One of Japan's two largest retailers Strong market position in its core convenience store business in Japan and North America Strong global recognition of the "7-Eleven" brand Stable and relatively strong consolidated profitability, buoyed by franchise business Severe competition and continued low profitability in general merchandising store (GMS) and department store businesses Strong cash flow generation A likelihood its debt to EBITDA ratio will take time to recover, given our expectation of lackluster business performance and continued long-term restructuring in its GMS and department store businesses Conservative financial management The stable outlook on Seven&i Holdings Co. Ltd. reflects Standard&Poor's Ratings Services' view that the major Japan-based retail group is likely to maintain its strong profitability and
