Standard & Poor's downgrades Japan's TEPCO

Rating agency Standard and Poor's on Monday downgraded TEPCO, the operator of Japan's stricken Fukushima nuclear plant, in light of the company's worsening credit profile.S&P said in a statement that it lowered Tokyo Electric Power Co.'s long-term corporate credit rating to B+ from BBB and its short-term corporate credit rating to B from A-2.The move was "reflecting our view that there is an increasing likelihood that lender banks could undertake some form of restructuring of TEPCO's borrowings, in light of TEPCO's worsening stand-alone credit profile."

Just over two years ago, we reported that "The Farce Is Complete: S&P Downgrades Moody's To BBB+ From A-2", or in other words, one rating agency downgraded another rating agency, with the following rationale: "While we believe it is likely that the new pleading standard will lead to an increase in litigation-related costs at Moody's and therefore poses an element of risk, whether the new pleading standard may increase the likelihood of successful litigation against Moody's will be determined in the

Ratings agency Moody's on Monday downgraded TEPCO, the operator of Japan's stricken Fukushima nuclear plant, to below investment grade, warning the rating was on review for further possible action.The Japanese unit of the major US credit rating firm said it downgraded Tokyo Electric Power's senior secured debt rating to Ba2 from Baa2. It also downgraded TEPCO's long-term issuer rating to B1 from Baa3.

Ratings agency Moody's on Monday again downgraded TEPCO, the operator of Japan's stricken Fukushima nuclear plant, and warned the rating would remain on review for further possible action.The agency said it downgraded Tokyo Electric Power's senior secured debt by one notch to Baa2. It also downgraded TEPCO's long-term issuer rating two notches to Baa3 from Baa1.It was its third downgrade of Asia's biggest utility since the March 11 earthquake.

Rating agency Standard & Poor's on Tuesday downgraded Libya's sovereign debt rating, a day after its counterpart Fitch did the same amid growing unrest in the oil-rich nation.Standard & Poor's lowered its long-term Libya rating from A- to BBB+, while also placing it on creditwatch with a view to a further downgrade in the near future."We expect that the violent outbreaks of civil unrest seen in Libya's eastern region, and particularly the city of Benghazi, of the past few days will persist," the rating agency said in its report.

International ratings agency Standard and Poor's said Wednesday that it has downgraded Greece's long-term credit rating because of the deterioration in the country's finances.SP said it cut its rating on Greece to 'BBB+' from 'A-' and left the country on CreditWatch negative, meaning it could be lowered further."The downgrade reflects our opinion that the measures the Greek authorities have recently announced to reduce the high fiscal deficit are unlikely, on their own, to lead to a sustainable reduction in the public debt burden," it said in a statement.

Oilprice.com submits: By John Daly The year 2011 will go down for the nuclear industry worldwide as an annus horribilis.First came the March Fukushima nuclear disaster, with operator Tokyo Electric Power Co. (TKECF.PK) belatedly acknowledging that three of the facility’s six reactors did, in fact, suffer core meltdowns.