Tepco Rating Slashed to Junk by Moody’s, Matching S&P Downgrade
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Tokyo Electric Power Co., battling the worst nuclear crisis since Chernobyl, had its credit rating cut four steps to junk status by Moody’s Investors Service as costs related to the Fukushima disaster escalated.
Moody’s lowered its long-term debt rating to B1 from Baa3 yesterday and said the ranking may be reduced further. The cut follows a May 16 downgrade by the ratings company and matches the ranking by Standard & Poor’s Ratings Services, which slashed its assessment of the utility’s debt by five levels on May 30.