Japan Petroleum Exploration Co., Ltd.: Update to credit analysis

Moody's affirms JAPEX's Baa1 rating; outlook remains stable - Rating Action – 2024/04/23 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Moody's affirms JAPEX's Baa1 rating; outlook remains stable (Japanese) - Rating Action – 2024/04/23 – US$ 180.00 – ... Inc. CPMoody's Investors Service, Inc.Moody's Investors Service, Inc. MCOMoody's Investors ServiceMoody's Investors ServiceMCO Moody's Investors Service, Inc.MCO5%SEC " ...

Japan Petroleum Exploration Co., Ltd.: Update to credit analysis - Credit Opinion – 2023/10/10 – US$ 250.00 – ...Japan Petroleum Exploration Co., Ltd. (JAPEX) is a government-related issuer (GRI) in which the Government of Japan (A1 stable) directly owns around 35%, indicating the company's importance in securing oil and gas for the country. JAPEX's Baa1 issuer rating incorporates a two-notch GRI uplift from the company's baa3 Baseline Credit Assessment (BCA). The uplift reflects our assessment of the probability and level of government support for the company, if needed. The company's baa3 BCA is supported by its increasing diversification into non-exploration and production (non-E&P) businesses. Its conservative balance sheet supports its BCA. JAPEX has very little debt today, following the disposal of its Canadian assets. JAPEX's BCA is constrained by the company's smaller scale than that of its global peers, and weak cash-on- cash returns because of limited reserve additions compared with its finding and development (F&D) costs. Non-E&P business expansion also entails financial and execution risks....

Japan Petroleum Exploration Co., Ltd.: Update following rating affirmation - Credit Opinion – 2023/01/30 – US$ 250.00 – ...Japan Petroleum Exploration Co., Ltd. (JAPEX) is a government-related issuer (GRI) in which the Government of Japan (A1 stable) directly owns around 35%, indicating the company's importance in securing oil and gas for the country. JAPEX's Baa1 rating incorporates a two- notch GRI uplift from the company's baa3 Baseline Credit Assessment (BCA). The uplift reflects our assessment of the probability and level of government support for the company, if needed. The company's baa3 BCA is supported by its increasing diversification into non-exploration and production (non-E&P) businesses; and conservative management of total debt that supports leverage that is commensurate with its BCA, measured as retained cash flow (RCF)/ debt. JAPEX's BCA is constrained by the company's smaller scale than that of its global peers, and weak cash-on-cash returns because of limited reserve additions against its finding and development (F&D) costs. Non-E&P business expansion also entails financial and execution...

Japan Petroleum Exploration Co., Ltd.: Update to credit analysis after rating affirmation - Credit Opinion – 2022/07/05 – US$ 250.00 – ...Japan Petroleum Exploration Co., Ltd. (JAPEX) is a government-related issuer (GRI) in which the Government of Japan (A1 stable) has a stake of around 35%, indicating the company's importance in securing oil and gas for the country. JAPEX's Baa1 rating incorporates a two- notch GRI uplift from the company's baa3 Baseline Credit Assessment (BCA). The uplift reflects our assessment of the probability and level of government support for the company, if needed. The company's baa3 BCA is supported by its increasing diversification into non-exploration and production (non-E&P) businesses; and conservative management of total debt that supports leverage which is commensurate with its BCA, measured as retained cash flow (RCF)/debt. JAPEX's BCA is constrained by the company's smaller scale than its global peers', and weak cash-on-cash returns because of limited reserve additions against its finding and development (F&D) costs. Non-E&P business expansion also entails financial and execution risks....