S&P upgrades J-Power

S&P said it raised the long-term corporate credit rating on Electric Power Development Co. Ltd. (J-Power) by one notch to A, along with its senior unsecured debt ratings to A.

The upgrade is based on a view that improving creditworthiness among Japan's electric power companies, which has further steadied J-Power's credit quality, S&P said.

The outlook is stable.

Supply of electricity to Japan's 10 domestic electric power companies with which J-Power has long-term contracts, accounts for most of the company's core electricity wholesale business, the agency said.

Accordingly, S&P said it indirectly reflected their creditworthiness as a counterparty risk in the assessment of J-Power's credit quality.

J-Power plays a crucial role in providing a stable supply of electricity in Japan as a wholesale power provider, the agency said.

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