Tepco Holdings Outlook Revised To Negative On Dim Profit Prospects; 'BB+/B' Ratings Affirmed

Fierce competition in the electricity retail market has substantially eroded the Tepco Holdings group's ability to generate earnings. We see a heightened likelihood it will not quickly recover its ability to generate profit at levels commensurate with the ratings, because of continued harsh business conditions and uncertain prospects for a swift restart of its Kashiwazaki-Kariwa nuclear power plant. We revised to negative from stable the outlook on our long-term issuer credit rating on the company and affirmed the 'BB+' long-term and 'B' short-term issuer credit ratings. TOKYO (S&P Global Ratings) May 17, 2022--S&P Global Ratings today revised down to negative from stable the outlook on its 'BB+' long-term issuer credit rating on Tokyo Electric Power Co. Holdings Inc. (Tepco Holdings).

...May 17, 2022 - Fierce competition in the electricity retail market has substantially eroded the Tepco Holdings group's ability to generate earnings. - We see a heightened likelihood it will not quickly recover its ability to generate profit at levels commensurate with the ratings, because of continued harsh business conditions and uncertain prospects for a swift restart of its Kashiwazaki-Kariwa nuclear power plant. - We revised to negative from stable the outlook on our long-term issuer credit rating on the company and affirmed the '##+' long-term and 'B' short-term issuer credit ratings. TOKYO (S&P Global Ratings) May 17, 2022--S&P Global Ratings today revised down to negative from stable the outlook on its '##+' long-term issuer credit rating on Tokyo Electric Power Co. Holdings Inc. (Tepco Holdings). We affirmed the '##+' long-term and 'B' short-term issuer and issue credit ratings on Japan's largest electric power company and its debt. We revised the outlook because we see an at least...

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