An extremely strong position in fixed-line, mobile telecommunications, and broadband markets in Japan Strong financial profile, characterized by strong cash flow generation Prospects for relatively stable profits, given that three major players dominate the domestic telecommunications market Mobile subsidiary NTT DoCoMo Inc. (AA/Stable/A-1+) holds a majority share of domestic market Leader in fiber to the home (FTTH) Risk of delay in significant earnings contributions from the FTTH business Uncertainty over the outcome of the government's discussions over possible reorganization of NTT The ratings on Nippon Telegraph&Telephone Corp. (NTT) reflect the company's extremely strong position in fixed-line, mobile telecommunications, and broadband markets in Japan, as well as its strong financial profile, characterized by strong cash flow generation. The ratings
