...Osaka Gas Co., Ltd.'s A1 rating reflects its strong market position in liquefied natural gas (LNG) transportation and distribution in the Kansai region, Japan's (A1 stable) second-largest metropolitan area which encompasses Osaka, with a solid earnings base from its gas utility business, a regulated pipeline business, and business opportunities from the deregulated electric utility sector. At the same time, the deregulation of the Japanese gas retail market has made revenues less predictable. Limited growth opportunities in its core gas business have led Osaka Gas to increase its exposure in non-utilities investments, in particular its businesses overseas, which raises its business risk. In addition, the growing investments needed to meet the company's decarbonization goals prevent leverage reduction and raise its execution risks over time....