Decision and Details
Change in credit ratings (upgrade)
The ratings were assigned in recognition of the improved cash flow generation capacity as the large-scale biomass power plants move into full-scale operation and strengthened financial soundness, as well as in anticipation of expanded future sources of earnings through the growth of the energy storage business and a stronger foundation for the renewable energy business.
The improved cash flow generation capacity as the large-scale biomass power plants move into full-scale operation and the expansion of future sources of earnings were positively assessed.
| Item | Details |
|---|---|
| Matter Covered | Change in credit ratings (upgrade) |
| Decision Date | 18 August 2026 (rating announcement date) |
| Implementation Date | 18 August 2026 (already announced) |
| Quantity / scale | Upgrade by 1 notch; long-term issuer rating: from BBB to BBB+; bond rating: from BBB to BBB+; rating outlook: from Positive to Stable |
| Impact on Business Performance | The improved cash flow generation capacity as the large-scale biomass power plants move into full-scale operation and the expansion of future sources of earnings were positively assessed. |
| Reason | The ratings were assigned in recognition of the improved cash flow generation capacity as the large-scale biomass power plants move into full-scale operation and strengthened financial soundness, as well as in anticipation of expanded future sources of earnings through the growth of the energy storage business and a stronger foundation for the renewable energy business. |
| Future plans | Under Medium-Term Management Plan 2030, the Company will strengthen its financial soundness while expanding earnings capacity and improving capital efficiency. |
Items this document does not state (5)
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The upgrade reflects the improved cash flow generation capacity as the large-scale biomass power plants move into full-scale operation, strengthened financial soundness, expanded future sources of earnings through the growth of the energy storage business, and a stronger foundation for the renewable energy business.