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*Standard & Poor's Upgrades NYK And MOL Ratings
= Improved financial conditions and increased capital positively evaluated
  Standard and Poor's Rating Services, the world's foremost provider of independent credit ratings, upgraded the ratings on two Japanese shipping companies - NYK Line and Mitsui O.S.K. Lines on October 27. The upgrades have been motivated in that both of them have ensured medium - to long-term business stamina being upheld by the increasing seaborne cargo tonnage in the historical strong ocean transportation markets.

  NYK Line's rating was raised from "BBB-" to "BBB", and Mitsui O.S.K. Lines's from "BB+" to BBB-".

  The upgrades of the two reflect improvement in their financial profiles as a result of reduced debt, increased capital, improved business efficiencies in their liner services, and the lower likelihood of fierce price competition in liner business due to the formation of global alliances.
last modified : Tue 02 November, 2004 [10:04]
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