Moody's upgrades NYK outlook, but keeps old Baa1 bond rating

RATING agency Moody's Investors Service has upgraded the outlook of Japanese shipping giant NYK Line from negative to stable after its positive results report.

This is in line up grades enjoyed by other container shipping lines this year, after ratings tumbled in the 2009 global downturn, leading to widespread industry losses.

But in NYK's case Moody's made no change to the company's bond issuing rating, keeping it at its old Baa1 rate.

Tradewinds reported that the upgrade was helped by a better performance from NYK's container business, as well as its effort to scrap older containerships creating a "more manageable balance" between supply and demand.
(Source:www.schednet.com)