Corporate Bonds and
Credit ratings by rating agencies and details of NTT DOCOMO's outstanding bonds.
NTT DOCOMO is rated by each rating agency as follows.
(As of March 31, 2019)
|Rating agency||Type of rating||Rating||Outlook|
|Moody's||Long-term obligation rating||Aa3||Stable|
|Standard & Poor's (S&P)||Long-term obligation rating||AA-||Stable|
|Japan Credit Rating Agency, Ltd. (JCR)||Long-term obligation rating||AAA||Stable|
|Rating and Investment Information, Inc. (R&I)||Issuer rating||AA+||Stable|
The credit ratings for NTT DOCOMO provided by the above four rating agencies are based on our request and are not unsolicited ratings.
Any credit ratings for NTT DOCOMO provided by other rating agencies are unsolicited ratings.
- Standard & Poor's (S&P)
- Japan Credit Rating Agency, Ltd. (JCR)
- Rating and Investment Information, Inc. (R&I)
Moody's (Rating Trend Rating Definition)
Rating Definition Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk. Aa Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk. Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics. Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk. B Obligations rated B are considered speculative and are subject to high credit risk. Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk. Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.
- Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.
Standard & Poor's (S&P) (Rating Trend Rating Definition)
Rating Definition AAA An obligor rated 'AAA' has extremely strong capacity to meet its financial commitments. 'AAA' is the highest issuer credit rating assigned by S&P Global Ratings. AA An obligor rated 'AA' has very strong capacity to meet its financial commitments. It differs from the highest-rated obligors only to a small degree. A An obligor rated 'A' has strong capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligors in higher-rated categories. BBB An obligor rated 'BBB' has adequate capacity to meet its financial commitments. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments. BB, B, CCC, and CC Obligors rated 'BB', 'B', 'CCC', and 'CC' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'CC' the highest. While such obligors will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions. BB An obligor rated 'BB' is less vulnerable in the near term than other lower-rated obligors. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments. B An obligor rated 'B' is more vulnerable than the obligors rated 'BB', but the obligor currently has the capacity to meet its financial commitments. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments. CCC An obligor rated 'CCC' is currently vulnerable and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments. CC An obligor rated 'CC' is currently highly vulnerable. The 'CC' rating is used when a default has not yet occurred but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default. R An obligor rated 'R' is under regulatory supervision owing to its financial condition. During the pendency of the regulatory supervision, the regulators may have the power to favor one class of obligations over others or pay some obligations and not others. SD and D An obligor rated 'SD' (selective default) or 'D' is in default on one or more of its financial obligations including rated and unrated obligations but excluding hybrid instruments classified as regulatory capital or in nonpayment according to terms. An obligor is considered in default unless S&P Global Ratings believes that such payments will be made within five business days of the due date in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. A 'D' rating is assigned when S&P Global Ratings believes that the default will be a general default and that the obligor will fail to pay all or substantially all of its obligations as they come due. An 'SD' rating is assigned when S&P Global Ratings believes that the obligor has selectively defaulted on a specific issue or class of obligations but it will continue to meet its payment obligations on other issues or classes of obligations in a timely manner. An obligor's rating is lowered to 'D' or 'SD' if it is conducting a distressed exchange offer.
- Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.
Japan Credit Rating Agency, Ltd. (JCR) (Rating Trend Rating Definition)
Rating Definition AAA The highest level of certainty of an obligor to honor its financial obligations AA A very high level of certainty to honor the financial obligations A A high level of certainty to honor the financial obligations BBB An adequate level of certainty to honor the financial obligations. However, this certainty is more likely to diminish in the future than with the higher rating categories. BB Although the level of certainty to honor the financial obligations is not currently considered problematic, this certainty may not persist in the future. B A low level of certainty to honor the financial obligations, giving cause for concern CCC There are factors of uncertainty that the financial obligations will be honored, and there is a possibility of default. . CC A high default risk C A very high default risk LD JCR judges that while an obligor does not honor part of the agreed to financial obligations, but it honors all its other agreed to financial obligations. D JCR judges that all the financial obligations are, in effect, in default.
- A plus (+) or minus (-) sign may be affixed to the rating symbols from AA to B to indicate relative standing within each of those rating scales.
(a) A Long-term Issuer Rating Scale enables comparison of the overall capacity of an obligor (issuer) to honor its entire financial obligations with such overall capacity of others.
(b) The same Definitions of Rating Symbols and Scales shall be applied to the Ability to Pay Insurance Claims Rating.
Rating and Investment Information, Inc. (R&I) (Rating Trend Rating Definition)
Rating Definition AAA Highest creditworthiness supported by many excellent factors. AA Very high creditworthiness supported by some excellent factors. A High creditworthiness supported by a few excellent factors. BBB Creditworthiness is sufficient, though some factors require attention in times of major environmental changes. BB Creditworthiness is sufficient for the time being, though some factors require due attention in times of environmental changes. B Creditworthiness is questionable and some factors require constant attention. CCC Creditworthiness is highly questionable and a financial obligation of an issuer is likely to default. CC All of the financial obligations of an issuer are likely to default. D R&I believes that all of the financial obligations of an issuer are in default.
- A plus (+) or minus (-) sign may be appended to the categories from AA to CCC to indicate relative standing within each rating category. The plus and minus signs are part of the rating symbols.
Outstanding Bonds of NTT DOCOMO
Bonds denominated in Japanese yen
(As of March 31, 2019)
(Millions of yen)
|Issue Date||Series No.||Outstanding Balance||Interest Rate||Secured / Unsecured||Maturity Date|
|Nov. 21, 2013||Series 20||50,000||0.73%||Unsecured||Sep. 20, 2023|