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June 3, 2005
Kawasaki Kisen Kaisha, Ltd.

"K" Line Bonds upgraded from BB+ 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 BB+ to BBB-, effective 2 June 2005.

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

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

  1. Improvement in its financial profile as a result of reduced debt and increased capital.
  2. Substantial fluctuations in supply and demand are unlikely; given cargo volume is expected to continue expanding over the medium to long term backed by lasting improvement in the horizontal division of labor worldwide and economic growth in China.
  3. The company is becoming more resilient because of highly stable earnings contributions from bulk carrier and car carrier services, in addition to improved cost structures.

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