TEPCO's Creditworthiness Hinges On Details And Timing Of Japan's Restructuring Plan Nov 11
Standard & Poors, November 2011
Abstract
Japan's government on Nov. 4, 2011, approved a request from Tokyo Electric Power Co. Inc. (TEPCO; B+/Watch Dev/B) for financial assistance and is providing the company with around -1 trillion in funds, which should improve its current liquidity and the net worth of its balance sheet. While Standard & Poor's Rating Services believes this is positive for TEPCO's financial health, the details and timing of further support that the government is currently reviewing, such as increased electricity tariffs, are critical to TEPCO's creditworthiness. TEPCO and the state-backed Nuclear Damage Compensation Facilitation Corp. (NDCFC; not rated) are currently developing a plan to restructure the stricken company amid the ongoing nuclear disaster that began at its Fukushima No. 1 nuclear power plant...
Companies mentioned in this report are: Tokyo Electric Power Co. Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Tokyo Electric Power Co. Inc.
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