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December 28, 2004
Kawasaki Kisen Kaisha, Ltd.

"K"Line Bonds Upgrades from A- to A

Kawasaki Kisen Kaisha, Ltd.("K"Line) today announced that the Japan Credit Rating Agency, Ltd. (JCR) has upgraded the credit ratings of "K" Line issued bonds from A- to A, effective December 28, 2004. The rating on the domestic CP program remains unchanged.

Bond credit rating upgraded from A- to A (single A flat)
Domestic CP credit rating J-1 (unchanged)

JCR cited the following major reasons for the upgrade:

  1. "K" Line is expected to post a record-high operating performance for the second consecutive year in the March '05 term, against a background of brisk business. The profit in the current fiscal year will exceed the profit target for the final year of the medium-term management plan "K" Line Vision 2008, a plan that was launched in the current fiscal year. In addition, the financial conditions are sharply improving, assisted by steadily growing periodic incomes in recent years.
  2. While JCR has appreciated the stabilization of the earnings structure, including improved cost structures and the advantage of alliances with other shipping companies, profits in recent fiscal years and prospects for the near future have been far greater than JCR's assumptions in the previous review of the company. The company is assessed to be able to sustain its greater profitability for the time being, and the financial conditions are also expected to improve further.


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