S&P pulls Tokyo Gas from watch

S&P said it affirmed Tokyo Gas Co. Ltd.’s AA- ratings and removed them from CreditWatch with negative implications, where they were placed on Nov. 5. The outlook is negative.

“The negative outlook reflects our view of an at least one-in-three chance that Tokyo Gas' key financial ratios will deteriorate beyond our assumptions in the next one to two years without recovering swiftly. This could occur because of intensifying competition in the gas utility business, an increasing impact of its volatile unregulated businesses on overall performance, or aggressive growth investments,” S&P said in a press release.

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