Deterioration in Financing Terms Due to Higher Interest Rates and Lower Credit Ratings
First written in FY2016. 20 of 32 entries say "Worsened", first in FY2019-Q3. Latest entry: 2026-08-07.
Tokyu moved to the "Worse" side of this theme in 2020, 5 years before the typical company in this theme (2025).
The whole theme swung hardest in 2025: 12 of 50 companies on the "Worse" side.
17 other companies' latest entry also says "Worsened".
- 2026-08-07WorsenedEarnings presentation
「Interest-bearing debt, balance at period-end 1,384.7 1,456.6 + 71.9 (+ 5.2%)」
The balance of interest-bearing debt at the end of the first quarter increased by ¥71.9 billion from the end of the previous fiscal year, expanding the debt exposure associated with the risk of deteriorating financing terms. - FY2026WorsenedAnnual report
「Of liabilities, interest-bearing debt was ¥1,384.728 billion, up ¥9.3004 billion, and total liabilities were ¥1,963.322 billion, up ¥13.6636 billion.」
Interest-bearing debt increased by ¥9.3004 billion from the end of the previous fiscal year. The company continues measures to contain refinancing risk by diversifying funding sources, increasing the proportion of long-term fixed-rate funding, smoothing repayment maturities and utilizing commercial paper. - FY2026-H1WorsenedAnnual report
「Of liabilities, interest-bearing debt was ¥1,338.876 billion, up ¥4.7152 billion, and total liabilities were ¥1,854.452 billion, up ¥2.7766 billion.」
Interest-bearing debt increased by ¥4.7152 billion from the end of the previous fiscal year, increasing the liability exposure associated with the risk of worsening financing conditions due to higher interest rates and credit-rating downgrades. - FY2025WorsenedAnnual report
「Of liabilities, interest-bearing debt was ¥1,291.723 billion, up ¥3.6196 billion, and total liabilities were ¥1,826.685 billion, up ¥0.5437 billion.」
Interest-bearing debt increased by ¥3.6196 billion from the end of the previous fiscal year. The company continues to diversify funding sources, increase the proportion of long-term fixed-rate funding and smooth repayment maturities to address the risk of worsening financing conditions due to higher interest rates and credit-rating downgrades. - FY2025-H1MitigatedAnnual report
「Of liabilities, interest-bearing debt was ¥1,227.645 billion, down ¥2.7882 billion, and total liabilities were ¥1,740.934 billion, down ¥8.0313 billion.」
Interest-bearing debt at the end of the interim period decreased by ¥2.7882 billion from the end of the previous fiscal year, reducing the liability balance exposed to the risk of worsening financing conditions due to higher interest rates and credit-rating downgrades. - FY2024MitigatedAnnual report
「Of liabilities, interest-bearing debt was ¥1,255.527 billion, down ¥3.1991 billion, and total liabilities were ¥1,822.491 billion, down ¥1.2148 billion.」
Interest-bearing debt decreased by ¥3.1991 billion from the end of the previous fiscal year, and the new medium-term plan also calls for containing refinancing risk by increasing the fixed-rate ratio, extending financing maturities and diversifying funding sources. - FY2024-Q3MitigatedAnnual report
「Of liabilities, interest-bearing debt was ¥1,269.298 billion, down ¥1.821 billion, and total liabilities were ¥1,794.987 billion, down ¥3.9652 billion.」
Interest-bearing debt decreased by ¥1.821 billion from the end of the previous fiscal year, reducing the balance exposed to the risk of worsening financing conditions due to higher interest rates and credit-rating downgrades. - FY2024-Q2MitigatedAnnual report
「Liabilities totaled ¥1.794412 trillion, a decrease of ¥40.227 billion, as interest-bearing debt (*) amounted to ¥1.273564 trillion, a decrease of ¥13.954 billion.」
Interest-bearing debt decreased by ¥13.954 billion from the end of the previous fiscal year, indicating a partial decrease in the balance exposed to the risk of deteriorating financing terms due to higher interest rates and credit-rating downgrades. - FY2023WorsenedAnnual report
「Liabilities totaled ¥1.834639 trillion, an increase of ¥108.399 billion, mainly because interest-bearing debt (*) amounted to ¥1.287519 trillion, an increase of ¥91.762 billion.」
