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Summary: Japan Tobacco Inc.
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Japan Tobacco Inc. (JT) is the world's third-largest tobacco company. The company is expected to maintain its stable revenue bases for at least the next several years, supported by its dominant position and high shares in the Japanese market and expanding business franchise in overseas markets. Tobacco production and sales carry relatively high business risks, because of sensitivity to tightening regulations. Conversely, geographical diversity of the company's revenue sources and the strong product lineup of globally recognized brands are positive factors for the rating. In the interim period ended Sept. 30, 2009, JT suffered a 13% decrease in consolidated sales, including tobacco tax, and a 19% decrease in operating profit before depreciation and amortization from the same period of the...
Companies mentioned in this report are: Japan Tobacco Inc.
Japan Tobacco Inc.