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May 30, 2008
Kawasaki Kisen Kaisha, Ltd.

"K" Line Issuer Rating Upgrades from A- to A

Kawasaki Kisen Kaisha, Ltd. ("K" Line) announces that the Rating and Investment Information, Inc. (R&I) has upgraded the Issuer Rating of the company from "A-" to "A", effective from May 30, 2008.
The rating on the Domestic Commercial Paper Programme remains unchanged.

Issuer Rating A (Upgraded from A- )
Rating Outlook Stable
Commercial Paper Rating a-1 (Affirmed)

R&I cited the following major reasons for the upgrade:

  1. "K" Line, especially in bulk carrier segment, is poised to maintain a stabilized profit by signing long-term contracts with various customers.
  2. Equity capital will be steadily enhanced based on high profit.


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