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February 10, 2005
Kawasaki Kisen Kaisha, Ltd.

"K" Line Bonds Upgrades from BBB+ to A-

Kawasaki Kisen Kaisha, Ltd.("K"Line) today announced that the Rating and Investment Information, Inc. (R&I) has upgraded the credit rating of the company's senior long-term debt from BBB+ to A-, and commercial paper from a-2 to a-1, effective 10 February 2005.

Senior long-term debt rating : upgraded from BBB+ to A- (single A minus)
Commercial Paper rating : upgraded from a-2 to a-1 (a-one)

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

  1. "K" Line has attracted new customers, domestic and abroad, in the natural resource and energy transport sector, and coal and iron ore transport sector, which led to the enhancement of its customer base.
  2. With its business expansion and a series of newly obtained long-term contracts in sectors other than containership business, "K" Line is expected to gain more stable profitabilities in all shipping sectors combined in coming years.

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