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Japan Tobacco Inc.

3628 word report published Jan 30, 2012

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Abstract:

Stable cash flow, backed by a dominant position in Japan's market for tobacco products Increased geographic diversity of revenue sources Improving debt-to-capital ratio due to steady repayment of debt Low risk of litigation compared with global peers Pressure on medium to long-term profitability as a result of weak demand in Japan and major European countries in which governments are gradually implementing smoking bans Profits in nontobacco businesses remain limited The rating on Japan Tobacco Inc. (JT; A+/Stable/--) reflects its stable cash flow, backed by a dominant position in Japan; the increased geographic diversity of its revenue sources; and an improving debt-to-capital ratio, backed by steady debt repayment. Constraints on the rating are pressure on the company's medium to long-term profitability,

Brief Excerpt:

RESEARCH Ratings Definitions PDF Japan Tobacco Inc. Publication date: 30-Jan-2012 Primary Credit Analyst: Machiko Amano, Tokyo (81) 3-4550-8659; machiko_amano@standardandpoors.com Secondary Contact: Makiko Yoshimura, Tokyo (81)...

Report Type:

Full Report

Ticker:

2914@JP

Issuer:

Japan Tobacco Inc.

Sector:

Global Issuers

Country:

Japan

Region:

Europe, Middle East, Africa

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

Also from S&P Credit Research

Summary: Japan Tobacco Inc. $175.00
The rating on Japan Tobacco Inc. (JT; A+/Stable/--) reflects its stable cash flow, backed by a dominant position in Japan; the increased geographic diversity of its revenue sources; and an improving debt-to-capital ratio, backed by steady debt ...
Summary: Japan Tobacco Inc. $175.00
The ratings on Japan Tobacco Inc. (JT; A+/Stable/--) reflect its stable cash flow, backed by a dominant position in Japan, increased geographic diversity of its revenue and profit sources, and an improving debt-to-capital ratio, backed by steady ...
Japan Tobacco Inc. $400.00
Stable cash flow backed by a dominant position in Japan's market for tobacco products Increased geographic diversity of revenue sources Improving debt-to-capital ratio, due to steady repayment of debt Low risk of potential lawsuits compared ...
Summary: Japan Tobacco Inc. $175.00
Japan Tobacco Inc. (JT; A+/Stable/--) is the world's third-largest tobacco company. There is a relatively high industry risk attached to tobacco production and sales because these activities are sensitive to tighter regulation by government ...
Japan Tobacco Inc. $400.00
Dominant position in Japan's tobacco market Increased revenue diversity Ability to generate strong profits and cash flow Low risk of potential lawsuits compared with global peers Uncertainty over mid- to long-term profitability due to unfavorable ...
Summary: Japan Tobacco Inc. $175.00
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 ...
Japan Tobacco Inc. $400.00
Dominant position in Japan's tobacco market Steady income from a number of overseas flagship brands Increased revenue diversity Ability to generate strong profits and cash flow Low risk of potential lawsuits Uncertainty over mid- to long-term ...
Summary: Japan Tobacco Inc. $175.00
In fiscal 2007 (ended March 31, 2008), Japan Tobacco Inc. (JT) enjoyed a 34% increase in consolidated sales and a 30% increase in operating profit from the previous year. Although the company's domestic tobacco business suffered a decrease ...

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