TEXT-S&P summary: Tokyo Electric Power Co. Inc.

Wed Nov 21, 2012 2:07am EST

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(The following statement was released by the rating agency)

Nov 21 -

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Summary analysis -- Tokyo Electric Power Co. Inc. ----------------- 21-Nov-2012

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CREDIT RATING: B+/Negative/B Country: Japan

Primary SIC: Electric Services

Mult. CUSIP6: 889107

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Credit Rating History:

Local currency Foreign currency

30-May-2011 B+/B B+/B

13-May-2011 BBB/A-2 BBB/A-2

01-Apr-2011 BBB+/A-2 BBB+/A-2

18-Mar-2011 A+/A-1 A+/A-1

27-Jan-2011 AA-/A-1+ AA-/A-1+

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Issues:

Rating Rating Date

JPY150 bil 4.75% straight mtg bnds ser 423 due

02/28/2014 BB+ 30-May-2011

JPY100 bil 5.00% straight mtg bnds ser 425 due

07/29/2014 BB+ 30-May-2011

JPY100 bil 5.05% mtg bnds ser 426 due 11/28/2014 BB+ 30-May-2011

JPY150 bil 4.10% mtg bnds ser 428 due 05/29/2015 BB+ 30-May-2011

JPY50 bil 3.45% mtg bnds ser 436 due 11/29/2016 BB+ 30-May-2011

JPY50 bil 3.225% straight mtg bnds ser 440 due

07/28/2017 BB+ 30-May-2011

JPY50 bil 3.075% straight mtg bnds ser 441 due

09/22/2017 BB+ 30-May-2011

JPY50 bil 2.775% straight mtg bnds ser 443 due

12/22/2017 BB+ 30-May-2011

JPY50 bil 2.90% straight mtg bnds ser 446 due

03/23/2018 BB+ 30-May-2011

JPY70 bil 2.775% mtg-bckd bnds ser 448 due

04/17/2018 BB+ 30-May-2011

JPY50 bil 2.075% straight mtg bnds ser 455 due

10/23/2018 BB+ 30-May-2011

JPY50 bil 2.05% mtg bnds ser 457 due 11/16/2018 BB+ 30-May-2011

JPY50 bil 2.70% straight mtg bnds ser 459 due

01/29/2019 BB+ 30-May-2011

JPY50 bil 2.80% straight mtg bnds ser 466 due

09/17/2019 BB+ 30-May-2011

JPY100 bil 1.10% bnds ser 498 due 12/13/2012 BB+ 30-May-2011

JPY50 bil 1.115% bnds ser 499 due 12/26/2012 BB+ 30-May-2011

JPY100 bil 0.92% 0.92% bnds ser 501 due

02/14/2013 BB+ 30-May-2011

JPY50 bil 0.96% 0.96% bnds ser 502 due 02/27/2013 BB+ 30-May-2011

JPY50 bil 0.775% 0.775% bnds ser 505 due

04/25/2013 BB+ 30-May-2011

JPY100 bil 0.675% 0.675% bnds ser 506 due

05/30/2013 BB+ 30-May-2011

JPY50 bil 1.47% bnds ser 507 due 10/28/2013 BB+ 30-May-2011

JPY50 bil 1.415% bnds ser 510 due 12/24/2013 BB+ 30-May-2011

EUR1 bil 4.50% bnds ser 4 due 03/24/2014 BB+ 30-May-2011

JPY50 bil 1.615% bnds ser 511 due 05/28/2014 BB+ 30-May-2011

JPY50 bil 1.85% bnds ser 513 due 07/28/2014 BB+ 30-May-2011

JPY50 bil 1.565% bnds ser 514 due 10/29/2014 BB+ 30-May-2011

JPY50 bil 1.435% bnds ser 515 due 02/10/2015 BB+ 30-May-2011

JPY50 bil 1.42% bnds ser 516 due 04/27/2015 BB+ 30-May-2011

JPY50 bil 1.355% bnds ser 517 due 06/15/2015 BB+ 30-May-2011

JPY100 bil 1.36% bnds ser 518 due 08/12/2015 BB+ 30-May-2011

JPY50 bil 1.59% bnds ser 519 due 12/28/2015 BB+ 30-May-2011

JPY50 bil 2.08% bnds ser 520 due 05/31/2016 BB+ 30-May-2011

JPY50 bil 1.97% bnds ser 521 due 06/27/2016 BB+ 30-May-2011

JPY50 bil 2.06% bnds ser 522 due 08/31/2016 BB+ 30-May-2011

JPY50 bil 1.88% bnds ser 523 due 09/28/2016 BB+ 30-May-2011

