Changes in Interest-Bearing Debt, Interest Rates and Credit Ratings
First written in FY2018. 26 of 30 entries say "Worsened", first in FY2019. Latest entry: 2026-10-30.
The Okinawa Electric Power Company moved to the "Worse" side of this theme in 2021, 2 years before the typical company in this theme (2023).
The whole theme swung hardest in 2025: 10 of 32 companies on the "Worse" side.
13 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「The group's interest-bearing debt stood at ¥320.2 billion as of 31 March 2026, and the group's results may be affected by fluctuations in funding costs resulting from future movements in market interest rates and changes in credit ratings.」
The interest-bearing debt balance increased from ¥310.1 billion in the previous fiscal year to ¥320.2 billion, increasing exposure to fluctuations in interest rates and credit ratings. The disclosure also states that the impact is limited because most of the debt is raised at fixed interest rates. - FY2026-H1WorsenedAnnual report
「Liabilities increased by ¥14.506 billion, or 3.8%, from the end of the previous consolidated fiscal year to ¥391.367 billion, mainly due to an increase in interest-bearing debt.」
Total liabilities increased 3.8% from the end of the previous fiscal year, mainly due to an increase in interest-bearing debt, and the disclosure noted increased exposure related to funding and interest rates. - FY2025WorsenedAnnual report
「The group's interest-bearing debt stood at ¥310.1 billion as of 31 March 2025, and the group's results may be affected by fluctuations in funding costs resulting from future movements in market interest rates and changes in credit ratings.」
The interest-bearing debt balance increased from the ¥295.8 billion reported for the previous fiscal year to ¥310.1 billion. At the same time, the disclosure states that the impact of interest rate fluctuations is limited because most of the debt is raised at fixed interest rates. - FY2025-H1WorsenedAnnual report
「Liabilities increased by ¥9.814 billion, or 2.6%, from the end of the previous consolidated fiscal year to ¥389.654 billion, mainly due to an increase in interest-bearing debt.」
Total liabilities increased from the end of the previous consolidated fiscal year, mainly due to an increase in interest-bearing debt, and the disclosure noted increased exposure related to funding and interest rates. - FY2024WorsenedAnnual report
「The group's interest-bearing debt stood at ¥295.8 billion as of 31 March 2024, and the group's results may be affected by fluctuations in funding costs resulting from future movements in market interest rates and changes in credit ratings.」
The interest-bearing debt balance increased from the ¥284.2 billion reported for the previous fiscal year to ¥295.8 billion, increasing exposure to fluctuations in interest rates and credit ratings. - FY2024-Q3Total liabilities decreasedAnnual report
「Liabilities decreased by ¥856 million, or 0.2%, from the end of the previous consolidated fiscal year to ¥365.194 billion, mainly due to decreases in notes payable and accounts payable.」
Total liabilities decreased from the end of the previous consolidated fiscal year. Meanwhile, balances of bonds and long-term borrowings increased, leaving funding exposure in place. - FY2024-Q2WorsenedAnnual report
「Liabilities increased by ¥12.164 billion, or 3.3%, from the end of the previous consolidated fiscal year to ¥378.214 billion, mainly due to an increase in interest-bearing debt.」
Total liabilities increased 3.3% from the end of the previous fiscal year, mainly due to an increase in interest-bearing debt, and exposure related to funding and interest rates continued to increase. - FY2024-Q1WorsenedAnnual report
「Liabilities increased by ¥20.108 billion, or 5.5%, from the end of the previous consolidated fiscal year to ¥386.159 billion, mainly due to an increase in interest-bearing debt.」
Total liabilities increased 5.5% from the end of the previous fiscal year, mainly due to an increase in interest-bearing debt, and exposure related to funding and interest rates continued to increase. - FY2023WorsenedAnnual report
「The group's interest-bearing debt stood at ¥284.2 billion as of 31 March 2023, and the group's results may be affected by fluctuations in funding costs resulting from future movements in market interest rates and changes in credit ratings.」
Funding to address soaring fuel prices and other factors resulted in the interest-bearing debt balance being quantified at ¥284.2 billion as of 31 March 2023, increasing exposure to fluctuations in interest rates and credit ratings. - FY2023-Q3WorsenedAnnual report
「Liabilities increased by ¥74.890 billion, or 26.3%, from the end of the previous consolidated fiscal year to ¥360.122 billion, mainly due to an increase in interest-bearing debt.」
Total liabilities increased 26.3% from the end of the previous fiscal year, mainly due to an increase in interest-bearing debt, further expanding from the increase in the previous quarter. - FY2023-Q2WorsenedAnnual report
「Liabilities increased by ¥58.575 billion, or 20.5%, from the end of the previous consolidated fiscal year to ¥343.807 billion, mainly due to an increase in interest-bearing debt.」
Total liabilities increased 20.5% from the end of the previous fiscal year, mainly due to an increase in interest-bearing debt, and the disclosure noted increased exposure related to funding and interest rates. - FY2023-Q1WorsenedAnnual report
「Liabilities increased by ¥29.664 billion, or 10.4%, from the end of the previous consolidated fiscal year to ¥314.896 billion, mainly due to an increase in interest-bearing debt.」
