Tokyo -- Standard&Poor's CreditWire 1/29/98 -- Standard&Poor's today assigned its preliminary 'AAA' long-term rating to Nippon Telegraph and Telephone Corp.'s (NTT) US$1.5 billion global securities, registered with the U.S. Securities and Exchange Commission. The outlook on the rating is negative. The rating is based on NTT's dominant position and important role in the Japanese telecommunications market, as well as its strong financial profile compared with major international peers. Despite increased penetration by new common carriers in Japan, NTT maintains a very strong share of the domestic telephone market. Earnings are improving as a result of the company's successful rate rebalancing coupled with continued growth in the cellular phone market. However, the competitive dynamics of Japan's telecommunications
