TOKYO (Standard&Poor's) Oct. 31, 2001--Standard&Poor's today affirmed its double-'A' long-term and 'A-1'-plus short-term ratings on Nippon Telegraph&Telephone Corp. (NTT). The outlook on the long-term rating is negative. The long-term rating on NTT reflects the consolidated business and financial strength of its group of companies. The rating also takes into account pressures in the traditional local fixed-line business; the possibility that the group's strength will be eroded by future reorganization; and the group's efforts to implement structural reforms, including reducing labor costs. NTT maintains a very strong position in Japan's telecommunications market, controlling more than 92% of the local fixed-line market and 55% of the long-distance fixed-line market. Its majority-owned wireless telephone subsidiary, NTT DoCoMo
