Moody's Downgrades TEPCO From A1 To Baa1

Tyler Durden's picture

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JohnnieWalker's picture

Yet another nationalization on the way - if not already secured behind closed doors.
Get off the Blue Label Moody's - TEPCO's debt should be downgraded to 'radioactive - do not touch!'

spiral_eyes's picture

i want to buy some options on some geiger counter futures. i think long becquerels, short treasuries.

MonsterBox's picture

yeah, a rating of a dead carp on the road.  Sure, TEPCO has "tried" to fix things but the only product I've seen is long string of misleading statements.  Success here would've measured by their actually resolving this crisis, early, before things began to blow up and cores melted.

Somehow, their lack of planning, engineering diligence & risk management is morphing into everyone else's problem.  Now their gooberment is going to shelter TEPCO's execs and share holders by nationalizing them and preventing the injured from suing them.

just great...

101 years and counting's picture

bernanke just got wood:

"These costs will inevitably increase TEPCO's already high debt leverage and could result in substantial rate increases that its residential and industrial customers may not be able to tolerate over the near term. "

bob_dabolina's picture

Estimates just for the Chernobyl accident for Ukraine was $4,000,000,000 which according to the inflation calc. I used states that adjusted for inflation = $8,076,970,076

For what a what it's worth comparrison.

I think Fukushima will be far more expensive to clean up...anyone hear the reports of thousands of radioctive bodies so radiated they can't even be removed yet, or even buried?

no bueno

Of course TEPCO will be nationalized.

max2205's picture

they should have waited till April when they could rate them Caa

Who actually pays these guys for such crap services

lizzy36's picture

Yet still IG.

Same as Lehman and Enron.....

MsCreant's picture

Good morning Lizzy,

We are all enron now.

knukles's picture

LOL
Why even bother?

Reptil's picture

Using the word "decommissioning" is preposterous. At least in the Dai ichi plant. (all 6 reactors and surrounding buildings) Given the contamination (that will continue to leak from the #1 core, and possible more) it'll be not possible to salvage anything there.

They'd be VERY lucky if they don't lose most of Northern Japan. Pray the weather remains offshore.

http://www.fairewinds.com/multimedia

oogs66's picture

Net income for Tepco

2007   262 billion yen

2008   -177

2009   -113

2010   102

 

So 4 year total is barely positive, but all is good, still investment grade.

f16hoser's picture

Just an opinion, RIGHT????? I wish I could make millions voicing my opinions!

TaxEstate's picture

Wow, they sure were on top of that one.

johnnymustardseed's picture

Hope they didn't spend a lot of time figuring that out

flrzero's picture

As a recent TEPCO customer, it boggles the mind that these jokers aren't making money hand over fist. Our recent bill: 750 kWh total and the bill is JPY 18,000. They even issue two bills: one for the HVAC and one for the general electric service and each has something like JPY 2300 in basic service fee if I am deciphering the kanji correctly.

We have central heating with air source heat pump for winter heat. The house has gas for hot water heating. With these ridiculous electric rates it is rather surprising that they don't use gas heating. Well, the gas ain't cheap either.

I like having lights on in the house or I would happily not pay my bill in protest over the Fukushima situation.......