This report does not constitute a rating action. TOKYO (S&P Global Ratings) Nov. 4, 2026--Tepco Holdings will face challenges in maintaining its creditworthiness if its retail business fails to recover profitability and it does not counter large free cash outflows, in our view. Intensifying competition and the effects of conflict in the Middle East make prospects of improving the business look slim. Tokyo Electric Power Co. Holdings Inc. (BB+/Stable/--) reported ordinary profit of ¥90.6 billion in the first half of fiscal 2026 (ending March 31, 2027). This is a large decrease compared with ¥282.1 billion in the same period in fiscal 2025. Significant deterioration in results and losses in the retail and transmission and distribution businesses were the prime reasons
