The outlook on the long-term sovereign rating on Japan, which holds over one-third of NTT's shares, was revised to negative from stable today. The NTT group companies have demonstrated a great deal of resilience to the economic downturn, underpinned by their stable financial performance, strong cash flow generating capability, and solid financial base. Standard&Poor's affirmed its ratings on the NTT group companies based on our view that the effects of the outlook change on Japan on NTT's credit quality is limited. TOKYO (Standard&Poor's) Jan. 26, 2010--Standard&Poor's Ratings Services today affirmed its 'AA' long-term credit and senior unsecured ratings on Nippon Telegraph&Telephone Corp. (NTT), NTT DoCoMo Inc., and NTT Finance Corp. We also
