S&P Raised NYK Long-Term Rating to 'BBB' from 'BBB-'
October 27, 2004
Nippon Yusen Kaisha (NYK) today announced that Standard & Poor's raised the Company's long-term rating to 'BBB/Stable' from 'BBB-/Positive.' Standard & Poor's said the reasons for the upgrade reflect improvement in the financial profile as a result of reduced debt, increased capital, improved business efficiencies in its liner services and the lower likelihood of fierce price competition in liner business due to the formation of global alliances.
NYK's Long-Term Ratings| Rating and Investment Information, Inc. | AA- |
| Japan Credit Rating Agency | AA- |
| Moodys | Baa2 (Under review for upgrade) |
| Standard and Poor's | BBB |
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