Renova's Rating Upgraded on Stronger Cash Flow and Storage Battery Growth

MT Newswires Live

08/18

Renova (TYO:9519) has received a one-notch credit rating upgrade from Japan Credit Rating Agency (JCR), moving its long-term issuer rating from BBB to BBB+ with a stable outlook.

The upgrade, disclosed on Aug. 18, reflects improved cash flow generation and stronger financial soundness driven by the full-scale operation of large-scale biomass power plants.

JCR also recognized the growth potential of RENOVA's storage battery business, which is expected to diversify future revenue sources and reinforce its renewable energy foundation.

The company's bonds were also upgraded to BBB+ in line with the issuer rating.

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