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Moody's sees storm brewing for Japanese shipping

Thursday, February 2, 2012

Moody's has today taken a negative view on the Japanese shipping industry and downgraded two large investment grade names.

Mitsui OSK Lines and Nippon Yusen both received a one notch downgrade to their issuer default rating, from A3 to Baa1 and Baa2 to Baa3 respectively.

Over-supply, particularly on European routes, along with rising fuel costs is causing downward pressure on cash flows for the entire industry, according to Moody's.


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