This report does not constitute a rating action. TOKYO (S&P Global Ratings) Jan. 27, 2026--Tepco Holdings' new business plan will ease some of the pressure on its creditworthiness. The plan increases the likelihood that the utility will remain propped up by the government and financial institutions. Tokyo Electric Power Co. Holdings Inc. (Tepco Holdings; BB+/Negative/--) announced on Jan. 26, 2026, that the prime minister and the minister of economy, trade, and industry had approved the utility's Fifth Comprehensive Special Business Plan. The plan was developed by the company and its largest shareholder, the Nuclear Damage Compensation and Decommissioning Facilitation Corp. The approval of the plan signals the government's continued support for the company, in our opinion. It shows the government
