Leading position and largest share in Japan's fixed-line, mobile communications, and broadband markets World-leading technology System integration business's increasing contribution to earnings Intensifying competition in mobile communications and fiber to the home (FTTH) markets Limited geographic diversification Weakened profitability, unlikely to recover substantially in the next one to two years A "minimal" financial risk profile, supported by solid ability to generate cash flow A likelihood that capital spending, mergers and acquisitions (M&A), and returns to shareholders can be managed within the bounds of the group's "minimal" financial risk profile We set our anchor at 'aa' instead of 'aa-', having assessed NTT's business risk profile to be at the higher end of the "strong" category, given the company's status as a
