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Moody's Downgrades TEPCO From A1 To Baa1

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Thu, 03/31/2011 - 08:30 | 1120821 JohnnieWalker
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!'

Thu, 03/31/2011 - 08:34 | 1120837 spiral_eyes
spiral_eyes's picture

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

Thu, 03/31/2011 - 09:04 | 1120931 MonsterBox
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...

Thu, 03/31/2011 - 08:32 | 1120824 bugs_
bugs_'s picture

Deep Shah

Thu, 03/31/2011 - 08:32 | 1120825 101 years and c...
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. "

Thu, 03/31/2011 - 08:37 | 1120841 bob_dabolina
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.

Thu, 03/31/2011 - 08:40 | 1120849 max2205
max2205's picture

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

Who actually pays these guys for such crap services

Thu, 03/31/2011 - 08:41 | 1120853 lizzy36
lizzy36's picture

Yet still IG.

Same as Lehman and Enron.....

Thu, 03/31/2011 - 08:51 | 1120891 MsCreant
MsCreant's picture

Good morning Lizzy,

We are all enron now.

Thu, 03/31/2011 - 08:44 | 1120867 knukles
knukles's picture

Why even bother?

Thu, 03/31/2011 - 08:45 | 1120870 Reptil
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.


Thu, 03/31/2011 - 08:51 | 1120895 oogs66
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.

Thu, 03/31/2011 - 08:55 | 1120918 f16hoser
f16hoser's picture

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

Thu, 03/31/2011 - 09:03 | 1120941 TaxEstate
TaxEstate's picture

Wow, they sure were on top of that one.

Thu, 03/31/2011 - 09:25 | 1121023 johnnymustardseed
johnnymustardseed's picture

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

Thu, 03/31/2011 - 11:20 | 1121457 krispkritter
Thu, 03/31/2011 - 12:49 | 1121800 flrzero
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.......


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