Japan's Utility Companies Power On Despite Downward Pressure Mar 10

Standard & Poors, March 2010

Abstract
Despite the dual pressures of slumped demand and heavy investment burdens, Standard & Poor's Ratings Services believes that Japan's major electric power companies (EPCOs) and gas companies will be able to maintain relatively stable financial performance amid the severe economic climate. Although we do not see the credit quality of the domestic EPCOs and gas companies changing substantially, the ratings on the companies are subject to constraints imposed by the credit rating of the sovereign. As such, we revised to negative from stable the outlooks on the long-term corporate credit ratings on five Japanese EPCOs and two gas utility companies, following our revision to negative from stable of the outlook on the long-term rating on Japan (AA/Negative/A-1+) on Jan. 26,...

Companies mentioned in this report are: Tokyo Electric Power Co. Inc.,Osaka Gas Co. Ltd.,Chubu Electric Power Co. Inc.,Chugoku Electric Power Co. Inc.,Shikoku Electric Power Co. Inc.,Tokyo Gas Co. Ltd.,Electric Power Development Co. Ltd.,Okinawa 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.,Osaka Gas Co. Ltd.,Chubu Electric Power Co. Inc.,Chugoku Electric Power Co. Inc.,Shikoku Electric Power Co. Inc.,Tokyo Gas Co. Ltd.,Electric Power Development Co. Ltd.,Okinawa Electric Power Co. Inc.

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