Nankai Electric Railway Co., Ltd. http://www.alacrastore.com/company-snapshot/Nankai_Electric_Railway_Co_Ltd-1035340 Saturday, October 11, 2008 9:42:20 PM 1035340 Nankai Electric Railway Co., Ltd. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/bir/1198628bir/1198628normNankai Electric Railway Company Ltd.JapanTransportation: Operation of a local railway network and bus services in the region covering northern Osaka and the northern part of Wakayama Prefecture40114821119HK90445/30/2008 6:24:00 AM1198628Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/spcred/646161spcred/646161normThe latest Summary from S&Pglobal5/3/2008 2:38:48 AM175Summary646161JapanRailroadsAsiaGlobal IssuersCorporationsTransportationSummaryNankai Electric Railway Co. Ltd. enjoys a stable franchise in southern Osaka and Wakayama prefectures in its core railway business. Competition from other railways in the same territory, including West Japan Railway Co. (A+/Stable/--), is moderate. The company also benefits from a cost-plus pricing system, which guarantees certain profit margins. Despite recent signs of improvement, there has been no evident recovery in passenger traffic demand, due to population outflow from the company's operating areas and aging demographics. However, demand is likely to be supported by the company's efforts to revitalize its operating territory through the redevelopment of the area around the company's main terminal, Osaka's Namba Station. Standard&Poor's Ratings Services expects that these efforts, combined with the streamliningJPN20304010 203040 2030 20Nankai Electric Railway Co. Ltd. (Unsolicited Ratings)340831ASIA9044@JPSUMMARYGLOBISSCORPTransportationCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/646160spcred/646160normThe latest Full Report from S&Pglobal5/3/2008 2:38:47 AM400Full Report646160JapanRailroadsAsiaGlobal IssuersCorporationsTransportationFull ReportStable cash flow supported by strong business position and a cost-plus pricing system Progress in restructuring group businesses Redevelopment of main terminal expected to revitalize operations Falling demand due to population outflow and aging demographics Weak debt-to-capital ratio Aggressive strategic investments threaten financial improvement Nankai Electric Railway Co. Ltd. enjoys a stable franchise in southern Osaka and Wakayama prefectures in its core railway business. Competition from other railways in the same territory, including West Japan Railway Co. (A+/Stable/--), is moderate. The company also benefits from a cost-plus pricing system, which guarantees certain profit margins. Despite recent signs of improvement, there has been no evident recovery in passenger traffic demand, due to population outflow from the company's operating areas and agingJPN20304010 203040 2030 20Nankai Electric Railway Co. Ltd. (Unsolicited Ratings)340831ASIA9044@JPFULLGLOBISSCORPTransportationCredit & Investment ResearchS&P Credit Research