TOKYO (Standard&Poor's CreditWire) June 22, 2000--Standard&Poor's today announced that its double-'A'-plus long-term corporate credit rating on Nippon Telegraph&Telephone Corp. (NTT) remains on CreditWatch, where it was placed with negative implications on May 8, 2000, following the company's announcement that its wholly owned subsidiary, NTT Communications Corp. (NTT-C), had agreed to acquire all shares of Verio Inc. (B-/Stable/--), a U.S.-based Internet service provider. The 'A-1'-plus short-term ratings on NTT were not placed on CreditWatch. The CreditWatch placement reflects concern over the potential impact of the Verio acquisition on the consolidated financial profile of the NTT group. The purchase of Verio stocks, at US$60 per share, will cost the NTT group about US$5.5 billion (¥600 billion).
