Outlook On Tepco Holdings Revised To Negative On Weak Profitability And Free Cash Flow Deficit; 'BB+' Ratings Affirmed

We see a heightened likelihood of cash flow remaining deeply negative and heavy investments while fierce competition in the electricity retail market weakens Tepco Holdings' profitability. We view the group being more unlikely to maintain cash flow generation commensurate with our ratings while uncertainty remains over the restart of the Kashiwazaki-Kariwa plant. We affirmed our long-term issuer credit rating on Tepco Holdings at 'BB+' and revised the outlook to negative. We revised our outlook to negative from stable, based on the factors above. TOKYO (S&P Global Ratings) May 15, 2025--S&P Global Ratings today revised its outlook on its long-term issuer credit rating on Tokyo Electric Power Co. Holdings Inc. (Tepco Holdings) down to negative from stable. We also affirmed our

...May 15, 2025 - We see a heightened likelihood of cash flow remaining deeply negative and heavy investments while fierce competition in the electricity retail market weakens Tepco Holdings' profitability. - We view the group being more unlikely to maintain cash flow generation commensurate with our ratings while uncertainty remains over the restart of the Kashiwazaki-Kariwa plant. - We affirmed our long-term issuer credit rating on Tepco Holdings at '##+' and revised the outlook to negative. - We revised our outlook to negative from stable, based on the factors above. TOKYO (S&P Global Ratings) May 15, 2025--S&P Global Ratings today revised its outlook on its long-term issuer credit rating on Tokyo Electric Power Co. Holdings Inc. (Tepco Holdings) down to negative from stable. We also affirmed our '##+' long-term issuer credit and senior secured ratings. We revised our outlook because we see an over one-in-three chance that Tepco Holdings group will be unable to maintain cash flow generation...

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