TOKYO (Standard&Poor's) March 12, 2003--Standard&Poor's Ratings Services said today that it had assigned its 'AA-' rating to Nippon Telegraph&Telephone Corp.'s (NTT: AA-/Stable/A-1+) ¥70 billion 0.87% straight bond series 47 due March 21, 2013. The rating is supported by the NTT group's strong operating base in both the fixed-line and mobile markets and its ability to maintain stable cash flow despite deteriorating profitability in its traditional local fixed-line business. The rating also takes into account valuation losses on foreign investments by group companies. NTT maintains a dominant position in Japan's fixed-line market, controlling 83% of the local call market, 65% of the intra-prefecture long-distance market, and 50% of the inter-prefecture market. However, the company is
