Tokyo Gas Co., Ltd.: Update following affirmation

Tokyo Gas Co., Ltd.:Update following affirmation - Credit Opinion – 2024/04/25 – US$ 250.00 – MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE (C)2024 Moody's CorporationMoody's Investors Service, Inc.Moody's Analytics, Inc. Moody's Analytics, Inc./ / (a)(b) Moody's CorporationMCOMoody's Investors Service, Inc....

Moody's affirms Tokyo Gas' A1 ratings; outlook stable - Rating Action – 2024/04/22 – 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 Tokyo Gas' A1 ratings; outlook stable (Japanese) - Rating Action – 2024/04/22 – US$ 180.00 – 5/5 Investors Service Rating Symbols and Definitions SPO SPO SPO PRC SPO 1PRC PRC 2PRC PRC 3PRC PRC PRC ...

Tokyo Gas Co., Ltd.: Acquisition of shale gas producer Rockcliff will expand overseas business but also increase cash flow volatility - Issuer Comment – 2023/12/19 – US$ 200.00 – ...On 16 December, Tokyo Gas Co., Ltd. (Tokyo Gas, A1 stable), a major Japanese gas company, announced that its whole owned US subsidiary will acquire through TG Natural Resources (79% owned by Tokyo Gas) all shares of Rockcliff Energy II LLC (B1 stable). Rockcliff is a US (Aaa negative) natural gas exploration and production company, from Quantum Energy Partners for $2.7 billion (Ñ405 billion). The acquisition will likely be leveraged-neutral. If we expect a similar level of retained cash flow (RCF) from Rockcliff as last year, Tokyo Gas' leverage ¡ as measured by RCF/net debt ¡ will remain around 20% for the fiscal year ending 31 March 2024 (fiscal 2023). The company's 2022 decision to sell its minority stakes in LNG upstream projects in Australia (Aaa stable) is also likely to provide a financial buffer when the company receives the cash proceeds. The acquisition fits into Tokyo Gas' strategic growth plans of increasing its revenue base from overseas, including from shale gas businesses,...

Tokyo Gas Co., Ltd.: Update to credit analysis - Credit Opinion – 2023/04/20 – US$ 250.00 – ...Tokyo Gas Co., Ltd.'s (Tokyo Gas) A1 ratings reflect its strong market position in liquefied natural gas (LNG) transportation and distribution in the Kanto region -- Japan's (A1 stable) largest metropolitan area encompassing Tokyo -- with stable earnings from its gas utility operations. However, the deregulation of the Japanese gas utility sector has made revenues less predictable, leading the company to seek for diversification and growth into non-utility businesses. In addition, the growing investments needed to meet decarbonization goals make it hard for the company to reduce debt....