affirmed On Japan Tobacco On Solid Earnings, Cost Cuts
Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
TOKYO (Standard & Poor's) June 30, 2005--Standard & Poor's Ratings Services today affirmed its 'AA-' issuer and debt ratings on Japan Tobacco Inc. (JT) reflecting expectations that the company will continue to generate solid earnings and cash flows, despite an increasingly unfavorable operating environment. Although its dominance in the domestic market is gradually slipping, JT has multiple flagship cigarette brands and minimal financial risk. The outlook on the issuer rating remains stable. The company faces a number of challenges over the coming years, including a decline in the population of smokers, stricter regulations, rising taxes, and dim prospects for its non-tobacco operations. Nevertheless, JT maintains solid earnings, which should remain so over the next couple of years. In fiscal 2004...
Companies mentioned in this report are: Japan Tobacco Inc.
Action: Affirmed
Action: Outlook: Stable
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