TEPCO Holdings Rated 'BB-/B', Outlook Positive, Bonds 'BB+'; TEPCO Ratings Affirmed, 'BB-/B' Credit Ratings Withdrawn

On April 1, 2016, TEPCO became an operating holding company, TEPCO Holdings, under which three subsidiaries operate. We are assigning our 'BB-' long-term and 'B' short-term corporate credit ratings to TEPCO Holdings. We are also assigning our 'BB+' long-term ratings to the bonds that TEPCO Holdings inherited from TEPCO. At the same time, we are revising to positive from stable the outlook on our long-term corporate credit ratings on TEPCO. We are also affirming our 'BB-' long- and 'B' short-term corporate credit ratings on TEPCO and our 'BB+' long-term issue ratings on TEPCO's senior secured general mortgage bonds and 'B' short-term issue rating. Then we are withdrawing our corporate credit ratings on TEPCO. Prior to withdrawal, we are confirming our

...+ On April 1, 2016, TEPCO became an operating holding company, TEPCO Holdings, under which three subsidiaries operate. + We are assigning our '##-' long-term and 'B' short-term corporate credit ratings to TEPCO Holdings. We are also assigning our '##+' long-term ratings to the bonds that TEPCO Holdings inherited from TEPCO. + At the same time, we are revising to positive from stable the outlook on our long-term corporate credit ratings on TEPCO. We are also affirming our '##-' long- and 'B' short-term corporate credit ratings on TEPCO and our '##+' long-term issue ratings on TEPCO's senior secured general mortgage bonds and 'B' short-term issue rating. Then we are withdrawing our corporate credit ratings on TEPCO. + Prior to withdrawal, we are confirming our stand-alone credit profile (SACP) for TEPCO and our view that the likelihood of extraordinary government support remains high. + The outlook revision on TEPCO reflects our view that the company had the potential to successfully stabilize...

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