When we looked at TEPCO last two days ago, we said that as a result of the catastrophe in Fukushima its CDS which then had jumped by 90 bps to 133 bps, "we expect this number will soon be at multiples as the fall out to the company is increasingly exposed to the market." Alas, as predicted, the CDS is now trading 390-440 and will likely go points up very soon. Recall that the utility has over $90 billion in debt, which may or may not be nationalized, but any "conservatorship" treatment will likely trigger restructuring clauses. And the latest news out of Kyodo goes from bad to worse for the electric company: "TEPCO unable to pour water into No. 4 reactor's storage pool for spent fuel."