The competitiveness of Seven&i Holdings' convenience store businesses both in Japan and the U.S. has declined, and the pace of recovery is likely to remain moderate. A significant recovery in the company's key cash flow ratios will not occur over the next two years or so as the company pursues growth and enhances shareholder returns. We lowered our long-term issuer credit rating to 'A-' from 'A' on Seven&i Holdings, Seven-Eleven Japan Co. Ltd., and U.S.-based 7-Eleven Inc. We also lowered our short-term issuer credit rating by one notch to 'A-2' from 'A-1' on Seven-Eleven Japan. At the same time, we resolved the placement of the CreditWatch with negative implications on Seven&i. The rating was
