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Moody's, S&P give Aa1, AA- ratings to NTT DoCoMo bond



RELATED SYMBOLS: (DCM)

TOKYO, Jan 16, 2003 (Kyodo via COMTEX) -- Moody's Investors Service Inc. and
Standard & Poor's Corp. separately announced Thursday they have assigned ratings
of Aa1 and AA-minus, respectively, to NTT DoCoMo Inc.'s 50 billion yen bonds due
in 2007.

But the two major U.S. credit-rating agencies differed in their rating outlook
on the company, with Moody's describing it as "negative" and S&P "stable."

NTT DoCoMo is to issue to individual investors the 0.30% coupon four-year bonds,
the first such issuance by Japan's dominant mobile phone service provider to
individuals, with payment due Jan. 31.

Moody's said its rating mirrors NTT DoCoMo's dominant market position, its
strong financial profile, and its relationship with Nippon Telegraph and
Telephone Corp.

However, Moody's said its outlook assessment reflects concern over the future of
NTT DoCoMo's competitive advantage in third-generation (3G) mobile services,
which it said is important for maintaining the long-term stability of the
company's cash flow generation.

However, S&P said the firm's 3G "FOMA" service "is likely to attract new
subscribers" on the strength of planned mobile handsets with longer standby
hours and a wider coverage area, whose introduction is planned for March 2003.

"As the shift to 3G services continues, the company is expected to emerge as a
leading power by fully utilizing its strengths in technology, corporate branding
and marketing," it said.

(EDS: RECASTING WITH CREDIT RATING BY S&P)



2003 Kyodo News (c) Established 1945

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KEYWORD: TOKYO

(Wall Street)





Daniel Nieves