...Business Risk: Excellent Financial Risk: Modest + One of Japan's two largest retailers + Leading market positions in Japan and North America in its core convenience store business + A stronger market position in North America, in our view, thanks to expansion of its store network through mergers and acquisitions (M&A) + Strong global recognition of the "7-Eleven" brand + Stable and relatively strong consolidated profitability, supported by a convenience store business run on a franchise system + A likelihood profits of its general merchandising store (GMS) and department store businesses will recover only slowly, due to severe competition and despite ongoing restructuring + Strong cash flow generation + A likelihood its key financial ratios will weaken temporarily, given its aggressive investments and the length of time needed to restructure lackluster business performance of its GMS and department store businesses, but will recover to levels commensurate with the current ratings in the...
