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Moody's Japan K.K. has affirmed the Aa3 long-term ratings and P-1 short-term rating of NTT DOCOMO, INC. "NTT DOCOMO's ratings reflect its considerably strong credit profile, supported by the company's very strong balance sheet and cash flow to debt," says Motoki Yanase, a Moody's Vice President and Senior Credit Officer. The company's very strong fundamental credit profile supports its ratings staying one notch above Japan's A1 sovereign rating, in view of the criteria clarified under Moody's updated cross-sector methodology titled Assessing the Impact of Sovereign Credit Quality on Other Ratings.
"The downgrade takes into account NTT's fundamental credit profile and the positioning of the company's ratings relative to Japan's A1 sovereign rating," says Motoki Yanase, a Moody's Vice President and Senior Credit Officer. With the introduction of lower rate plans by its mobile telecommunications subsidiary, NTT DOCOMO, INC. (Aa3 stable ), Moody's expects NTT's operating margin will fall by about 1% to 13% for the fiscal year ending March 2020 (fiscal 2019). Moody's expects that NTT will be able to mitigate a large part of this margin decline over the next few years, as NTT DOCOMO's customers migrate to more expensive plans and the two companies undertake costs cutting efforts.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of NTT DOCOMO, INC. Tokyo, April 11, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of NTT DOCOMO, INC. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Moody's Japan K.K. has affirmed the Aa3 long-term issuer and senior secured ratings of Nippon Telegraph and Telephone Corporation (NTT), as well as the Aa3 long-term issuer and senior unsecured ratings of NTT DOCOMO, Inc. (DOCOMO).