Ratings On Eight Japanese Corporations Affirmed Following Sovereign Downgrade Jan 11

Standard & Poors, January 2011

Abstract
Standard & Poor's lowered its long-term sovereign rating on Japan to 'AA-' on Jan. 27. Following the downgrade, we affirmed the ratings on six Japanese corporations with 'AA' long-term issuer credit ratings and two corporations with ratings incorporating the likelihood of ongoing and extraordinary support from Japan's government. We base the rating affirmation on the six 'AA'-rated corporations on our view that these companies are highly likely to maintain their capacity to service their debts even under the stressed scenario of a Japanese government default. We affirmed the ratings on two other companies--INPEX Corp. and Narita International Airport Corp.--because we maintained our assessment that they are highly likely to receive ongoing and extraordinary government support. TOKYO (Standard & Poor's) Jan....

Companies mentioned in this report are: Nippon Telegraph & Telephone Corp.,Canon Inc.,Toyota Motor Corp.,Denso Corp.,Takeda Pharmaceutical Co. Ltd.,NTT DOCOMO Inc.,NTT Finance Corp.,Narita International Airport Corp.,INPEX Corp.
Action: Affirmed

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.

Nippon Telegraph & Telephone Corp.,Canon Inc.,Toyota Motor Corp.,Denso Corp.,Takeda Pharmaceutical Co. Ltd.,NTT DOCOMO Inc.,NTT Finance Corp.,Narita International Airport Corp.,INPEX Corp.

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