Standard & Poor’s raises MOL credit ratings

Standard & Poor’s raises MOL credit ratings Japan’s Mitsui O.S.K. Lines said Wednesday that Standard & Poor’s has raised its long-term corporate rating by one notch from “BBB” to “BBB+.”
   S&P gave the following reasons for the upgrade:
   ' “Improvement in cash flow stability through efforts to expand sources of stable income and moves to increase the number of long-term contracts, mainly in Dry Bulk and Tanker segments.
   ' “The policy of intensively focusing management resources on the shipping business is expected to further strengthen the company's business franchise as it plans to start using new, highly-cost-competitive vessels, which were ordered before rises in ship construction costs.
   ' “Given the prospects of solid business performance in the near term, the ratio of net debt to total capitalization (after marking adjustments for leases) is expected to remain on a stable, improving trend.”