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August 28, 2007
Kawasaki Kisen Kaisha, Ltd.

"K" Line Bonds upgraded from BBB- to BBB

Kawasaki Kisen Kaisha, Ltd. ("K" Line) today announced that Standard & Poor's (S&P) has upgraded the credit rating of its long-term corporate credit and senior unsecured
bond ratings on Kawasaki Kisen Kaisha Ltd. from BBB- to BBB, effective from 27 August 2007.

  To From
Long-term corporate credit BBB (Stable) BBB- (Stable)
Senior unsecured bond ratings BBB BBB-

S&P cited the following major reasons for the upgrade:

  1. Cash flow stability has further improved as has its resilience to adverse market conditions. In addition, financial resilience to deterioration in business conditions has been strengthened by the increased accumulation of retained earnings, backed by strong business performance.
  2. The company is steadily enhancing its resilience to market fluctuations through its efforts to further strengthen cost competitiveness, to expand its stable car carrier segment, and to increase the number of long-term contracts in its dry bulk and oil carrier segments.


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