Summary: Nippon Telegraph & Telephone Corp. Jun 11
Standard & Poors, June 2011
Abstract
The ratings on Nippon Telegraph & Telephone Corp. (NTT; AA/Stable/A-1+) reflect the company's extremely strong position in fixed-line, mobile telecommunications, and broadband markets in Japan, as well as its minimal financial risk profile, which is characterized by strong cash flow. The ratings are constrained by the risk that greater regulation and intensifying competition will delay a significant improvement in earnings from its fiber-to-the-home (FTTH) service and uncertainty over the outcome of the government's discussions about possible reorganization of NTT. NTT has established a solid position in mobile telecommunications through NTT DOCOMO INC. (AA/Stable/A-1+), a 100%-owned subsidiary that generates about half of the group's EBITDA. NTT DOCOMO has strong earnings and a roughly 50% market share in terms of mobile subscribers,...
Companies mentioned in this report are: Nippon Telegraph & Telephone Corp.,NTT DOCOMO INC.
Action: Review
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.
Nippon Telegraph & Telephone Corp.,NTT DOCOMO INC.
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