TOKYO (Standard&Poor's) Jan. 19, 2011--Standard&Poor's Ratings Services today assigned its 'AA' rating to Nippon Telegraph&Telephone Corp.'s (NTT; AA/Stable/A-1+) ¥70 billion domestic bond due Dec. 18, 2020. The coupon rate is 1.31%. The ratings on NTT reflect the company's extremely strong position in Japan's fixed-line, mobile telecommunications, and broadband markets as well as its strong financial profile--characterized by strong cash flow. The ratings are constrained by the risk of a delay in significant earnings contributions from the fiber to the home business and uncertainty over the future outcome of the government's possible discussions about reorganization of NTT in the medium-term. RELATED CRITERIA AND RESEARCH Principles Of Corporate And Government Ratings, June 26, 2007. 2008 Corporate
