Outlook On TEPCO Holdings Revised Upward To Positive; 'BB/B' Credit, 'BB+' Debt Ratings Affirmed

We believe TEPCO's performance remained solid in fiscal 2017 and that TEPCO group has a good chance of improving its funding stability given its growing record of public bond offerings since March 2017. We maintain our view that a restart of the Kashiwazaki-Kariwa nuclear reactors is critical for material improvement of TEPCO Holdings' credit quality. However, continued cost reductions are more likely to help the company maintain relatively stable profit and cash flow in the next year or two. We are revising to positive from stable our rating outlook on TEPCO Holdings. At the same time, we are affirming our ratings on the company. TOKYO (S&P Global Ratings) April 19, 2018--S&P Global Ratings today said it has revised to positive

...+ We believe TEPCO's performance remained solid in fiscal 2017 and that TEPCO group has a good chance of improving its funding stability given its growing record of public bond offerings since March 2017. + We maintain our view that a restart of the Kashiwazaki-Kariwa nuclear reactors is critical for material improvement of TEPCO Holdings' credit quality. However, continued cost reductions are more likely to help the company maintain relatively stable profit and cash flow in the next year or two. + We are revising to positive from stable our rating outlook on TEPCO Holdings. At the same time, we are affirming our ratings on the company. TOKYO (S&P Global Ratings) April 19, 2018--S&P Global Ratings today said it has revised to positive from stable the outlook on its long-term corporate credit rating on Japan-based regulated electric utility company Tokyo Electric Power Company Holdings Inc. (TEPCO Holdings). At the same time, we affirmed our '##' long-term corporate credit rating and 'B'...

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