JPY50 bil 1.795% bnds ser 524 due 03/14/2017 BB+ 30-May-2011

JPY50 bil 1.73% bnds ser 525 due 03/28/2017 BB+ 30-May-2011

JPY50 bil 1.78% bnds ser 526 due 05/31/2017 BB+ 30-May-2011

JPY50 bil 1.50% bnds ser 527 due 05/30/2014 BB+ 30-May-2011

JPY50 bil 1.905% bnds ser 528 due 06/13/2019 BB+ 30-May-2011

JPY50 bil 2.025% bnds ser 529 due 07/25/2017 BB+ 30-May-2011

JPY50 bil 1.945% bnds ser 530 due 08/28/2017 BB+ 30-May-2011

JPY100 bil 1.845% bnds ser 531 due 09/25/2017 BB+ 30-May-2011

JPY50 bil 1.75% bnds ser 532 due 09/28/2017 BB+ 30-May-2011

JPY50 bil 1.55% bnds ser 533 due 10/29/2014 BB+ 30-May-2011

JPY50 bil 2.055% bnds ser 534 due 10/29/2019 BB+ 30-May-2011

JPY50 bil 1.772% bnds ser 535 due 11/30/2017 BB+ 30-May-2011

JPY50 bil 1.672% bnds ser 536 due 01/29/2018 BB+ 30-May-2011

JPY50 bil 1.814% bnds ser 537 due 02/28/2020 BB+ 30-May-2011

JPY50 bil 1.591% bnds ser 539 due 03/28/2018 BB+ 30-May-2011

JPY50 bil 1.094% bnds ser 541 due 04/25/2013 BB+ 30-May-2011

JPY50 bil 1.64% bnds ser 540 due 04/25/2018 BB+ 30-May-2011

JPY50 bil 1.602% bnds ser 542 due 04/25/2018 BB+ 30-May-2011

JPY50 bil 1.976% bnds ser 544 due 06/25/2018 BB+ 30-May-2011

JPY50 bil 1.849% bnds ser 545 due 07/25/2018 BB+ 30-May-2011

JPY50 bil 1.505% bnds ser 546 due 07/22/2014 BB+ 30-May-2011

JPY50 bil 1.948% bnds ser 547 due 07/24/2020 BB+ 30-May-2011

JPY60 bil 2.347% bnds ser 548 due 09/29/2028 BB+ 30-May-2011

JPY50 bil 1.699% bnds ser 549 due 10/17/2018 BB+ 30-May-2011

JPY50 bil 2.401% bnds ser 551 due 11/28/2028 BB+ 30-May-2011

JPY30 bil 1.202% bnds ser 552 due 12/19/2013 BB+ 30-May-2011

JPY50 bil 2.205% bnds ser 553 due 02/27/2029 BB+ 30-May-2011

JPY30 bil 1.113% 6-year bnds ser 555 due

05/29/2015 BB+ 30-May-2011

JPY30 bil 1.608% 10-year bnds ser 554 due

05/29/2019 BB+ 30-May-2011

JPY30 bil 0.923% bnds ser 557 due 07/16/2015 BB+ 30-May-2011

JPY30 bil 1.63% bnds ser 556 due 07/16/2021 BB+ 30-May-2011

JPY30 bil 1.425% bnds ser 558 due 09/30/2019 BB+ 30-May-2011

JPY30 bil 1.377% bnds ser 559 due 10/29/2019 BB+ 30-May-2011

JPY35 bil 2.114% bnds ser 560 due 12/10/2029 BB+ 30-May-2011

CHF300 mil 2.125% bnds ser 17 due 03/24/2017 BB+ 30-May-2011

PY40 bil 1.48% bnds ser 562 due 04/28/2020 BB+ 30-May-2011

JPY30 bil 0.643% bnds ser 561 due 04/28/2015 BB+ 30-May-2011

JPY25 bil 2.366% bnds ser 564 due 05/28/2040 BB+ 30-May-2011

JPY30 bil 1.39% bnds ser 563 due 05/28/2020 BB+ 30-May-2011

JPY30 bil 1.313% bnds ser 565 due 06/24/2020 BB+ 30-May-2011

JPY30 bil 1.222% bnds ser 566 due 07/29/2020 BB+ 30-May-2011

JPY20 bil 1.958% bnds ser 567 due 07/29/2030 BB+ 30-May-2011

JPY30 bil 1.155% bnds ser 568 due 09/08/2020 BB+ 30-May-2011

JAPANESE CP prog auth amt JPY800 bil B 30-May-2011

Rationale

The ratings on Japan-based electric power utility company Tokyo Electric Power Co. Inc. (TEPCO; B+/Negative/B) reflect our opinion that the company's business and financial risk profiles have deteriorated dramatically and the company continues to face significant difficulties following the Great East Japan Earthquake, tsunami, and the nuclear crisis at its Fukushima No. 1 power plant in March 2011.

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