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Tepco's credit rating cut to junk

Tuesday, May 31, 2011 - 01:22

May 31 - Standard & Poor's cuts Tokyo Electric Power's credit rating to junk status, saying the power utility's lenders may be forced to write-off debt. Toshi Maeda reports.

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Rating agency Standard and Poor's cut the credit rating on Tokyo electric power to junk status saying utilities -- -- would likely be forced to write off debt. S&P lowered the long term credit rating of Asia's largest power company known as -- by five Nazis from two will be -- -- plus. The downgrade comes at a time when teppco is struggling to come up with fund to compensate victims of the ongoing nuclear crisis added that consumer power plant. The government has set up an emergency fund with taxpayer money but the plan has not receive parliamentary approval yet. Tokyo also believes public support for the -- his -- likely would banks agree to write off some of tech goes debts. SNB calls a restructuring to tip those bank -- -- selective default and says such a scenario is looking increasingly likely as the nation's politicians put pressure on banks to share the financial burden. The rating agency says its default on the utilities 62 billion dollars in corporate bonds is less likely and the restructuring of bank debt. -- is Japan's largest corporate bond be sure and it's dad is widely held by financial institutions. Plus in -- Reuters Tokyo.

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Tepco's credit rating cut to junk

Tuesday, May 31, 2011 - 01:22