Interest-bearing debt increased by ¥91.762 billion from the end of the previous fiscal year to ¥1.287519 trillion, and the disclosure reported greater liability exposure related to the risk of deteriorating financing terms due to higher interest rates, credit-rating downgrades, and other factors. - FY2023-Q3WorsenedAnnual report
「Liabilities totaled ¥1.761196 trillion, an increase of ¥34.956 billion, as interest-bearing debt (*) amounted to ¥1.224159 trillion, an increase of ¥28.402 billion.」
Interest-bearing debt increased by ¥28.402 billion from the end of the previous fiscal year, and the disclosure reports an increase in the balance exposed to the risk of deteriorating financing terms due to higher interest rates and credit-rating downgrades. - FY2023-Q2WorsenedAnnual report
「Liabilities totaled ¥1.735313 trillion, an increase of ¥9.072 billion, as interest-bearing debt (*) amounted to ¥1.229596 trillion, an increase of ¥33.839 billion, despite decreases in unpaid amounts related to capital expenditures and other items.」
Interest-bearing debt increased by ¥33.839 billion from the end of the previous fiscal year to ¥1.229596 trillion, and the disclosure reports greater exposure to the risk of deteriorating financing terms due to higher interest rates and credit-rating downgrades. - FY2023-Q1WorsenedAnnual report
「Liabilities totaled ¥1.737838 trillion, an increase of ¥11.597 billion, as interest-bearing debt (*) amounted to ¥1.237719 trillion, an increase of ¥41.962 billion, despite decreases in unpaid amounts related to capital expenditures and other items.」
Interest-bearing debt increased by ¥41.962 billion from the end of the previous fiscal year, and the disclosure reports an increase in the balance exposed to the risk of deteriorating financing terms due to higher interest rates and credit-rating downgrades. - FY2022MitigatedAnnual report
「As a result, interest-bearing debt at the end of fiscal 2021 was ¥1.1957 trillion, an increase of ¥13.5 billion from the end of the previous fiscal year. Compared with the target, however, it improved by ¥26 billion due to company-wide reductions in capital expenditures, for which the target was ¥127.7 billion, and higher-than-expected selling prices in the real estate sales business and fixed-asset disposals. In addition, Tokyu EBITDA recovered beyond the target as operating income exceeded assumptions, resulting in an improvement in the interest-bearing debt/Tokyu EBITDA ratio from 10.3x in the original plan to 9.3x.」
The disclosure states that although the balance of interest-bearing debt increased, the interest-bearing debt/Tokyu EBITDA ratio at the end of fiscal 2021 improved from 10.3x in the original plan to 9.3x. - FY2022-Q2WorsenedAnnual report
「Liabilities totaled ¥1.706290 trillion, a decrease of ¥17.231 billion, despite interest-bearing debt (*) amounting to ¥1.200408 trillion, an increase of ¥18.212 billion, mainly because notes and accounts payable decreased.」
Interest-bearing debt increased by ¥18.212 billion from the end of the previous fiscal year, and the disclosure reports an increase in the liability balance exposed to the risk of deteriorating financing terms due to higher interest rates and credit-rating downgrades. - FY2022-Q1WorsenedAnnual report
「Liabilities totaled ¥1.725760 trillion, an increase of ¥2.237 billion, as interest-bearing debt (*) amounted to ¥1.222417 trillion, an increase of ¥40.222 billion, despite decreases in notes and accounts payable.」
Interest-bearing debt increased by ¥40.222 billion from the end of the previous fiscal year, and the disclosure indicates greater exposure to the risk of deteriorating financing terms due to higher interest rates and other factors. - FY2021WorsenedAnnual report
「At the end of fiscal 2020, interest-bearing debt was ¥1.1821 trillion, broadly at the same level as in fiscal 2019. The interest-bearing debt/Tokyu EBITDA ratio, however, deteriorated significantly from the 5.3x target in the previous three-year management plan to 15.8x, reflecting declines in operating income and Tokyu EBITDA due to the deterioration in the business environment.」