Total liabilities increased by ¥29.664 billion from the end of the previous consolidated fiscal year, mainly due to an increase in interest-bearing debt, and the disclosure noted increased exposure related to funding and interest rates. - FY2022-Q3WorsenedAnnual report
「Liabilities increased by ¥20.264 billion, or 7.7%, from the end of the previous consolidated fiscal year to ¥284.222 billion, mainly due to an increase in interest-bearing debt.」
Total liabilities increased by ¥20.264 billion from the end of the previous consolidated fiscal year, mainly due to an increase in interest-bearing debt, and the disclosure noted increased exposure related to interest rates and funding. - FY2022-Q2WorsenedAnnual report
「Liabilities increased by ¥15.294 billion, or 5.8%, from the end of the previous consolidated fiscal year to ¥279.251 billion, mainly due to an increase in interest-bearing debt.」
Total liabilities increased from the end of the previous consolidated fiscal year, mainly due to an increase in interest-bearing debt, and the disclosure noted increased exposure to fluctuations in interest-bearing debt, interest rates and credit ratings. - FY2022-Q1WorsenedAnnual report
「Liabilities increased by ¥12.550 billion, or 4.8%, from the end of the previous consolidated fiscal year to ¥276.508 billion, mainly due to an increase in interest-bearing debt.」
Total liabilities increased by ¥12.550 billion from the end of the previous consolidated fiscal year, mainly due to an increase in interest-bearing debt. - FY2021WorsenedAnnual report
「The group's interest-bearing debt stood at ¥187.3 billion as of 31 March 2021, and the group's results may be affected by fluctuations in funding costs resulting from future movements in market interest rates and changes in credit ratings.」
The interest-bearing debt balance increased from the ¥180.8 billion reported for the previous fiscal year to ¥187.3 billion. The disclosure that the impact of interest rate fluctuations is limited because most of the debt is raised at fixed interest rates has also been retained. - FY2021-Q2MitigatedAnnual report
「Liabilities decreased by ¥1.007 billion, or 0.4%, from the end of the previous consolidated fiscal year to ¥252.071 billion, mainly due to a decrease in interest-bearing debt.」
Total liabilities decreased from the end of the previous consolidated fiscal year due to a decline in interest-bearing debt. - FY2021-Q1WorsenedAnnual report
「Liabilities increased by ¥8.329 billion, or 3.3%, from the end of the previous consolidated fiscal year to ¥261.408 billion, mainly due to an increase in interest-bearing debt.」
An increase in interest-bearing debt from the end of the previous consolidated fiscal year was disclosed, and total liabilities also increased. No specific figures were provided for the interest-bearing debt balance or the impact of interest rates. - FY2020MitigatedAnnual report
「The group's interest-bearing debt stood at ¥180.8 billion as of 31 March 2020, and the group's results may be affected by fluctuations in funding costs resulting from future movements in market interest rates and changes in credit ratings. However, as most of the interest-bearing debt is raised at fixed interest rates, the impact of interest rate fluctuations on results is considered limited.」
The interest-bearing debt balance edged down from the ¥180.9 billion reported for the previous fiscal year to ¥180.8 billion. The disclosure that the impact is limited because most of the debt is raised at fixed interest rates has also been retained. - FY2020-Q3WorsenedAnnual report
「As of the end of the cumulative third-quarter consolidated period under review, assets increased by ¥10.983 billion, or 2.8%, from the end of the previous consolidated fiscal year to ¥410.087 billion, mainly due to increases in inventories, cash and deposits. Liabilities increased by ¥3.783 billion, or 1.5%, to ¥250.484 billion, mainly due to an increase in commercial paper.」
Liabilities increased by ¥3.783 billion from the end of the previous consolidated fiscal year, mainly due to an increase in commercial paper. - FY2020-Q1WorsenedAnnual report
「Liabilities increased by ¥14.449 billion, or 5.9%, from the end of the previous consolidated fiscal year to ¥261.149 billion, mainly due to an increase in interest-bearing debt.」
An increase in interest-bearing debt was disclosed at the end of the first quarter of the consolidated fiscal year under review, and total liabilities increased from the end of the previous consolidated fiscal year. - FY2019WorsenedAnnual report
「The group's interest-bearing debt stood at ¥180.9 billion as of 31 March 2019, and the group's results may be affected by fluctuations in funding costs resulting from future movements in market interest rates and changes in credit ratings.」
The interest-bearing debt balance increased from the ¥177.3 billion reported for the previous fiscal year to ¥180.9 billion. At the same time, the disclosure states that the impact of interest rate fluctuations is limited because most of the debt is raised at fixed interest rates. - FY2018First statedAnnual report
「The group's interest-bearing debt stood at ¥177.3 billion as of 31 March 2018, and the group's results may be affected by fluctuations in funding costs resulting from future movements in market interest rates and changes in credit ratings. However, as most of the interest-bearing debt is raised at fixed interest rates, the impact of interest rate fluctuations on results is considered limited.」
The interest-bearing debt balance was quantified at ¥177.3 billion, and the risk of changes in funding costs due to market interest rates and credit rating changes, as well as the limited impact resulting from fixed-rate funding, was described.