Our 'AA' corporate credit rating on Nippon Telegraph&Telephone Corp. (NTT) is derived from: The 'aa' anchor for NTT, which we base on our assessment of the company's business risk profile as "strong" and its financial risk profile as "minimal." Our setting of the anchor at 'aa' instead of 'aa-', having assessed NTT's business risk profile to be in the higher end of the "strong" category given the company's status as a leading global telecom carrier. The stand-alone credit profile (SACP) for NTT of 'aa', same as the anchor. All modifiers had no impact. NTT's status as a government-related entity (GRE). But we see a "low" likelihood of it receiving extraordinary support or intervention from the government of Japan