The disclosure states that interest-bearing debt remained high and that the debt/Tokyu EBITDA ratio deteriorated from the 5.3x target to 15.8x. - FY2021-Q3WorsenedAnnual report
「Liabilities totaled ¥1.749354 trillion, an increase of ¥21.772 billion, as interest-bearing debt (*) amounted to ¥1.211673 trillion, an increase of ¥60.662 billion, despite decreases in notes and accounts payable.」
Interest-bearing debt increased by ¥60.662 billion from the end of the previous fiscal year, and the disclosure reports an increase in the liability balance exposed to the risk of deteriorating financing terms due to higher interest rates and credit-rating downgrades. - FY2021-Q2WorsenedAnnual report
「Liabilities totaled ¥1.737 trillion, an increase of ¥9.418 billion, as interest-bearing debt (*) amounted to ¥1.224650 trillion, an increase of ¥73.639 billion, despite decreases in notes and accounts payable.」
Interest-bearing debt increased by ¥73.639 billion from the end of the previous fiscal year, and the disclosure reports an increase in the liability balance exposed to the risk of deteriorating financing terms due to higher interest rates and credit-rating downgrades. - FY2021-Q1WorsenedAnnual report
「Liabilities totaled ¥1.725439 trillion, a decrease of ¥2.141 billion, despite interest-bearing debt (*) amounting to ¥1.217807 trillion, an increase of ¥66.796 billion, mainly because notes and accounts payable decreased.」
Interest-bearing debt increased by ¥66.796 billion from the end of the previous fiscal year, and the disclosure reports an increase in the liability balance exposed to the risk of deteriorating financing terms due to higher interest rates and credit-rating downgrades. - FY2020-Q3WorsenedAnnual report
「Liabilities totaled ¥1.694375 trillion, an increase of ¥77.663 billion, mainly because interest-bearing debt (*) amounted to ¥1.127578 trillion, an increase of ¥61.156 billion.」
Interest-bearing debt increased by ¥61.156 billion from the end of the previous fiscal year, and the disclosure reports an increase in the liability balance exposed to the risk of deteriorating financing terms due to higher interest rates and credit-rating downgrades. - FY2020-Q2MitigatedAnnual report
「Liabilities totaled ¥1.647411 trillion, an increase of ¥30.699 billion, mainly because advances received increased, despite interest-bearing debt (*) amounting to ¥1.063390 trillion, a decrease of ¥3.031 billion.」
Interest-bearing debt decreased by ¥3.031 billion from the end of the previous fiscal year, indicating a partial decrease in the liability balance related to higher interest rates and credit-rating downgrades. - FY2020-Q1WorsenedAnnual report
「Liabilities totaled ¥1.615142 trillion, a decrease of ¥1.568 billion, despite interest-bearing debt (*) amounting to ¥1.081706 trillion, an increase of ¥15.284 billion, mainly because unpaid amounts related to capital expenditures decreased.」
Interest-bearing debt increased by ¥15.284 billion from the end of the previous fiscal year, and the disclosure reports an increase in the liability balance exposed to the risk of deteriorating financing terms due to higher interest rates and credit-rating downgrades. - FY2019-Q3WorsenedAnnual report
「Liabilities totaled ¥1.583559 trillion, an increase of ¥70.716 billion, mainly because interest-bearing debt (*) amounted to ¥1.062018 trillion, an increase of ¥92.222 billion.」
Interest-bearing debt increased by ¥92.222 billion from the end of the previous fiscal year, increasing the liability balance exposed to the existing risk of deteriorating financing terms due to higher interest rates and credit-rating downgrades. - FY2016First statedAnnual report
「Because interest-bearing debt (*) is high relative to total assets, we are pursuing fixed-rate funding and restraining interest-bearing debt. However, if market interest rates rise or a rating agency downgrades our credit rating, our group's performance and financial condition may be adversely affected by relatively higher interest expense or deterioration in financing terms.」
Fixed-rate funding and restraint of interest-bearing debt are identified as countermeasures.