TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today announced that the company's long-term debt rating from Moody's has been upgraded two notches from Ba1 to Baa2 (stable), effective November 15.
Moody's cited three main reasons for the upgrade. First, MOL's operating income has been stable in recent years thanks to cost reductions, a more diversified business portfolio, and enhanced fleet quality. Second, the company's financial base has been improved considerably because of a stable cash flow from its operating activities. And third, while there is a possibility of changes in the freight rate market, MOL's diversified business structure and steady relationships with major customers ensure a stable, continuous cash flow, reflecting the company's strengthened capital structure.
For further information, please contact:
Mitsui O.S.K. Lines, Ltd.
Hidekazu Kuwamoto
General Manager
IR Office
Tel: 81-3-3587-7274
Fax: 81-3-3587-7734
E-mail: iromo@mail.mol.co.jp