LONDON -- Standard&Poor's CreditWire 4/15/97 -- Standard&Poor's today has affirmed its triple-'A' corporate credit, senior secured and 'A-1'-plus commercial paper ratings of Nippon Telegraph&Telephone Corp. (NTT). The rating outlook remains negative. The affirmation follows NTT's announcement that with effect from 1999 it will split into three companies under a holding company—two will operate as local telephone companies and one will specialize in domestic long-distance service. According to amendments proposed in March 1997 to the NTT Law, which are subject to Diet approval, the new companies will be joint-and-severally liable for NTT's existing bond issues and will continue to be collateralized by their general mortgage. As a result, the ratings on existing NTT bonds will
