Moody’s cuts TEPCO credit rating after today’s news about Reactors No. 2 and 3, saying damage at plant “appears worse than previously indicated”

Published: May 16th, 2011 at 10:28 am ET
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Tepco Says Fuel in 2 Reactors May Have Melted, Bloomberg by Michio Nakayama and Yuji Okada, May 16, 2011:

Tokyo Electric Power Co. said fuel in other reactors at its damaged nuclear plant may have melted, after confirming rods in the No. 1 unit had fallen from their assembly [...]

Moody’s Japan K.K. cut Tepco’s credit ratings and put it on review for further possible downgrade after today’s news [...]

Moody’s cut senior secured rating by one step to Baa2 from Baa1 and long-term issuer rating to Baa3 from Baa1, saying that damage at the plant appears worse than previously indicated. The agency cut its short-term rating for commercial paper to Not Prime from Prime-2. It was the third downgrade since the disaster.

See also: Tepco says fuel in Reactors No. 2 and 3 may have melted — Announcement about the two reactors “will be made later”

Published: May 16th, 2011 at 10:28 am ET
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