TOKYO (Standard&Poor's) Feb. 22, 2007--Standard&Poor's Ratings Services today assigned its 'AA-' rating to Nippon Telegraph&Telephone Corp. (NTT: AA-/Stable/A-1+) Swiss Franc 300 million 2.25% bonds due March 15, 2013. The rating on NTT reflects the NTT group's extremely strong position in the fixed-line, mobile telecommunications, and broadband markets in Japan, and its ability to maintain stable cash flow and a solid financial profile, despite weakening revenues from its traditional local fixed-line business, and increasingly fierce competition and decreasing average revenue per user (ARPU) in its mobile telecommunications business operated by NTT DoCoMo Inc. The company's ongoing cost reductions, and the prospects for high growth of the broadband business—in which NTT leads in both asymmetric digital
