Moody’s lifts NYK outlook
Credit ratings agency Moody's has improved its outlook for the ocean carrier NYK Line.
Moody's has moved its view of NYK from negative to stable in light of much-improved profitability this year, while its bond issuing rating has remained at Baa1.
According to a report by maritime news outlet Tradewinds, the rating was helped by a better performance from NYK's container business, as well as its effort to scrap older containerships creating a 'more manageable balance' between supply and demand.
The credit ratings of a number of container lines has improved this year, after ratings agencies downgraded their views in 2009 due to steep industry losses and heavy balance sheets.
Moody’s lifts NYK outlook
