...February 6, 2020 TOKYO (S&P Global Ratings) Feb. 6, 2020--S&P Global Ratings today said that Nippon Telegraph & Telephone Corp.'s (NTT; ##-/Stable-A-1+) deconsolidation of its financing arm's leasing business is likely to help the Japan-based telecom giant maintain its financial health. NTT Finance Corp.'s (##-/Stable/A-1+) related move to assume NTT Urban Development Corp.'s existing debt is neutral for NTT's credit quality. These transactions, announced Feb. 6, further entrench NTT Finance's position as a core entity within the NTT group. NTT will split NTT Finance into two entities. One will be fully and directly owned, and handle financing for NTT group companies. The other will engage in financing, mainly leasing, for customers outside the group. It will be a 50% equity-method affiliate; the remaining 50% of the entity will be held by investors outside the NTT group. As well as aligning with the group's strategy, the deconsolidation of the leasing business is likely to be low-impact....
